Paul Hatch has been in the advisory industry for over 40 years and has seen it from all angles. First as a wirehouse advisor, then in the highest levels of management and then the in the Independent space.
In this conversation, Paul Hatch discusses the changes in the advisory business over the years, the strengths and weaknesses of the independent and Wirehouse spaces, and the breakdown of the industry. He highlights the dynamic nature of the independent space, with numerous entrepreneurs creating innovative solutions. He also emphasizes the importance of the advisor-client relationship and the role of technology in improving the advisory business. Hatch predicts that the number of advisors in the broker dealer space will decrease while the RIA space will continue to expand, leading to parity between the two in the next 10 years. In this conversation, Paul H. discusses the future of the advisor space and the role of technology in the industry. He predicts that more advisors will move towards the independent space, where they have the freedom to make decisions that are important for their clients. He also highlights the challenge of the advisor shortage, with more advisors retiring than entering the workforce. Paul believes that younger clients are more likely to choose RIAs over wirehouses, as they are more comfortable with technology and prefer a younger advisor. He emphasizes the importance of trust and communication in building strong client relationships.
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