Client Acquisition, Retirement, or Seamless Transformation

Traditionally Investors invest, Advisors advise, Managers manage, and at the end of the day they were all working toward growing their clients’ portfolios, advising them through life’s toughest financial decisions, and engaging with them in an otherwise unheard-of manner. You found your niche as an advisor to provide a path toward financial freedom and your clients are on that path with you because they trust you. That trust is not only more important than ever before, but the environment we find ourselves in currently can seem overwhelming and quite frightening at times due to the volatility and uncertainty regarding a multitude of factors. The shift toward remote work specifically, scared a lot of businesses because of the uncertainty in operations, the potential security vulnerabilities, and ultimately the trust in the business itself if they couldn’t adapt. As a result, a lot of advisors became intrigued by the idea of acquisition and/or retirement.  

Clients don’t only invest their money when they chose an advisor, there is also a perceived trust that is handed over in the transaction as well. As the list of daily requirements continues to build on advisors, their individual patience can only go so far. Ian Wenik wrote an interesting piece in April about whether advisors will return to a brick-and-mortar environment after the pandemic. In short, what stood out was a notion that “the current situation may give the nation’s biggest firms a chance to get even bigger, as firms with cash-heavy and debt-light balance sheets flex their muscles…” ultimately acquiring smaller firms. It is later followed up with an upside stating that if smaller firms can become ‘tech-savvy’ they will be able to compete with larger organizations because of technology. The idea is that instead of spending X amount on real-estate for a local office, you can utilize technology and do the same thing remotely. This reallocation of resources allows you to reinvest in your preexisting customers as well as cast a wider net for new ones.  

There will always be uncertainty in the world of finance. But one thing should always remain certain – and that’s the integrity of your intellectual property and the security of your client’s data should never be compromised. Information security may seem like an expense that can be put off until things stabilize, or you think it is unaffordable at this time. Steel Patriot Partners is here to tell you that it is not something that can be put off. We are not here to force you, but the numbers speak for themselves. Like anything in life, the first time you are subjected to it, the experience can seem scarry. With time and education, you become comfortable and knowledgeable. It is often overlooked – the importance of comfortability – when talking about change. Retaining, implementing and institutionalizing good information security practices can only be done if you are comfortable with it. We are not the traditional security provider that simply sells you a solution. We are an ever-growing team helping the financial services space wholeheartedly practice safe and secure information security from the top down. For less than the cost of an entry level employee and at a pace that you and your resources are comfortable with.