2024年金融咨询的未来（英）-45正式版

IncollaborationwithAccentureTheFutureofFinancialAdviceWHITEPAPERJULY2024ContentsForeword03040507091114162022ExecutivesummaryOverviewofcallstoactionIntroductionMethodologyandscopeThevalueoffinancialadvice1SixtrendsshapingfinancialadviceTrend1:ChangingdemographicsTrend2:Holisiticfinancialwell-beingDisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.Trend3:Digitallyaccessibleandhyper-personalizationTrend4:TransparentandflexiblepricingTrend5:TechnologyinnovationTrend6:Deepdive–socialmedia2Callstoaction232528354042©2024WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.ContributorsEndnotesImages:GettyImages,MidjourneyTheFutureofFinancialAdviceContents2ForewordInaneraofrapidtechnologicaladvancements,demographicshiftsandevolvingconsumerexpectations,thefinancialadvicelandscapeisundergoingprofoundtransformation.Traditionalfinancialadvicemodelsarebeingchallenged,necessitatingare-evaluationofexistingpracticesandnewwaysofthinking.Aswenavigatethisdynamicenvironment,itbecomesincreasinglyimperativetoassesswhatisshiftingthemanagingdebt,financialplanningorinvestingforthefuture.Soundfinancialadvicecanempowerindividualstomakeinformedfinancialdecisionsandachievelong-termgoals.ꢀYet,aswelayoutinthispaper,realizingthefullpotentialoffinancialadvicerequirestechnologicalinnovationandeducationalefforts,aswellasindustryadaptation.Italsorequiresaholisticapproachthataddressessystemicchallenges,promotesinclusivityandultimatelyfacilitatesgreatertransparencyandtrust.Welayoutsomecallstoactionfortheindustry,policy-makers,regulators,socialmediaorganizationsandindividualstobegintoaddresssomeofthechallengesidentified.MeaganAndrewsLead,CapitalMarketsInitiatives,WorldEconomicForumindustrylandscapeandtherolefinancialadvicecanincreasinglyplayinshapingthefinancialresilienceofindividualsworldwide.Thispaperrepresentsacollaborativeefforttoexaminethefutureoffinancialadviceanddrawsinsightsfromindustryleaders,academicsandpolicy-makers.Atthecoreoftheworkliesarecognitionoftheimpactthateffectivefinancialadvicecouldhaveonanindividualthroughouttheirlife,whetheritbeplanningforretirement,JenYunManagingDirector,NorthAmericaCapitalMarketsStrategyLead,AccentureFinally,wewouldliketotakethisopportunitytothankalltheorganizations,industryexpertsandacademicswhocontributedtheirexpertiseandtimetoshapetheinsightspresentedinthispaper.ꢀTheFutureofFinancialAdviceContents3ExecutivesummaryThefutureoffinancialadviceisbeingshapedbyindustrychangesandunderpinnedbyadvancingtechnologies.Thispaperexploressixseismicchangesaffectingthefinancialadvisorylandscape.Changingdemographics,includingsignificantwealthtransfersandgrowingdiversity,isdrivingtheneedforinnovationinfinancialadvice.Technologicaladvancementshaverevolutionizedaccesstofinancialadviceandcapitalmarkets,empoweringindividualswithunprecedentedconvenienceandpersonalizedsolutions.Thisshiftisparticularlysignificantinaneraoffinancialuncertaintyandcomplexity,wheretailoredandattainablefinancialadvicehasbecomeessential.The2022WorldEconomicForumGlobalRetailInvestorSurveyhighlightsthecriticalroleoffinancialadviceacrossnineglobalmarkets,revealingitsimportanceininvestmentdecisionsandcomprehensivefinancialplanningacrossalllifestages.Individualsareincreasinglyseekingadvicetoachieveholisticfinancialwell-being