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Nov 21, 2018

During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Pete Bush and Bill Bush, CEO and Advisors at the Horizon Financial Group, sit with Brett Harrison, CEO of Cetera Advisors. They discuss managing your financial advising business through the future and industry shifts.


Show Notes:


  • 00:47---Introduction of guest Brett Harrison, CEO of Cetera.
  • 1:52--- Advisors don´t run on natural performance anymore they run off of emotional and logical desires of clients.
  • 2:18--- Financial planning can be more emotional.
  • 3:14--- Cetera has developed a tool to successfully do financial planning. Advisors need this tool too.
  • 4:00--- Connecting on a human level is necessary in financial planning today.
  • 5:40--- To help the next gen investor, financial advisors need to upgrade the technology of the practice.
  • 7:00--- We need an online platform that clients can reference when they are up at night.
  • 8:00--- The next generation of professionals need to know how to run businesses and pay their own taxes.
  • 8:20--- Focusing on female advisors. There is a huge gender gap in the advising industry.
  • 10:00--- There is a disconnect between the old and the young.
  • 13:30--- Partnership between Cetera and Genstar
  • 14:06--- Exposure to executive management and board is a critical dynamic for change in the industry.
  • 14:33--- Breaking into growth strategies within the financial advising industry.
  • 16:30--- The new industry shifting question: who can you choose to partner and align with in the industry?



3 Key Points:

  1. The financial advising industry cannot rely solely on natural movement of markets. As it depends on client's emotions, the present day advisor must connect on a human level. It can't be all about data.
  2. The incoming flow of Next Gen investors are pushing the industry to update their technologies. This will be a different age of clients where they aren't interested in managing a life outside of the office--ie paying their own taxes, working abroad. Financial advisors need to factor these life changes into their advising.
  3. There is an ever present age and gender gap between advisors and clients. Advisors need to stay up to date with trends and connect them to their clients.


Tweetable Quotes:

-       “It is about connecting with the person. It is not all about the spreadsheets” –Pete.

-       “The financial well-being of a household is second ot health.” – Brett.

-       “Health and wealth are connected.” –Bill.

-       “To help with the Next Gen investor, we need to upgrade ourselves in regards to our interaction with technology.” –Brett.




Resources Mentioned: