Three ways advisors adapt and pivot to remain relevant

Four financial-services veterans impart tips for building a successful, rewarding advisory business.

During a 2024 BenefitsPRO Broker Expo breakout session titled, “Weathering the Storm: Advisor Strategies for Adaptation and Resilience,” Savoy Associates Broker Consultant Ruby Ulloa (left) and Next Impact CEO & Founder Lester Morales (right) encouraged attendees to break from convention in order to find the ideal solutions for their clients. (Credit: Lauren Lindley Photography for BenefitsPRO)

One hypothetical question posed by an audience member during a day-two breakout session at the 20th annual BenefitsPRO Broker Expo perfectly summarized this discussion’s theme:

“What do you want to be at the end of your career: Someone who’s wealthy, or someone who helped the most people you could?”

The answer from most people in the room: “Both!”

These presenters agreed that in order to accomplish both financial and humanitarian success as an advisor, the recipe involves avoiding complacency, offering honest, thorough client advice, and fostering a carefully cultivated professional network.

The session was titled, “Weathering the Storm: Advisors Strategies for Adaptation and Resilience.” It featured reflections and insights from Excel Health Plans CEO Michael Patton, Next Impact CEO & Founder Lester Morales, and Savoy Associates Broker Consultant Ruby Ulloa, but the presentation felt less like a business-conference panel discussion and more like friends coming together to swap war stories.

“In this particular conversation, we do not entertain the run of the mill and the typical,” said moderator and executive coach Marlin Woods, setting the tone for an exchange where he was as likely to tap an audience member for comments as he was to spotlight panel members. “This is the conversation on what we do, how we do it, and how we can adapt and pivot [to remain] relevant.”

Woods encouraged each panelist to talk about “the storm” they thought was currently shaking up the advisory business, and how they plan to weather it.

“The word I would use is complacency,” said Morales, who became passionate about the financial-services industry after losing both parents to cancer — a two-time health care battle for which the family was unprepared.

Most benefits advisors are having the same client conversations, day in and day out, Morales said: Deductibles must rise, which means less employee take-home pay. “It just doesn’t work,” he said.

Patton shared concerns about how insurance and benefits are marketed — both to employers and employees. He said savvy marketing leads some companies to select inferior plans. Echoing popular advice during this session, Patton urged attendees to learn more about less familiar or well-known solutions.

“You don’t have to know everything yourself,” he said. “You just have to be willing to present the options.”

Ulloa works to address the cultural communication gap between employees and employers. Not only is there sometimes a language barrier to overcome in today’s diverse workforce; insurance and other financial solutions also just  tend to be confusing: “They don’t know what it is that you’re presenting to them,” she said.

“So how do you connect? You bring them in,” Ulloa continued. “Let them know you’re one of them. Don’t use fancy words. Use the language they understand.”

She underscored the value of developing a strong business network as well as a sense of place, so that you, as an advisor, can relate to your clients: “How many of you are managing cultural competence in your practices? Are you even sensitive to that?”

Panelists agreed that attending professional conferences like the BenefitsPRO Broker Expo is one effective way to learn new skills and grow one’s knowledge and network.

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