Here’s a new inner-industry, advisory-firm classification: “FlexGen,” originating from a study, the results of which were rolled out Monday during the first-day keynote at the annual eMoney Summit in Orlando (and themed “Rise of the Flex Gen”).
In the survey, eMoney parent firm Fidelity Investments polled 458 financial advisors, with 45 percent sharing characteristics that eMoney and Fidelity have identified as “FlexGen.” Specifically, this elite bunch of progressive advisors are adaptable, future-ready, focused on delivering a great client experience, and utilizing technology more often to achieve these goals.
Just as at the 2017 summit, when eMoney chief executive Ed O’Brien referred to financial planning as the company’s “North Star,” a lot of emphasis was placed on that facet of the company’s offerings in Monday’s keynote.
One statistic that leapt out of the results was that FlexGen firms often cite planning as a viable way to differentiate their practice (91 percent) versus their peers (69 percent).
The FlexGen Research Study was an online blind survey conducted by an independent firm not affiliated with Fidelity. It was fielded from July 30 through August 8, 2018. Participants included advisors who manage or advise on client assets either individually or as a team, and work primarily with individual investors. Among the firm types included were a mix of banks, independent broker/dealers, insurance companies, regional b/ds, registered investment advisors and wirehouses.