The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Online Advice Raises Bar for Financial Professionals Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, April 06, 2000

Online Advice Raises Bar for Financial Professionals

Reported by Kendall Kay

Online 401(k) advice has hit the financial services marketplace in a big way. What does this mean for brokers and other financial intermediaries? It means that they have a real-time opportunity to leverage their time, target their ideal clients, and build their business. Online advice gives brokers tremendous opportunity to be successful in today's financial services industry.

In response to participants' increasing need and demand for financial and retirement planning advice, financial services providers have embraced and developed online advice programs. This has created a new distribution channel and offers many opportunities to those brokers and financial intermediaries that use online advice and other Internet based support tools to maximize their business and client relationships.

Today, participants demand more choice, flexibility, and control over their retirement investments. With the emergence of online advice, participants have the opportunity to become more sophisticated money managers by having access to two fundamental planning tools (via online advice) that they typically do not have access to: objective third party fund research, and retirement forecasting and modeling tools.

This increased demand creates enormous opportunities for brokers that utilize online advice tools to target high-net worth clients. Online advice, in addition to face to face advisory meetings, will help clients take control of their financial futures. Brokers can move away from typical 'basics of investing' discussions and help their clients develop customized financial solutions that demonstrate their value as a financial advisor. Brokers may also have the ability to access more assets through enhanced relationships and new referrals, which means increased sales power.

Online advice has changed the role of the broker as we know it. The days of the broker as a transaction processor are over. If brokers are going to be effective advisors, they must stay abreast of the latest investment trends, techniques, and research with the same level of professionalism exemplified by others, such as doctors, lawyers, or professors, who work in a constantly evolving universe.

In a time when brokers are under attack by online trading firms, a change from transaction processor to educator, advisor, and mentor will enhance the overall image and success of our industry.

Kendall Kay is chief strategy officer for Manulife Financial. Manulife offers clients a range of financial protection products and wealth management services. This is not intended as investment advice. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. ETF.com Awards 2020, April 20
  2. The 31st Sub-Advised Funds Forum, Apr 20-21
  3. IDC Virtual Roundtable: Florida - April 2021, April 20
  4. IMEA Marketing Council Roundtable | Engaging Advisors In a Virtual World, April 21
  5. MMI Summit 2021, Apr 21-22
  6. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  7. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  8. IDC Virtual Roundtable: Alabama, Georgia, North Carolina, and South Carolina - April 2021, April 22
  9. Nicsa webinar - Diversity Data: What is at stake? Business, Reputation and Talent, April 22
  10. IDC Webinar: The Future of the Workplace - April 2021, April 23
  11. IDC Virtual Roundtable: Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas - April 2021, April 27
  12. IMEA In Session - Post-Covid Sales Coverage, April 27
  13. MFDF Case Studies in Fund Oversight — A Virtual Roundtable for Directors, Apr 28-29
  14. IDC Virtual Roundtable: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota - April 2021, April 29
  15. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  16. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  17. ICI 2021 General Membership Meeting - Day 1, May 6
  18. Emerging Manager Forum USA, May 12-14
  19. ICI 2021 General Membership Meeting - Day 2, May 13
  20. 2021 FINRA Annual Conference, May 18-20
  21. IDC Speaker Series - Abby Joseph Cohen: A Conversation About the State of the Global Markets, May 19
  22. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  24. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  25. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20
  26. ICI 2021 Operations and Technology Conference, May 20

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use