Advisors and their practices continue to evolve, says a new Vanguard study, and how they proceed from here, driven by outside influences, will determine their success.

It's not enough for advisors to simply to manage portfolios, nor is it enough to offer clients advice or customer service.

Pressured by the outside forces of regulation, fees and technology-enabled competition, the study says, advisors need to move on to relationship management if they want to have more satisfied clients and better asset growth.

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