An advanced alert to the new challenges and opportunities that advisors are likely to encounter over the next few years.
As you will see, the report highlights major and often surprising new developments in the industry, including:
- The need for advice is rising, fueled by demographic shifts, growth in investable assets and the increasing complexity of personal finances
- Old money—the traditional bread and butter clientele of an advisory firm—is fast being replaced by a rising new class of young, self-made wealth
- As traditional business models blur, the words "fee-based" and even "advisor" have lost their unique power to distinguish registered investment advisors (RIAs)
- A deepening talent shortage and continuing failure to plan for succession could produce a scarcity of qualified advisors at the very time demand peaks
- Investors need more convincing of the value of advice—and more of them believe they can do it all on their own