iA Private Wealth advisor explains the value of a holistic approach, a human connection and why you have to talk the next generation's language
The word “holistic” has become synonymous with the future of advice. The consensus is that no longer do clients want a numbers nerd who deals only in picking stocks and funds. In addition, they want a go-to professional for all their financial needs, be it taxes, estate planning or retirement, to name just three.
Nancy Bowman, Investment Advisor and Portfolio Manager, iA Private Wealth, has always instinctively approached her book of business in this way. She believes clients want someone who cares about them, a human being rather than just a computer or algorithm, who can guide them through every aspect of life.
She told WP: “Clients really need to have a champion – and they’re looking to us more than ever because they have so many technological things flying at them.
“They don't really know what they need a lot of the time. They need someone to tell them that they require this professional or they need a will because it’s always changing. This is not something that you do once and then put it in a box and walk away from it. We have to be having a conversation over and over again because people's situations change; people die, their kids grow up, they have grandchildren. We have to have these conversations often.”
For Bowman, whose expertise lies in wealth management, bringing in iA experts for other areas when required is vital, and she revels in being the "general" of the client's needs. At the heart of this is a human relationship fostered by deep conversations. Only then, she said, will you truly understand what’s happening in their life.
“They’re important to me,” she added. "Clients don't care how smart we are and how much we know about stocks and bonds. They care about how much we care about them.”
Robo-advisors have become prominent tools in recent years as fees drop lower and more people question what they are paying an advisor for. A human being, is Bowman’s strident answer to this, adding that a robo-only model will miss so much of a person’s life. “Whether my clients are 30 or 90, they want a human to guide them properly in every aspect of their lives,” she said.
iA’s extensive internal resources mean that whether a client requires their business valued or taxes planned, Bowman can help them find a solution and work through it together. The close relationship this garners is vital when it comes to the next generation of clients. The last thing you want to be known as, Bowman said, is your parents’ advisor. Instead, you have to speak the younger generation’s language, and listen to how and why they want to invest.
“You want them to have the feeling that they're being served in a very different way [than their parents] and that the communication is appropriate for them,” Bowman said. “If you don't speak their language, you're going to have problems when, ultimately, the wealth changes.”
She added: “It’s not just about trust, it’s about language. They invest differently and have different values around investing. I’ve learned so much from that generation from listening to what they want. They don't want mutual funds – they have a completely different approach.”
ETFs and individual companies are what get the young investors excited, she said, as well as certain ESG issues. It’s less about fossil fuels and more about fundamental valuations and equity. They do their homework too, unlike the majority of the Boomer generation.
Bowman said: “They’re teaching me. I now know the changes that I have to make to my practice over the next 10 years.”
