There is always room for improvement.
It’s an old cliché, but still apropos in the financial services industry as advisors strive to identify the best practices to create the best possible outcomes for clients.
Advisors Magazine asked four financial advisors: “What changes or improvements in client services do you want to see happen within your industry?” Each differed in their response, but the unifying theme centered on how advisors can hone in on the individual needs of their clients as we face a time of economic uncertainty and challenges in the U.S.
If there is one thing that Erica Gargol would like to change about the financial services industry, it is the amount of sparring regarding which type of financial advisor and financial product is doing the best job for clients.
As a partner and divorce financial specialist with G&G Wealth in Scottsdale, Arizona, Gargol believes “all channels” within the financial industry have a place.
“All channels serve an appropriate niche, or they would not have business,” she stated.
The rise of independent advisors has in her opinion led to an increase in feuding within the industry.
“This has led to ongoing ‘bickering’ among the different channels regarding who better serves a client,” Gargol said. “Additionally, the constant disagreement about who can hold themselves out as a fiduciary misses the point: Different products make sense in different situations and being fee-based does not make one more ethical based on that point alone.”
The full article can be found on AdvisorsMagazine.