These financial advisors managed to grow their advisory firms during the Great Recession of 2008—lessons learned from that experience may help advisors facing the next one.
While there is much financial advisors cannot control about their professional trajectory at the moment, there are some important points to focus on to stay on track.
There were no 'innovation labs' in 2008, and there may be fewer going forward. As the next recession looms, wealth management firms will likely return to a stricter cost-benefit analysis for their technology budgets.