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A new era in wealth management

The wealth management industry is evolving and the rate of change is accelerating. While regulators have had an impact, it is the evolving expectations and behaviours of consumers that are really driving the pace of change in the business.

Clients’ expectations are increasingly being set by newcomers such as Wealthsimple, which are emphasizing client experience and technology. New FinTech entrants are building on the work of companies such as Apple and Amazon, which have increased expectations around service, reporting transparency and other factors, further accelerating the change in the wealth management industry.

Clients are looking for financial services providers to be more digital and mobile focused, to offer holistic financial planning, customized solutions and on-demand options. As a result, the keys to success for today’s wealth practices are different than those of the past.

Larger, more complex practices need a new level of flexibility to deliver on their unique value propositions. Unfortunately, advisors are having more costs downloaded onto them while having to deal with a more elaborate bureaucracy. On top of that, many advisors lack access to data and tools to meet client expectations.

At Purpose Advisor Solutions, we believe that advisors need a new set of solutions designed to enable their business. They need processes built around their practices that allow them to work with better data connections – to free up their time so they can better serve their clients’ needs. We are striving to provide the platform and technology to enable growing practices to provide a better, more focused value proposition. In this changing environment, there are four keys to success:

  1. A better client experience: mobile, flexible, customized and simpler.
  2. A better advisor experience, enabled through an integrated platform built around advisor business processes and using 21st century technology.
  3. A better advisor / firm relationship that values independence and gives advisors a seat at the table.
  4. A better business proposition that focuses on bottom line profits and value creation now and into the future.

1.      A better client experience

As advisors become more focused on how to provide greater value to their clients, they need the independence and technology to build and shape their client experience. That includes access to client insights at their fingertips and the ability to connect whichever way is easiest. The digital experience has to be as good as the leading firms in technology, providing simplicity, elegance and state of the art service. From account opening through to reporting, a digital experience which reduces redundancy and simplifies the experience while capturing more valuable data will become table stakes for success.

Purpose Advisor Solutions’ focus is to provide the platform and support to liberate advisors to deliver 21st century advice to clients, including goals-based planning tools, transparent reporting, relevant recommendations and on-demand client access to their investment performance.

2.    A better advisor experience

Successful advisors seek to grow their client base, revenues, assets and value. Too many are blocked by technology and processes that throw needless duplication and obstacles in the way.

Technology should be the enabler, not the impediment, to an advisor’s business. It should free-up their time to see and develop relationships with more clients. Advisors should have access to fully integrated and smart technologies that alert them of opportunities, reduce paperwork, automate processes and drive efficiency across their practice. The right platform can set a team free to proactively focus on client needs.

Purpose Advisor Solutions provides an integrated, best-in-class platform to allow advisors to scale their practice. We take care of the time-consuming little things so that advisors can focus on taking care of their clients and their business.

3.      A better relationship with the firm

In a fast-evolving marketplace, management needs to be equally nimble. Responsive management must understand how advisors’ businesses work and respond quickly to evolving requirements without complex bureaucracy, obstacles or excuses. We know each independent practice is unique and can thrive in this market with the right tools, coaching and support.

Purpose Advisor Solutions’ goal is to be a cooperative and responsive partner for successful, independent advisors. We work for you, not vice versa. We have a team with deep wealth management experience that knows how to listen to advisors and build the tools to meet their rapidly evolving needs.

4.      A better business proposition

Growing practices have many of the same challenges as small businesses in others industries. It’s essential for advisors to have the flexibility to structure their business to best meet their bottom line financial goals, including tax efficiency. Advisors are not just employees, but owners who makes key investment decisions and benefit from the long-term equity they create. Advisors need to have the ownership and accountability to structure their teams as best fits their value proposition, as well as the access to a community of likeminded professionals to learn and benefit from.

Purpose Advisor Solutions offers an economic model for independent, business-minded advisors to thrive. We will work with you to set up a strategy to maximize your long-term equity as you build your business.


If you are interested in learning more about how you can take your practice to the next level; email us at hello@purposeadvisorsolutions.com


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