Barron's Advisor Vanguard's Maria Quinn: An 'Amazing' Opportunity Is Here for Advisors
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Nov 19, 2024 Maria Quinn, a Senior Advice Strategist at Vanguard's Investment Advisory Research Center, shares her insights on navigating the $84 trillion wealth transfer. She emphasizes the need for financial advisors to adapt their strategies to attract next-gen clients, especially women. The discussion highlights the profound impact of empathy and authentic communication in building trust during market volatility. Quinn also explores how technology can enhance connections with younger generations, making financial discussions more relevant and engaging as demographics shift.
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Quantifying Advice Value
- Quantifying the value of financial advice is challenging, as quality isn't always reflected in numbers.
- Vanguard, known for low expense ratios, has attempted to quantify this value through its advisory study.
Advisor Alpha
- Vanguard's advisory study quantifies the value of working with a financial advisor at about 3% annually.
- The largest component of this value (200 basis points) comes from behavioral coaching, particularly during market volatility.
Coaching Strategies
- Proactive coaching, anchored in financial planning, helps clients understand their values and goals.
- Reactive coaching involves assessing client situations, gathering information, and addressing both financial and emotional impacts.