,necessitatingafundamentalshiftinhowadvisoryservicesaredelivered.Individualsexpectadigitallyaccessibleandhyper-personalizedexperiencefromtheirfinancialinstitutions.Fairandtransparentpricingmodelscomewiththeopportunitytoimprovetrustandaffordabilityforindividuals.Delvingintothetrendstransformingthefinancialadvicelandscape,thereareopportunitiestoenhanceaccesstoaffordable,qualityfinancialadvicewhileacknowledgingthechallengesposedbyinformationoverloadinthedigitalage.Combiningfinancialadvicewithenhancedfinancialliteracyisnecessarytoempowerindividualstonavigatefinancialmarketseffectively,ultimatelyfacilitatingfinancialstabilityandwell-being.Individualsincreasinglyusesocialmediaasaresourceforfinancialinformation,butthisposespotentialrisks.Technologyinnovation,suchasgenerativeartificialintellligence(AI),machinelearningandblockchaincanbringforwardgreatefficiencygainsifdeployedresponsibly.TheFutureofFinancialAdviceContents4ExecutivesummaryWiththeseopportunitiescomehurdlesthatfinancialinstitutions,policy-makersandregulatorsmayhavetoaddress.ꢀꢀAccessThereisanevolutioninhowfinancialadviceisbeingaccessedanddelivered,potentiallyexpandingaffordabilityandaccesspointsforindividuals.OverviewofcallstoactionIncreasedaccesstofinancialadvicecanempowerindividualstomakeinformedinvestingandfinancialdecisions,ultimatelywiththegoalofcreatingresilienceandprosperity.Somekeychallengesmayinclude:Theincreasingavailabilityofinformationsources,includingsocialmediaplatforms,ispromptingindividualstoseekknowledgeandaskquestionsaboutfinancialmatters.Howcanthefinancialservicesindustry,policy-makersandregulatorsacttogethertoimproveaccesstoqualityandtrustworthyfinancialadvice?Education–Financialadvicehistoricallyhascateredtohigh-net-worthclients.Movingforward,it’scriticaltoevolvesustainablebusinessmodelsforawidersetFinancialliteracyiscriticaltotheeffectiveuseoffinancialadviceandtoempowerfinancialwell-being,andfinancialadviceisacomplement(ratherthanasubstitute)forthis.Improvingaccess,educationandtrustpresentsasignificantopportunitytoenhanceindividuals’useoffinancialadvice.ofindividualsandinstitutions.ꢀ–Advisersmayhaveincentivestoencouragefrequenttradingortosellspecificproducts.EstablishingamodelforincentivealignmentbetweenadvisersandindividualsisTrustTrustbetweentheadviser/providerandtheindividualremainsparamount.In2022,theGlobalRetailInvestorSurveypresentedtheempoweredinvestorframework,highlightingtheimportanceofaccess,educationandtrustwhenmakingfundamentaltobuildingtrust.ꢀEvolvingmodelswithinthefinancialadvicelandscapeareshiftinghowtrustisearnedandkept.–Withthedeploymentofnewtechnology,suchasgenerativeꢀartificialintelligence(AI),biascontrolanddatagovernancearecritical.Atthetimeofpublication,thereareongoingglobaleffortstoconsiderthisinfinancialservices.financialdecisionssuchasinvesting.Inthe5Thetrainingandcredentialsofadvisersarecrucialgatekeepers.contextoffinancialadvice,thisframeworkishelpfulforunderstandingopportunitiestounlockeconomicvalueforindividuals.Withtechnologycomesariskofmisuseandexacerbatingexistingbiasesifnotdeployedresponsibly.TheFutureofFinancialAdviceContents5ExecutivesummaryOverviewofcallstoactionEngagingnewindividualsBroadeningtoincludefinancialwell-beingNeeds-basedfinancialplanningTounlockthevalueoffinancialadvice,ꢀthispaperexploresanddetailsanumberofcallstoactionforawiderangeofstakeholdersYoungerandmorediverseinvestorsofferanopportunitytobroadenthescopeofexistinginvestorteamsandbuildtrustthroughthoughtfulmarketingandeducationstrategies.Focusingonholisticfinancialwell-beingbyincorporatingmanyindividualneedscreatesapathtowardsincreasedtrustandAtailoredandpersonalizedapproachtofinancialadvicetosuitindividuals’needsandpreferences,withdigitaltoolsenablingthisapproachtoadvice.accessforinvestorsandadvisers.Expandingaccesstofinancialadviceandevolvingtraditionalmodelstoadapttotechnologicalshiftsanddemographicdisruptionpresentssignificanteconomicopportunitiestoreachnewindividualsandstrengthenrelationshipswithexistinginvolvedparties.TransformativeandeffectivebusinessmodeloptionsBuildinginteractiveandpractisedsocialmediainteractionEfficiencythroughtechnologyAvarietyofbusinessmodelsenablegreaterchoiceastowhichadvisermodelbestsuitstheirneedsandtounderstandadviservaluemoreclearly.Financialinstitutionsandpolicy-makerscandeliverinformativecontentandcollaborateonbestpracticesbyusingsocialmediaasachanneltoreachinvestors.IntegratinggenerativeAIandothertechnologieswhilebeingmindfulofpossiblebiasesorriskscanhelpꢀscalepersonalizedservicesandprovidefinancialadviceatamoreaccessiblecost.ꢀTheFutureofFinancialAdviceContents6IntroductionTheFutureofFinancialAdviceContents7Introduction|DefinitionsKeyterminologyTermꢀDefinition(asusedinthispaper)TermꢀDefinition(asusedinthispaper)FinancialadviceFinancialadvicereferstorecommendations,guidanceorexpertiseprovidedbyfinancialprofessionalstohelpindividualsmakeinformeddecisionsaboutmanagingtheirfinances,achievingfinancialgoalsandnavigatingcomplexfinancialsituations.HybridadviceHybridadvicereferstoatraditionalfinancialadvicemodelaugmentedbytechnology.Itusesdigital/augmentedtoolsfortaskslikedataanalysisorportfoliomanagementwhileofferinghumanexpertisethroughin-personorvirtualmeetings.FinancialeducationFinancialliteracyFinancialeducationisdifferentfromfinancialadviceandreferstoinformationandteachingtoimproveone’sknowledgeofandabilitytousefundamentalfinancialconceptsintheireconomicdecision-making.ꢀMarketdemocratizationMarketdemocratizationreferstotheincreasedabilityofanindividualtoaccesscapitalmarketsrelatedtothenewfoundavailabilityofinformation,investingplatforms,investmentproductsandotherbankingservices.Theknowledgeandunderstandingoffinancialconceptsandrisks,aswellastheskills,motivationandconfidencetoapplysuchknowledgeandunderstandingtomakeeffectivedecisionsacrossarangeoffinancialcontexts,improvethefinancialwell-beingofindividualsandsociety,andenableparticipationineconomiclife.ꢀOmnichannel/multichanneladviceꢀOmnichannelormultichannelreferstoadvisorymodelsinwhichclientshaveaccesstodigitaltoolsthatfacilitateself-investing,andincludesanintegratedindividualexperienceacrossalltouchpoints,includingonline,mobileandopportunitiesforvirtualorfacetofaceifsuitedtotheclient.ꢀOmnichannelprioritizesaunifiedexperiencesacrossvariouscommunicationchannels.Financialwell-beingFinfluencerFinancialwell-beingisastateofbeingwhereinapersoncanfullymeetcurrentandongoingfinancialobligationsandcanfeelsecureintheirfinancialfuture.RetailinvestingRetailinvesting,asdefinedinthispaper,includesanyformofinvestmentactivitythatinvolvesdecision-makingbytheindividual.Thisincludesemployer-sponsoreddefinedcontributionplansbutdoesnotincludegovernmentoremployerpension.Retailinvestingincludes:ꢀ–Investingviaabrokerage,fundcompanyorconsumer-facingplatformAfinfluencerisshortforfinancialinfluencerandreferstoanindividualwhousessocialmediatoshareinformation,recommendations,guidanceoropinionsonfinancialadvice,newsorotherrelatedmatters.