Financial Advisor’s Crystal Ball for 2019

Financial Advisor’s Crystal Ball for 2019

Our featured article provides ten predictions on ways the financial advisory business could develop this year.

The data is taken from Deloitte’s 2019 Banking & Capital Markets Outlook report. 

Financial professionals no longer lose sleep over the spectre of robo-advisors. The comforting knowledge that humans are still relevant shouldn’t disguise the fact that robots are now a permanent fixture. Deloitte’s study suggests that online advisory services have a strong appeal for new customers, smoothing their way into the market, where they sometimes feel intimidated by adroit, but potentially wily, human advisors. Digital advice could outpace checking and savings accounts to become the core consumer financial product this year.

Deloitte believes that hybrid services are the way to success. All client segments now desire at least some digital services, and nearly everyone requires human interaction at some point. Finding the correct balance for each customer segment and offering it seamlessly to the market will form the crucial test among advisories.

Customers this year can look forward to new online services that supplement the digital advisory they already enjoy. New products have been under development and many are ready for launch in 2019. Estate, taxation and goals planning services should all be available online soon.

The Securities and Exchange Commission is working hard to develop a best-interest directive for the financial industry and regulators globally are equally busy conceptualizing a universal fiduciary standard. No one knows what kind of rules will eventually be imposed or when this will occur, but the day will inevitably come. Don’t let this issue slip from your radar screen this year.

Investors don’t like fees, particularly in an environment of low and zero-cost options. Companies will need to become increasingly transparent about their fees and may need to restructure them to remove any discrepancies that could alienate customers.

For more information, please read:
10 predictions for financial advice in 2019 | Investment News


Wealthy Clients Want to Talk – Do You Know What Concerns Them? Five Experts Reveal Sharp Investment Advice for 2019