Independent advisors surveyed by Schwab nationwide last year believed longer client lifespans were the most important societal trend affecting their businesses, and that medical advancements were the least important.
Almost a third (29 percent) of respondents said that they believed the most important societal trend was longer client lifespans. When asked why, 57 percent of respondents said that advisors needed to ensure that clients’ funds lasted during their entire lifetime.
The online survey of 778 independent investment advisors nationwide who custody assets with Schwab was conducted in December by Logica Research.
Only 1 percent believed the same about medical advancements. Only 21 percent of advisors surveyed believed that medical advancements would significantly affect their businesses, and only seven percent were very concerned about the impact of medical advancements.
More than a quarter of respondents (27 percent) said the most important societal trend was information privacy and data integrity. Fifty-nine percent believed information privacy and data integrity would significantly affect their businesses. Twenty-nine percent cited hackers as a threat and 24 percent cited this trend as the biggest risk factor for their business.
One-quarter of respondents said that the top societal trend was changing workplace dynamics, such as automation and changing job skills. Nearly half (43 percent) believed that changing workplace dynamics would significantly affect their businesses, with 21 percent saying it would increase efficiency/productivity.
Only 14 percent of respondents surveyed identified artificial intelligence as the most important societal trend.
Just 2 percent of respondents identified climate change as the most important societal trend.