Dealers lag on digital tools and HNW growth, leaving advisors seeking stronger industry backing
Advisors across Canada are sounding the alarm: dealer firms are falling short in delivering the technology, high-net-worth (HNW) growth support, and succession planning resources needed to keep pace in a rapidly evolving wealth management landscape.
According to the first installment of the IG Wealth Management Advisor Perception Industry study, digital enablement tops the list of advisor priorities for the next five years.
More than half (56 percent) of advisors identify technology as a critical lever for operational efficiency and practice advancement.
Yet, nearly half rate their dealer’s support for time-saving technology as only fair or below, and 45 percent say the same about tools that provide a comprehensive view of clients’ financial lives.
Damon Murchison, president and CEO of IG Wealth Management, said, “Advisors are navigating a rapidly changing digital landscape and they’re clearly looking to their firms for the technologies and guidance required to help them keep up.”
He stated that this should be a priority across the industry to improve client retention by making it easier for clients to do business with their firms.
The study also reveals that HNW client acquisition is a strategic focus for 52 percent of advisors over the next five years.
However, the majority rate their dealer’s support for HNW business growth, digital marketing, and client event hosting as fair or below.
“The increasing focus on the HNW client segment is not surprising given its growth and resulting opportunities for advisors to grow their practices,” said Murchison.
Succession planning remains a critical vulnerability.
While 31 percent of advisors expect to retire within a decade, 57 percent lack a formal or informal succession plan, and more than half rate dealer support in this area as inadequate.
“Succession planning is a vital part of building a resilient advisory practice, yet we know many advisors still lack the support they need to prepare for the transition,” Murchison noted.
