How to Identify the Successful Financial Advisers of the Future

Building a strategic framework for identifying and investing in the future winners in financial advice.

Just as the key to customer-centricity is having a clear segmentation strategy, the same principle applies when it comes to insurers and wealth managers understanding financial advisers.

Whether it’s an independent or agent network, attracting and retaining successful and high-performing advisers is vital in building resilient distribution channels. How do you do this? By prioritising investment in those advisers that are willing to embrace technology and digitise traditional processes.

Years of experience working with global insurers has led to the development of Axell’s Adviser Segmentation Model, which classifies advisers according to their digital proficiency and attitude towards embracing technology.

Axell's Financial Adviser Segmentation Model
Axell Team | | Axell Hub


Front-running the pack, these advisers have strong digital capability embedded into their business. They're on top of new technology trends and employ strategic digital leaders. Incumbents are best focusing on new products and digitising operational processes to support Leaders.

Axell Team | | Axell Hub


These advisers get digital is important to their future and are eager to learn digital best practices - often self-educating when they have time. Incumbents can add the most value to this segment, sharing digital and marketing education, content and tools.

Axell Team | | Axell Hub


With a mature business and wealth of experience, these advisers have been slow to change, preferring traditional business processes to new digital ways of working. Incumbents should focus on providing infrastructure and technology they can build themselves to sell direct to customers.

Axell Team | | Axell Hub


These advisers are reliant on outdated business models i.e., commission systems. They're often not willing to invest in growth and are resistant to technology and change. Incumbents can best support these advisers with transition planning and simple content.

Axell CEO & Founder, Moshe Tamir says the model was developed to allow incumbents to invest in the future winners in advice. “Not all advisers are at the same level of digital maturity, which means they require different solutions and support to help them evolve. The biggest opportunity lies in investing in the Learners as this segment want help to digitally transform but don’t know where to start.

“Leaders and Skeptics exist on each end of the spectrum and either don’t need or don’t want support with digital transformation or upskilling. They’re either already experts at digital or aren’t willing to change their current processes. So, incumbents are better investing resources in those with the most opportunity and likelihood to make meaningful change.”

Moshe has delivered this message on a world stage for many years.

Future winners in advice

We believe the skills necessary to thrive in the future digital world of financial advice are:

Customer centricity

Designing strategic acquisition and retention plans with a content strategy at the core that has been informed by a deep customer understanding.

Digitally-enabled service

Building a digital presence and embedding omnichannel communication tools for engaging and attracting customers.

Proactive change management

Committing to continual improvement by upskilling teams with digital education and tools that help them navigate new ways of working, efficiently.

Operational efficiency

Leveraging technology to amplify the human experience of their service while digitising low-value processes to increase productivity.

Incumbents must invest in AdviceTech

To enable the digital future of financial advice, incumbents that provide assets and tools to advisers will be the future winners in their market. Not only is the opportunity in increased brand or company loyalty with advisers, but first mover investors can create a closed ecosystem and capture valuable data that can create additional value.

“Incumbents that create digital ecosystem around themselves, advisers, and customers open new value opportunity outside of their core business, like data marketplaces, payments, digital propositions.”

‘It’s what Uber did to the taxi industry. There is only one opportunity to do the same in insurance and wealth and the winner will take it all.”

Deep dive into Axell's financial advice white paper

The comprehensive report features insights from global leaders in insurance, wealth, FinTech, financial advice and industry bodies to provide actionable steps for executive leaders to invest in the financial advisers of the future.

Human Touch In A Digital World - The Future of Financial Advice | Axell Hub

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