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6 Struggles that Financial Advisors Face (and How to Overcome Them)

The playing field has forever shifted for financial advisors. While it’s been easier to adapt to a remote/hybrid work environment in some ways, advisors face new challenges in handling their workflow and interacting with clients. Here are 6 top struggles facing financial advisors in 2023 and some strategies for navigating these challenges. 

1. Securing New Leads

The pressures of inflation and talks of a recession have prompted many Americans to reconsider how they manage their money. As a result, it’s not unusual for people to be looking for a new financial advisor.

Why is this a struggle? Because chances are, you’re not the first advisor the person has contacted. If you want to secure a client, you need to respond quickly. To this end, many advisors are turning to customer relationship management (CRM) platforms and AI-powered chatbots to engage potential clients and follow up on new leads.

2. Managing Client Expectations

Every client has varying expectations, fears, and knowledge. And not every client will have realistic expectations when it comes to their investment goals or retirement plans.

As a financial advisor, you must empathize with your client’s struggles. But you must also balance this with educating them on the principles of saving and investing — or helping them understand the economic forces that influence these goals. If you can take charge of these expectations, your clients may grow to trust in your guidance as an authority.

3. Staying in Contact

The news thrives off doom and gloom, especially regarding the economy. And according to a 2023 survey, 69% of Americans are pessimistic about the state of the economy.

So make your voice louder and clearer than the negative talk. Stay in regular contact with each of your clients, or write a regular newsletter or blog to offer a grounded perspective. Remind your clients that these economic conditions are nothing new. Encourage them that the market will always experience volatility, but Americans can remain confident in their future—despite recent turbulence.

4. Managing Data

It’s easy to drown in the sea of information that’s publicly available. But the best financial advisors will leverage data that relates directly to their clients.

For example, if your clients need help saving for retirement, you might focus on learning more about changes to catch-up contributions for a 401(k) or IRA. If your clients are more interested in stocks, you must stay on top of market changes.

Better yet, become an authority of your own. Take what you’ve learned through your own research and channel it into a blog or a downloadable e-book that you can use to secure new leads.

5. Marketing and Growth

According to a 2022 study from Northwestern Mutual, only 35% of Americans use a financial advisor. Growing your business means connecting with the other 65%, which requires a solid marketing plan.

Marketing your advisory business requires less work than you might think, especially with all the digital tools available. Consider ideas such as:

  • Publishing helpful content on social media
  • Email marketing promotions
  • Hosting webinars (e.g., “How to Start Saving for Retirement”)

Do you work in a particular niche or cater to specific types of clients? This can help you distinguish your brand from your competitors and help potential clients connect your brand to your service offerings.

6. Team Collaboration

The 2020 pandemic proved that many industries could pivot to a remote or hybrid workforce. However, this model also presents ongoing challenges for advisory agencies whose team members work from home or in different parts of the country.

Some offices appoint a “synchronizer,” a designated person who organizes in-person days so employees work together more efficiently. Others rely on video conferencing and project management tools to keep team members organized, even when working apart.

Rising Above

By implementing some of these proposed solutions, financial advisors can rise above today’s challenges and continue to provide superior services. No one knows what the future holds, but in the days ahead, these strategies will help you stay resilient—regardless of how the economic landscape may change.


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