Take a look at the next 2 trends predicted to shape the direction of the future of financial planning over the next 10 years, courtesy of financial planning expert, Bob Veres.
3. An end to geographic restrictions
Technology advances coupled with a tech-savvy younger generation of clients mean financial advisors aren’t limited by and bound to ‘brick and mortar’ accounting practices anymore. This trend means professionals will encounter more competition, but have the means available to access potentially unlimited swathes of clients.
To make the most of the changing landscape professionals need to arm themselves with an effective, search engine optimised website which appeals to the younger generation in order to give themselves a competitive edge over those professionals who neglect the opportunities provided by technological progress.
4. Robo-ACATS technology comes of age.
Robo-tech and self-ACATing have been making waves within the field and this hugely transformative trend is only building speed as its implications unfold over the coming 10 years.
According to Mr Veres, self-ACATing enables prospects to visit a website, access their personal account information and complete paperwork in mere seconds as opposed to days.
“This will create the biggest opportunity to gain market share since the invention of the AUM model in the 1990s and it may also offer a solution to the profession’s looming talent shortage,” said Mr Veres.
Because the technology is making it much easier and simple for brokers to move their books of business, it is likely this trend will lead to a plethora of brokers breaking away and moving over to the fiduciary sphere.
“I think we can expect to see an exodus of brokers wanting to come into the [advisory] space,” predicted Mr Veres.
5. Find out the final 2 of 6 Key Trends Predicted to Transform the Financial Planning Field: Pt 3 (coming soon)