Serve a broad client base

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  • 01 mins 25 secs
For most financial advisors, connecting with more diverse clients will be critical to future growth.
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Position your practice to serve a broader client base 

Jim Bumpus, CIMA, Head of Intermediary Markets 

When you think about growing your practice as an advisor, I think there's a couple things that stand out. Is one is just the simple fact that you may not be able to grow as fast, just from the tailwind of the markets. You're going to have to find ways to acquire new clients.There's a big growth opportunity there. There's a big opportunity to serve other markets. 

Millennials, in general, people of color, women, those are all high growing wealth markets. And they have more of a skepticism about traditional financial services company. They're more apt to use an online provider. They're more apt to do it themselves. But we know that when people accumulate more money, that often changes. As an advisor, how are you going to put yourself in position to be the beneficiary of that change. I think it's through having your own diverse team, with young people, is probably step one. Look at the roles and responsibilities. 

Look at the size of your team. Look at who you're appealing to and how you could potentially improve upon that. I think the industry does a great job of serving wealthy clients, the classic clients, the baby boomers, the people who are business owners, corporate executives, et cetera. I think where the business needs do better is serving other groups. 

The views expressed are as of December 2021, may change as market or other conditions change and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be appropriate for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that any forecasts are accurate. 

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