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John Anderson, Managing Director of the Practice Management Solutions Team for Independent Advisor Solutions by SEI, said recently that in order to succeed in the next 5-10 years, advisors are going to have to find a niche rather than operate as generalists. So reports CNBC.

person 801823 640smallIt will become increasingly difficult for lifestyle-type firms—or those with ten or fewer employers and managed by the founder—to compete with the large advisor firms or cheaper digital advisors. They will also face challenges associated with the ending of the longest economic expansion in history, and the transition of Baby Boomers from the accumulation phase to decumulation.

However, firms that develop a niche, like catering to the needs of millennial clients or widows, can distinguish themselves. Yet, many aren’t planning that far ahead.

Read the full article from CNBC.

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