Trends with Benefits #51: Next Gen Advisory Practices with Mike Alexander

In this week’s episode, I chat with Mike Alexander, President of Wealth Management for Broadridge. A recent write up in Barron’s highlighted new artificial intelligence technology that the company is working on, as a way to help financial advisors understand their clients better and predict behavior and loyalty to the financial advisory relationship. Mike offered insights about that, and other ways he and his company are working with financial advisors to build future-proof practices.

Digitized Service

COVID accelerated so many trends across industries and the financial advisory business is no different. It forced a new mode of communication for many that will carry through long after lock downs have ended. A new generation of investors are driving this trend at a time when the generation of baby boomers are retiring. The advisor of the future will have to adapt their practices to communicate and interact with investors in the way they are used to, digitally.

Mike shares his thoughts about what he saw through 2020 and how successful advisors are utilizing digital capabilities. Among these capabilities and one Broadridge is helping advisors implement is artificial intelligence. We talked about how that can be added to an advisors tool kit. With the great transfer of wealth underway, Mike offered ideas for what he saw was a great opportunity for advisors to connect with Millennials and the key capabilities required.