Momentum Financial Advisor Value Proposition a Winner

In a rapidly changing financial environment today, it is critical for Financial advisors to ensure that they understand what that future will look like, and how they can ensure that their business remains relevant to their clients going forward.

Danie van den Berg Head of Acquisitions provides an interesting perspective on what the current challenges for Financial Advisors (FA’s) are and how Momentum has created viable solutions for FA’s to ensure ongoing success for their businesses.

Current Challenges:

• Younger entrants into the industry are battling to establish effective networks and to on-board new clients.
• There has been a clear demographic change in the market for financial service products and FA’s need assistance in addressing this
• Requirement for in-depth training in various categories
• Current FA’s average age is aging and stands at around 52-years old, and with prospects of these people looking to retire and not growing their current base but just servicing them and looking at proper succession planning.
• The need for tech based solutions to provide efficiencies to enable better management of their portfolios and the time and capacity to expand them
• The cost of establishing FSP’s is expensive and so many focus on a limited range of products only, limiting the value to clients and what products each FA can effectively offer to clients

Danie comments that “we needed to address these and other issues to future proof the business for our Financial Advisors”.

Momentum, as a forward looking Financial Service Provider, has according to van den Berg been actively creating innovative solutions as part of the Momentum Value Proposition, the FA focused support program for their advisors.

One of the key things Momentum has developed is a system allows for specialists in particular products to be brought alongside general FA advisors that allows for the FA to offer a wider range of financial products without having to have a licence for the service. The client also then has a one-stop-shop solution which is an important trend today according to van den Berg.

People want to be able to get the full basket of financial products under one roof and we enable this by aligning specialists who work with the FA’s and that the FA will also benefit from the additional product purchase on a life-long commission basis.

This is important in client retention as according to Danie, there then is no requirement for clients to go look for products elsewhere and particularly for more established practices, this then provides additional scope for further growth without having to find new clients.

Danie says that they provide a complete virtual training solution to all their FA’s and that their system also gives exceptionally accurate prospective client profiles that enable the FA’s to accurately interact with clients and provide the right advice and product options to fit their needs.

Our business model and brand gives FA’s the confidence that We are there to protect and help build their business” says Danie.

Comments and content source: interview with FA News