6 Key Trends Predicted to Transform the Financial Planning Field: Pt 1

The personal financial planning landscape has changed dramatically throughout the last decade. Find out what 6 trends are due to unfold over the next 10 years from an expert in the field.

Bob Veres: The Authority behind the Financial Planning Trend Predictions 

These 6 trend predictions come courtesy of Bob Veres, a seasoned financial planning veteran, industry commentator and editor of ‘Inside Information’, an online information service for financial planning professionals.

Trend Announcement an Insider Affair

Mr Veres laid out 6 chief trend predictions he believes will significantly alter the financial planning sector over the coming 10 years while addressing an audience of financial advisors during the 2016 American Institute of CPAs (AICPA) Advanced Personal Financial Planning Conference.

He told the assembled crowd that they need to begin preparing themselves to capitalise on the opportunities ahead, saying financial advisors need to begin coming up with and implementing new tech and practice management plans now to ensure they’re well-positioned to seize the opportunities which will open up thanks to these trends.  

“The business landscape in the advisory profession has changed more in the last 2 years than in the previous 15 and I think the pace of change is accelerating. If you aren’t out front on these changes, you’ll be missing huge opportunities for success and growth,” warned Mr Veres.

2 Major Trends Changing the Direction of Financial Planning

Time to outline the first 2 of the 6 transformative key trends financial advisors must prepare themselves for over the coming 10 years.

6 Key Predictions for Financial Planning Advisors

1. A new revenue model must be created for younger generations.

Financial planning is shifting from commissions to assets under management (AUM) in the dually registered realm. But, while the assets under management model may still work for Generation X and older clientele, it doesn’t work for millennials.

“Right now they simply don’t have the money to work under this model and that will force the profession to move to retainers.”

2. Interactive and collaborative services will become the norm.

Financial planning services will need to move away from the advisory model towards adopting a collaborative and interactive approach to their client dealings.

Over the next 10 years clients will come to expect their financial advisor to offer a service resembling something akin to a fusing of life coaching and advice giving in relation to attaining the client’s discussed financial goals.

3. Discover the final 4 of 6 Key Trends Predicted to Transform the Financial Planning Field: Pt 2


This article was originally published on AccountantJobs.com.au