What does all this mean for our industry? The good news is that, if anything, the need for advice is going to be greater in the future than it is today. But to be successful, advisors are going to do much more for their clients and be more sophisticated at what they do. Getting new clients is also going to more competitive and costlier. And technology is both going to be a competitor and an ally.
Precisely how successful firms will adapt to these changes is what this series will explore further in future articles. But these trends are already beginning to reshape the business of providing advice.
Mark Hurley is the founder of Undiscovered Managers and the co-founder of Fiduciary Network.