ꢀ–Investingthroughanadviser,includingwhentheadvisermakestradesonanindividual’sbehalf–Investinginself-directedsavingsplans(suchasforretirementorhighereducation)RetailinvestorRetailinvestorsarenon-professionalinvestorswhobuyandsellsecuritiesorfunds(i.e.non-institutionalinvestors).GreatWealthTransferTheGreatWealthTransferistheanticipatedlarge-scaletransferofprivatewealthfromthepost-WorldWarIIgeneration(oftenreferredtoasBabyBoomers)toyoungergenerations,expectedtoreachtrillionsofdollarsoverthecomingdecades.Note:Theterminology,asdefinedabove,hasbeenadaptedfromarangeofofficialsources,includingtheConsumerFinancialProtectionBureau,theWorldEconomicForumGlobalRetailingInvestorSurveyandtheGlobalFinancialLiteracyExcellenceCenter.Inaddition,thesedefinitionshavebeenadaptedfrommaterialpublishedbyA.HackethalandA.Lusardi.TheFutureofFinancialAdviceContents8IntroductionToday,technologicalinnovationhasenabledgreateraccessibilitytofinancialadviceandcapitalmarketsviadigitalplatforms,offeringconvenienceandcultivatingindividualfinancialempowerment.Thiscoincideswithrisingpreferenceforpersonalizedfinancialadvice,drivenbydesirefortailoredsolutionsthatreflecteachperson’scircumstancesinatimeoffinancialuncertaintyandcomplexity.MethodologyMethodologyandscopeThiswhitepaperisintendedthefinancialservicesindustpolicy-makersandregulatoThefinancialadvisorylandscapeisshifting–andwithitcomesanopportunitytoimproveaccesstofinancialadviceandenablelong-termfinancialresilienceforindividuals.Desk-basedresearchandreviewofliteratureItaimstoanswerthefollowingquestions:In2022,theWorldEconomicForum’sGlobalRetailInvestorSurvey,featuredinTheFutureofCapitalMarkets:DemocratizationofCapitalMarketsreport,surveyedindividualsacrossnineglobalmarkets(theUK,US,France,Germany,SouthAfrica,Japan,China,theUnitedArabEmirates,andBrazil).ThesurveyrevealedthatfinancialadviceisacrucialtoolandresourceWhatfactorsareshapingthefutureoffinancialadvice?Howcanaccesstofinancialadvicebeexpandedtoindividualswhohavenotpreviouslysoughtitorhadaccess?forindividuals’investmentdecisions.The1Over20expertinterviewspoweroffinancialadviceextendsbeyondthis;itisatooltohelpindividualstoplanfortheirfinancialfutureacrossalllifestages.Thispaperdefinesindividualsbroadlyacrosswealthtierssegmentedbyinvestableassets.Whataretheopportunitiesandchallengesofdisseminatingfinancialadviceinformationthroughsocialmedia?Thispaperexplorestrendsshiftingthefinancialadvicelandscape,includingdemographicshiftsanddisruptivetechnology.Itseekstoidentifyopportunitiestoimproveaccesstoaffordable,qualityfinancialadvice.Italsoexploresdeeperinsightsintosocialmedia’sroleindemocratizingaccesstofinancialadviceandoutlinespotentialrisks.GlobalworkshopwithindustryexecutivesandfocusgroupswithGenZandMillennialinvestorsWhatpossibleactionscanpolicy-makersandindustryleaderstakeastheyconsiderhowtodelivervaluethroughfinancialadvice?TheFutureofFinancialAdviceContents9IntroductionMethodologyandscopeIndividualsacrossallꢀwealthtiersareinthescopeofthispaper.Eachgrouphasuniquegoalsandfinancialadviceneeds.RetirementplanningFinancialadviceandtheindividualswhouseitaredefinedbroadlyforthepurposesofthispaper.Forthepurposeofthiswhitepaper,investorsaregroupedaccordingtotheirnetworth,whichisonewayinwhichglobalregulatorybodiesoftenassessaccreditedinvestorstatus.Eachsetofinvestorsmayhavedifferentlevelsofbaseknowledgeandinteractionswithfinancialadvisers(andtypesoffinancialadvisers).Historically,thosewithmoreinvestableassetshavehadmoreinteractionandexperiencewithfinancialadvice.Investorswithlowerinvestableassetsandlowerincomecouldalsoobtainsignificantbenefitsfromreceivingfinancialadvice.Inmanycases,investorgroupsmaydifferintheirpreferences,experienceandexpectationswithfinancialadvisers,aswellastheirfinancialgoals.EstateandinheritanceWhatisfinancialadvice?Broadlydefined,financialadvicereferstorecommendations,guidanceorexpertiseprovidedbyfinancialprofessionalstohelpindividualsmakeinformeddecisionsaboutmanagingtheirfinances,achievingfinancialgoalsandnavigatingcomplexfinancialsituations.Financialadvicecanspanvariousaspectsofpersonalfinance,includingbutnotlimitedtobudgeting,saving,investing,retirementplanning,taxstrategies,insurance,estateplanning,debtmanagementandriskmanagement.BudgetingFamilyandeducationgoalsMassmarketMassaffluent,affluentHighnetworthandbeyond($0-100,000)($100,000-1million)(>$1million)InvestmentguidanceDebtmanagementTypically:Typically:Financialadviserswhoprovidethisfinancialadviceareregulatedprofessionals,withspecificstandardsvaryingbyjurisdictionandthetypeoffinancialadvisoryservicestheyprovide.Typesofadviceincludethefollowing:LowerstockownershipandmarketparticipationLowerlevelsoffinancialknowledgeandexpertiseHigheruseofself-servicedigitalplatformsHigherfinancialmarketparticipationHigherlevelsoffinancialknowledge2Higherrelianceonadviserstoassistwithdecision-makingNote:Theterminologyasdefinedabove,hasbeenadaptedfromarangeofofficialsources.TheFutureofFinancialAdviceContents10Introductionimportanceofinformeddecision-makingandreliableguidanceinthedigitalage.It’scrucialtorecognizethatwhilefinancialadviceplaysavitalrole,itcannotserveasasubstituteforenhancedfinancialliteracyamongindividuals.Empoweringpeoplewiththeknowledgeandskillstomakeinformedfinancialdecisionsisfoundationaltotheirfinancialwell-being.Therefore,effortstoimprovefinancialeducationshouldcomplement,ratherthanbesupplantedby,theprovisionoffinancialadvice.ThevalueoffinancialadviceTheavailabilityofinformationhasshiftedthetraditionalone-waymodel,wherefinancialadviserspossessedasignificantinformationadvantage,toacontemporarytwo-waymodel.Inthisnewparadigm,individualshaveaccesstomorefinancialinformation.Consequently,advisersmustberesponsivetoinboundrequestsforbetterorworse(seeFigure1).FIGURE1Thefinancialadvicelandscapeischangingintheinformationage.FinancialadviceinformationflowTraditionalmodelEmergingmodelInnovationssuchasreal-timefinancialproductinformation,socialmediaandsuperappshaveempoweredashiftinfinancialadvice.Evenintheeraofabundantinformation,ensuringindividualsreceiveimpartial,high-qualityandtrustworthyadviceremainschallenging.Advisers–dataandexperienceadvantageAdvisers–AItoolsanddataanalysisTheenhancedaccessibilityfacilitatesmoreꢀindividuals’activeparticipationincapitalmarkets,whichcanbecriticaltobuildingwealthandensuringlong-termfinancialsecurity.However,alongsidethebenefitsofincreasedaccess,thetransformationininformationconsumptionhabitshasusheredinaneweraofinformationoverload.Thevastexpanseoftheinternetoffersabundantfinancialdata,analysisandopinions,presentingindividualswithamyriadofsourcestonavigate.Inthislandscape,discerningvaluableinsightsfromnoisebecomesincreasinglychallenging,underscoringtheThefinancialadviceindustryhaswrestledwithconflictsofinterestandinformationasymmetry.Thishashistoricallyledtosomeinstancesofmis-sellingproducts,biasedrecommendationsandinadequateconsumerprotectionmeasures.Eveninthisnewinformationage,thereremainsongoingdiscourseonhowtobestaligntheinterestsoftheindividualwiththoseofthefinancialadviserwhilemaintainingtheintegrityofadviceandassociatedbusinessmodels,particularlywhilekeepinginformationasymmetryinmind.Individuals–informationvianews,books,limiteddataIndividuals–digitalfinancialproductinformationavailabilitySource:AdaptedfromframeworkprovidedbyHackethal,A.(n.d.).AIandtheFutureofFinancialAdvice[Presentation].GoetheUniversityandLeibnizInstituteSAFE.TheFutureofFinancialAdviceContents11IntroductionThevalueoffinancialadviceTechnologycanstreamlineportfolioconstructionandresearch,but“peaceofmind”ismorereliantonhumanempathyandexperienceand,therefore,islesseasilyreplacedbytechnologyinmanycases.Whilethelandscapeforfinancialadviceischanging,thegoaltoimproveindividuals’well-beinganddecision-makingremainsconsistent.FIGURE2Themainrolesoffinancialadvice1ServiceandresearchAdvisersserveas“moneydoctors”whoemployempathy,judgementandefficiencyintheirrolestohelpindividualsreachfinancialstability.2Portfolioconstruction/transaction3Riskmanagement4FinancialplanningFinancialadviceaimstoequipindividualstonavigatefinancialmarketsandachievefinancialstabilitythroughouttheirlifespan.Itisdeeplypersonalandcanbeacriticaltoolforensuringanindividual’swell-being.TechnologyenabledefficiencyElicitpreferences/beliefs5Financialadviceservessixmainpurposesinsupportingindividualswiththeirfinancialplanningskillgap:1)serviceandresearch,2)portfolioconstruction,3)riskmanagement,4)financialplanning,5)elicit6PeaceofmindLessabletobereplacedbytechnologypreferences,and6)peaceofmind.3Source:Hackethal,A.(n.d.).AIandtheFutureofFinancialAdvice[Presentation].GoetheUniversityandLeibnizInstituteSAFE.TheFutureofFinancialAdviceContents12IntroductionThevalueoffinancialadviceRetailinvestors…Financialadvice,acrossallsixpurposes,canimproveeconomicoutcomesforindividuals.foundthatafinancialadviserisan47%extremelyimportantsourcewhen74%makinginvestmentdecisionswouldbelikelytoinvestmoreiftheyhadmoreopportunitiestolearnaboutinvestingIn2022,theGlobalRetailInvestorSurveyfoundthatinthecontextofinvestmentdecisions,financialadvicewasapowerfultool:statedthatbeingabletospeakto79%afinancialadviserwasimportantin4makinganinvestmentdecision65%ofinvestorswereableto48%turntoafinancialadviserforwouldinvestmoreifafinancialadviserrecommendeditadviceonhowtoinvestNon-investors…53%wouldinvestmoreiftheyhadmoreopportunitiestolearnaboutinvesting68%wouldbemorelikelytoinvestifafinancialadviserrecommendeditwouldbemorelikelytoinvestiftheyhadaccesstoautomatedadviceorarobo-adviser37%58%40%chosenottoinvestbecausetheydidnotknowhowtoinvestorfoundinvestingconfusingꢀwouldbemorelikelytoinvestifitwaseasierandfastertogetstartedTheFutureofFinancialAdviceContents13Sixtrendsshapingfinancialadvice1Theꢀremainingsectionsofthispaperwillexplorethesixkeytrendsshapingthefutureofthefinancialadvisorylandscape.TheFutureofFinancialAdviceContents14Sixtrendsshapingfinancialadvice1ChangingdemographicsThefutureoffinancialadviceisbeingshapedbyindustrychangesandunderpinnedbyadvancingtechnologies.Investorsarebecomingmorediverseinage,race,ethnicity,genderandincome.6BabyBoomersandtheSilentGenerationareexpectedtopassdown$72.6trilliontoyoungergenerationsby2045,whilewomenarepoisedtocontrolasignificantportionofthe$30trillionheldbyBabyBoomersby2030intheUnitedStates,withsimilartransferstakingplaceinmarketslikeHongKong,MainlandChinaandtheUnitedKingdom.7,8,9,10Changingdemographicswillnecessitateinnovationinfinancialadvice.Holisticfinancialwell-beingDigitallyaccessibleandhyper-personalizedTransparentandfairpricingTechnologyinnovation342Individualsseekadvicewiththegoalofbroaderfinancialwell-being.Thisaddressesmajorlifemilestonesandincorporatesvariousaspects,includingsavings,debtmanagement,insurance,taxplanningandretirementpreparedness.Holisticfinancialadvicehasbeenshowntopotentiallysavethetypicalhousehold$4,384peryearwithtremendousvaluetopolicy-makers,advisers,industryandindividuals.11Thelandscapeofpricingmodelsisbecomingmorenuanced.Commission-basedstructuresremainprevalent,butadvisoryservicesincreasinglyexplorefee-based,subscription-basedorhybridpricingstructures.Youngergenerationsprefershort-term,low-commitmentpricingmodelswiththeflexibilitytostartandendservicesasneeded.13Fairandtransparentpricingmodelscomewiththeopportunitytoimprovetrustandaffordabilityforindividuals.Technologicalinnovationhasthepotentialtobringforwardgreatefficiencygains.TechnologysuchasgenerativeAI,machinelearningandblockchaincanrevolutionizeautomatingprocesses,dataanalysisandpersonalization.Atthesametime,it’scriticaltobemindfulofissuessuchasdataprivacyandalgorithmbias.Individualsexpectaneasilyaccessible,high-touchexperienceacrossmobileandwebfromtheirfinancialinstitutions.52%ofadvisersintheUSbelievethatinvestorswantmorepersonalization.12Asfirmsseektoinnovatetheirdigitalchannelsandprovidegreaterpersonalizationforinvestors,accessibilityandscalabilityshouldbefirstinmindtohelpbuildtrustwithindividualsandcreatesustainablebusinessmodels.SocialIndividualsincreasinglyusesocialmediaasaresourceforfinancial6information,usedby80%ofindividualsintheUSbetweentheagesof18mediaand31.14Withlowtonocosts,itisaccessibleandoffersbothauthenticityandentertainment.However,itposespotentialriskswithinachangingregulatoryenvironmentandopensourceofcascadinginformation.TheFutureofFinancialAdviceContents15Trend1Peoplearelivinglonger,leadingtoagrowthinthelongevityeconomy15Youngerinvestorsareenteringthemarketearlierthanpreviousgenerations24ChangingdemographicsAslifeexpectancyincreasesinmuchoftheworld,particularlyinAsia,globalresearchindicatesmanyindividualsarenotpreparedfinanciallytoretire.16,17IntheUSandEurope,findingsshowthatyoungerGenZandMillennialinvestorsoftenhavelowerlevelsoftrustinfinancialinstitutions.25,26,27Withoutaccesstofinancialeducationthroughoutworkingyears,oldergenerationsmaybeun