Episode summary
What’s Motivating Advisors to Make the Move
Summary
Mark Besse says advisors are being pulled by the scale of the coming wealth transfer, which he puts at roughly $124 trillion, and by the need to be ready for clients’ more complex needs around investment solutions, borrowing, and trust and estate planning. He frames advisor movement as both a push away from frustrations at a current firm and a pull toward firms that can support the next decade of client demands.
He argues that technology is now essential, but only as a complement to the advisor relationship. In his view, AI should act like a personal assistant that helps gather information and support advice delivery, while the client experience increasingly has to be both high-touch and high-tech.
Culture is the deciding layer on top of tools and products, he says. Mark Besse points to Wells Fargo Advisors’ multi-channel model across W-2, 1099, and RIA as evidence of flexibility, and argues that the firm’s goal is to keep advisors and clients from outgrowing its platform.
Key takeaways
- Mark Besse says advisors are moving because of both dissatisfaction at their current firm and the opportunity created by a roughly $124 trillion wealth transfer.
- He says the biggest advisor priority is finding a firm equipped for complex needs such as investment solutions, borrowing, and trust and estate planning.
- Mark Besse argues technology should not replace advisors; instead, AI should function as a personal assistant that improves service and information gathering.
- He says culture is the backbone of the decision, because advisors need a firm that supports them through their own career lifecycle.
- Mark Besse says Wells Fargo Advisors’ multi-channel setup lets advisors work in a W-2, 1099, or RIA model while still being supported by the firm.
Notable quotes
“there's a massive transition of wealth to the tune of roughly 124 trillion dollars in motion”
“Nothing is going to replace that sacred relationship between an advisor and his or her clients”
“AI plays a big part of that. I think of AI as the personal assistant that helps you track down information or gather things”
“culture is probably the the backbone of it all, right”
“We just never want to be that firm that the advisor could outgrow and more important, we never want to be in a situation where the client could outgrow our firm”
How the episode opens
Hi everyone and welcome to this wealth management fast chat. I'm Shannon De Rossi, director of content solutions and I'm so excited to be joined today by Mark Besse, managing director and market leader at Wells Fargo Advisors. And Mark has an incredibly unique vantage point into what financial advisors are thinking about right now from what's motivating them to consider a move to how technology and growth opportunities and even culture factor into where they ultimately choose to build their careers.
Mark, it's great to have you.
It's great to see you again. It's good to be here. — Absolutely. So let's dive right in because I know that your role allows you to keep your finger on the pulse of financial advisors. What's the major motivation to move among those that you are talking to right now?
You know, it's a it's a great question, Shannon. And reality is is I think people move for both a pull and a push. Right?
Sometimes people are frustrated with what may be happening at their current institution. Um but so sometimes there's a bit of a push that causes them to go out and consider what's out there in the landscape. Um but I think the pull is really driven by what's happening I think both in our society and our economy.
Um especially now more than ever. If you look back some 30 years ago, the demographic economists were all focused on the baby boomer generation. You know, this large population of people that 30 years ago were retiring.
Today, they're very focused on the reality that they are starting to pass away. And there's a massive transition of wealth to the tune of roughly 124 trillion dollars in motion. So I think advisors are looking for is not what's happening today, but how are they going to serve that great wealth transfer over the next 10 years and do they have a firm that's equipped to support their clients through the complexity of investment solutions, borrowing needs, and I've got to tell you a big part of that is the transition of wealth through trust and estate planning.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- advisor career moves
- wealth transfer
- technology
- firm culture
- investment solutions
Companies and tickers mentioned
- WFC
- Wells Fargo
Watch the episode
Watch “What’s Motivating Advisors to Make the Move” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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