that we don't completely understand? What about the custodial policies and procedures? Risk assessment scales? Conversational competence? This last question brings me to the second most common challenge facing our industry, Human Capital. I'm not talking about the administrative side of HR. I mean the attracting, retaining, and engaging of quality personnel . A huge takeaway from the pandemic working environment is that most in the wealth management arena can successfully execute our jobs from anywhere. In fact, post-pandemic sentiments are, in many cases, "don't make me go back there." What does this mean to our preconceived notions of competitive wages when we no longer compare pay scales with the firm "down the street?" What if I can make west coast wages from my east coast office or a metropolitan city pay scale is now available within the suburbs? The war for talent was already in full swing. Now it feels like an additional patent pending suit of armor is in place. We haven't even touched on the impact of technology on our ability to source and serve clients. emerging college graduates into our space (the average age of today's advisor is 59). Finally, perhaps the biggest challenge is how a firm develops and imbues its culture and points of distinction in an ever- remote workforce. While I don't have all the answers to these and other trending discussions, I know we must work diligently to strike a balance. The time for pontification has passed. Instead, we must act to wrap our arms Nor have we discussed the downward trend in new and
C ryptocurrency , not just bitcoin, was the number one or two area of interest across all segments. The point of emphasis changed depending on the audience. However, one thing was clear; cryptocurrency is an area in which financial professionals (institutions) and supporting areas must engage , raise their level of understanding and determine their own course of action. "I don't understand it" is not an acceptable state of affairs. One interesting statistic I heard this spring was related to cryptocurrency and certificates of deposits. We were told that 24% of investors own some form of cryptocurrency. Ironically, 24% of investors hold a certificate of deposit. While these are not likely to be the same investors, the fact remains that it is a significant percentage of the population. As these investors move through life's stages, the chances that these assets will shift into a trustee relationship increase. Are we as an industry prepared to manage the nuances of an investment holding Over the past several weeks, I have attended several industry conferences and round tables. The absolute highlight has been the pleasure of reconnecting with peers and clients within all industry segments: regulatory to brokerage, trust services to fintech. My most interesting intellectual takeaway is that no matter where I was, two overarching themes were at play: Cryptocurrency and Human Capital.
J. Phil Buchanan Executive Chairman
around these bulging seams.
I have shared my thoughts with business colleagues outside our industry and across several global markets. I have challenged my Cannon colleagues as an organization to improve upon the resources available within our industry; to find new ways to simplify the complex; to advance the knowledge and skills of those among us that ensure the financial well-being of clients and their families. Yes, these and other issues are mentally taxing. But one thing remains the same – if you keep your eye on the end-user client experience, the answers to the tough questions quickly emerge.
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"We must work
diligently to strike
a balance."
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