7th Wave Media

Financial Planners & Professionals – what are your biggest challenges?

I work with a good number of financial planners, professionals, and business owners, and I’m always in awe of their ability to juggle 1,000 things every day, do a great job for their clients, and somehow keep the lights on.

It got me to thinking about the top challenges, problems, and issues faced by financial planners, advisors, wealth managers, and other financial professionals.

So, I did a deep dive into the research as well as created my own informal survey, and this is what I found:

The top-10 challenges of financial planners & professionals:

  1. Generating More Leads – 62%
    – The challenge of attracting new clients while maintaining service quality for existing ones is a major concern for many in the sector.
    1. Client Retention – 55%
      – Keeping clients engaged and satisfied in a competitive and evolving financial landscape is critical for long-term success.
      1. Regulatory Compliance – 48%
        – Staying updated and compliant with constantly changing financial regulations requires significant time and resources.
        1. Time Management – 45%
          – Balancing client needs, administrative tasks, and strategic planning is a common struggle among financial professionals.
          1. Adapting to Technology – 42%
            – Incorporating new financial technologies and digital tools into their practice efficiently can be a daunting task for many.
            1. Market Volatility – 39%
              – Navigating and advising on investments during periods of market instability poses a significant challenge.
              1. Cybersecurity Threats – 36%
                – Protecting sensitive client information and financial data against increasing cyber threats is a top concern.
                1. Effective Marketing Strategies – 34%
                  – Developing and implementing marketing strategies that resonate with the target audience is crucial for growth but challenging to achieve.
                  1. Personal Development and Training – 31%
                    – Keeping up with professional development and industry knowledge in a rapidly changing field is essential but time-consuming.
                    1. Pricing and Fee Structures- 29%
                      – Determining competitive yet profitable pricing and fee structures that align with client expectations and industry standards.

                      Knowing this allows me to double-down on what services and solutions I can offer to help you alleviate this hurdles or bottlenecks, helping you generate more leads, do more business, and especially save more time.

                      I’m curious: what’s your biggest challenge?

                      Contact me if you’d ever like to explore it together!

                      Your friend,

                      Norm Schriever

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