Star Wars has always been about a diverse rebellion fighting against an oppressive Empire that enslaves alien races, to but the new generation of movies embraces diversity more than ever to appeal to moviegoers. The main protagonists in 2015’s “The Force Awakens” and this year’s “Rogue One” are females, and “Rogue One” features an ensemble cast of varying ethnic backgrounds working together to fight the Empire. Financial professionals have long known the benefits in diversifying assets, but now its clearly beneficial to also have a diverse workforce to reach new clients.

As young Skywalker’s advisor, Obi Wan Kenobi teaches him that the Force, an energy field created by all living things that binds the galaxy together, is the source of his power. For financial advisors to truly unlock their potential, they need to have a holistic view of their clients’ financial lives, as well as a mastery of investment strategy. By understanding how various accounts, needs and goals all connect together, an advisor can be a truly powerful guide for their clients. 

While Luke is a neophyte just learning the ways of the Force, Han Solo is a hardened skeptic, disregarding advisors like Obi Wan Kenobi and instead preferring the lifestyle of a risk taker, which has led him to real problems with debt. When Luke gets distracted by Solo’s taunts, Kenobi reminds him to trust in his plan instead of making knee-jerk reactions. While things get rocky along the way, Luke eventually reaches his goal of becoming a Jedi Knight. It’s a good reminder for when the markets get rough: Trust in the plan, mitigate short-term emotional reactions, and focus on long-term goals. Han may call it luck, but advisors know there’s no such thing. 

We learn more about the Force in the 1980s' “Empire Strikes Back,” when Jedi master Yoda teaches Luke about the Dark Side. Like a good advisor, he tells Luke that chasing instant gratification, like investing heavily in a hot stock, can lead to ruin. When Luke ignores the advice, he’s almost defeated by Darth Vader. Yoda reminds us that patience is key with investing, not adventure or excitement. 

Though his investment strategy might be questionable, Han Solo does understand value. Luke is shocked when Solo initially discloses his fees to pilot them across the galaxy in the Millennium Falcon. Luke says he could buy and pilot his own starship for less, but Obi Wan Kenobi knows expertise can command a fair price and even offers to spend more to ensure results. In this era of fee compression and do-it-yourself tools, you need to be able to prove to clients the value of your service. It turned out that Luke didn’t know flying through hyperspace from dusting crops, and Solo’s experience came in handy - though any client demanding “no questions asked” should probably be a red flag.

Robots are ubiquitous in the “Star Wars” galaxy, even if they aren’t allowed to drink in bars. But no one is afraid that the technology will take their job. Using technology to automate parts of a business can help cut costs and achieve efficiencies that previously were impossible. Some advisors may have to “unlearn what they have learned,” but using a robo-advisor to reach new clients is just a change in perspective. After all, R2-D2 only helped increase the power on the X-Wing; Luke had to turn the computer off to destroy the Death Star. 

When making a decision about technology, think carefully about what exactly you need to best serve your clients. When shopping for droids, Luke’s Uncle Owen purchased C-3PO to integrate with his farming technology, but purchasing R2-D2 turned out to be a bad decision. In “Empire Strikes Back,” C-3PO had difficulty integrating with the Millennium Falcon’s computer, putting everything at risk. Before investing, advisors need to be sure the tools they are investing in will integrate smoothly with their existing workflows.  

Another benefit to technology is access to a lot of data and analytics, and advisors should take advantage. Although Solo tells C-3P0 to never tell him the odds, he risked passengers and his own life by steering them into a suicidal situation. Advisors could avoid similar pitfalls by taking advantage of the analytics available to them to avoid the same metaphorical fate.

The downside to digital automation is the increased threat of hackers, and every firm needs to take cybersecurity seriously. Just as the Death Star was defeated by a small weakness the Empire simply overlooked, hackers exploiting IT vulnerabilities infiltrated large companies like Target and JP Morgan. Wealth management firms need to follow best practices and be vigilant. Even if a breach happens, having a plan can help minimize the damage, like the Rebels were able to do after the Imperial probe droid found their hidden base on Hoth.   

When Darth Vader finally strikes down Obi Wan Kenobi, Luke suddenly finds himself without an advisor. Without a plan or confidence in his own abilities, he is left vulnerable to the Dark Side. Advisors need to have a plan in place for clients’ assets in case something happens to the advisor, either suddenly or when they retire. It will make clients more confident in you, making your firm become more powerful than you can possibly imagine. 

In “Star Wars Episode VII: The Force Awakens, “ Han Solo plays the role of advisor to next-generation heroes Rey and Finn, but was unable to guide his own son, Ben. As a result, Ben abandoned Luke Skywalker’s teachings, sought out the advice of Snoke, and converted to the dark side as the evil Kylo Ren. This should be a lesson to all financial advisors: if you don’t make and effort to build a relationship with your clients’ children, they will take the family assets to someone who does.

In addition to succession planning, firms need to attract and maintain top talent for the business to survive in the long term. Uncle Owen had a smart, young employee for his moisture farming business (Luke Skywalker) but never provided opportunity for career advancement. As a result, Luke felt like he was “going nowhere” and dreamed of days he could leave for anything else. Veterans need to guide their young advisors and help them see the potential value they can have with the company. 

“Judge me by my size, do you?” Yoda may be small, but his power with the force is great. Similarly, the demographics of investors are changing, and many advisors need to rethink their concept of a client. Women, minorities and millennials are looking for financial advice, and firms make a mistake by not appealing to them.

Along with Yoda’s warning about the quick, easy and seductive dark side, the heroes of Star Wars are frequently working not just for themselves, but in the best interest of the galaxy. Finn abandons The New Order after he’s asked to attack innocent villagers and uses his knowledge to aid The Resistance. And General Leia (no longer a princess), forms The Resistance when The New Republic won’t give her the support she needs to because she knows opposing Kylo Ren and Snoke is in the best interest of the galaxy. If advisors want to keep the trust of their client – as well as comply with new regulations from the DOL – advisors need to work as fiduciaries for their clients.

Though Han Solo told Princess Leia that he doesn’t care about her or the rebellion, he becomes a true hero after he realizes that there’s more to life than money. Advisors are worth more than just allocating assets and providing returns; they can be even more valuable to clients by helping them navigate important milestones in life, like buying a home, sending kids to college and retiring comfortably. Remember what Leia told Han: “If money is all that you love, then that’s what you’ll receive.”