Are advisors operating ‘above or below the line’?

investmentnews.com:

If advisors want to continue to stay relevant and continue to have a fresh value proposition that their clients appreciate, it’ll be crucial for them to be open, curious and understanding.

That’s the message Gerald Goldberg, CEO and co-founder of GYL Financial Synergies, wants to convey to advisors. He says RIAs and IBDs alike should be “the consummate student, in terms of what the industry players are providing.”

“Think about it from the vantage point of a client, ‘What are my needs? How are they being met by the vendors, the relationships and the advisors that I have in my life? Are they ticking all the boxes? Or are there places where there could be improvement?” Goldberg says.

To help with this, Goldberg credits a book he’s reading called The 15 Commitments of Conscious Leadership that ultimately asks “Are you operating above the line? Or are you operating below the line?”

“If you’re operating below the line, you are closed to new ideas, you are defensive, and you are committed to being right. If you’re operating above the line, you’re open to new ideas, you’re curious, and you are committed to learning and to expanding your mind to take on new ideas and new information,” Goldberg highlighted.

Indeed, RIAs who are committed to taking on new ideas and information should be investing in financial technology. It has not only helped advisors go independent over the last several years, but also made going independent possible in the first place. Goldberg noted as fintech became more prominent, it reduced barriers to the independent space that previously existed.

“As we saw advances in fintech and being able to create a tech stack to create a business, you saw this massive change, almost the democratization of this space,”