Seven Questions with Tony Sirianni: Manish Dave of Ameriprise
AdvisorHub’s CEO Tony Sirianni sat down with Manish Dave, SVP of Business Development at Ameriprise Financial, and talked about the industry. Tony sits with established leaders of the largest firms, as well as up and coming disruptors, and asks them more or less the same questions, so Advisors can get a sense of how each firm addresses the same issues from different perspectives. Taken together, they are a very interesting collection of influential points of view, and display the diversity of opinions and conclusions in Wealth Management today. You may even get to know these industry leaders on a more personal level.
Q: What do you see as the greatest challenge facing Advisors today, and what has (your firm) done to address it?
A: Even after the rollback of the Department of Labor fiduciary rule, the regulatory environment remains fluid to say the least. Advisors are already subject to multiple layers of regulations, and the SEC and certain individual states appear to be on the path to implementing new fiduciary standards of their own. There’s no question that protecting clients is critically important. That said, taken together, these regulations amount to a lot of complexity for advisors. We believe that firms can and should play a vital role in helping them navigate this complexity – enabling them to serve their clients to their best ability while staying compliant with new and existing regulations. The firms that make this part of practice management easier – rather than harder – for advisors are the ones that have the best shot of attracting top talent to their ranks, in our view.
Q: What recent trend do you feel will have the greatest impact, for good or evil, on the wealth management business?
A: In order to compete, advisors in today’s age need to be able to do more and be more for clients whose expectations have grown exponentially in the last few years.With the advancement of technology, people are now used to ordering anything in the world they want and having it show up to their house in a matter of days, hours or sometimes minutes. To deliver great service to their clients, advisors now have to be able to offer the same level of transactional ease in their practice.
Q: What role, if any, should senior firm leadership play in developing an Advisor’s business?
A: We don’t subscribe to the thought that advisors just want to be left alone. For the small minority who do, there are vendor firms that can support them with product and payout, but little else. From our experience, we’ve seen and strongly believe that advisors with an entrepreneurial mindset can grow faster when supported in a coordinated way.
Q: What do you make of the changes our industry has been through over the last 10 years, and what opportunities do those changes create for advisors?
A: We all know the advisor force is aging, and this creates tremendous opportunity for advisors that want to grow through acquisition of books of business. It’s a big win for all involved. The retiring advisor is able to maximize the equity in their business. The purchasing advisor adds significant assets to their book, and the clients often see an increase in overall service.
Q: If they showed a desire, would you encourage your children to get into the wealth management business?
A: Yes, but in a very different capacity than most of us joined. Gone are the days of making 1000 cold calls a week to find a new client. Instead I would want my daughters to consider joining an established practice where they could learn the in’s and out’s of the business before being responsible to find their own clients or handle any client’s hard-earned money.
Q: What are your interests outside of wealth management?
A: Like many people, I travel a lot for my job. I have three high school age daughters at home, so I try to maximize every minute I’m not working to spend time at home with them or traveling to help them experience new things.