Asset managers and other financial advisory firms are planning to aggressively increase their digital marketing next year. Yet, with unemployment at a significantly low rate of only 4.1%, many firms will face challenges in recruiting employees for executing on their new marketing goals.
Low-cost advisory services from robo-advisors and firms such as Vanguard are likely to cause financial planners, who may charge 1% of assets under management, to revamp their fee structures. That's according to Wei Ke, who is a consultant at Simon-Kucher & Partners.
When recruiting senior advisors, Marlo Stil of The Wealth Consulting Group asks financial product wholesalers to weigh in on candidates and also reaches out to get opinions from other area planners. So reports FinancialPlanning.