Dan Solin: Small advice firms face extinction if they fail to grow

Dan Solin, the Florida-based consultant to advisory firms, is very bearish on traditional financial advice. Unless they find ways to grow, he says, many firms will simply won’t be able to compete in the years to come.

But don’t shoot the messenger! Dan’s a smart guy with many decades of experience in this sector and, although I personally think he slightly overstates his case, I largely agree with him on this. He also has some good ideas on how advisers can help to protect and grow their businesses in the face of ever-increasing competition.

Episode 4 of Intelligent Adviser is the first in a series of three podcasts, in which Dan sets out the three main challenges confronting advice firms today; he also explains how he strongly disagrees with the view of his friend and former colleague Carl Richards that advisers should be more like life coaches.

He's going to be talking about what he sees as the possible remedies to the existential crisis he believes smaller firms faces in Episodes 5 and 6.

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