White Papers

The "Conscientious Advisor" Is The New Industry Paradigm - White Paper

Harriet Davies Editor - Family Wealth Report 2 May 2013

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Advisors need a new skill set to thrive in the post-financial crisis world, according to a new white paper from BNY Mellon and Caliper.

Advisor and client attitudes have changed dramatically over the last five years, leading to a shift in the skills that are most in demand, the paper says. It looked at which personality types were most associated with success before and after the crisis.

The new paradigm is the “conscientious advisor,” who exhibits: the self-confidence to interact with high net worth individuals, asking the right questions and educating their clients; a straightforward but adaptive communication style; a persuasive nature, but where this is led by empathy and the ability to explain a point of view.

Another important trait in today’s world is self-discipline, and the ability to deliver on every stage of the client-advisor relationship. This includes being highly prepared for meetings and delivering on what is said.

Meanwhile, skills that are less predictive of success than in the pre-crisis days – though still important – include: assertiveness, risk acceptance, aggressiveness and gregariousness.

One implication of this is that wealth management firms need to put in place platforms and systems that promote the right kind of behavior. This includes technology that helps advisors spend time with their clients and access the right information at the right time, and a “think tank” approach to developing solutions for clients, the paper says.

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