Weekly Thought Provoker — Financial Services Threats

Join our online discussion: What are the greatest threats to the future of financial services?

As we head into an age of disruption that will transform the financial services industry, we need to start thinking outside the box and set new standards for value. Remaining stagnant and failing to adapt to these changes could render your services — and your careers — obsolete.

We launched the Executive Business Builders Network to bring the best minds in the financial advice sector together; both the innovators of today, and those looking to start and grow their careers while breaking the traditional mold. Wherever you are in your career — growth-oriented, entrepreneurial, a ground-breaker, proactive, or innovative — we invite you to join our discussion.

Every week, we’ll be posting a new discussion topic related to the “future-proofing your career and your industry” theme. With this week’s Thought Provoker, we are asking what you believe to be the greatest threats to financial services: 

“We’re entering a time of great change and disruption in the financial services industry. There are a number of significant threats that could affect your ability to thrive and survive in this business in the future. Recognizing and addressing these threats is going to be essential so you can adapt and evolve. In your opinion, what is the greatest threat to your career?

Some of the top threats include:

• Economic changes (inflation, interest rates, rising minimum wage, tax reform, etc.)
• The rise of artificial intelligence and robo-advisors
• Succession, as older advisors (Baby Boomers who dominate the industry) approach retirement and transition business to the next generation
• CRM2, fee disclosures, and the need to add more value when servicing clients
• Wealth transfer to the next generation of clients (and the different needs of Millennials)
• The need to provide more relationship-driven services

We’ll discuss each of these issues in more depth in the future, but we’d love to hear which of these factors you think are the biggest threats, or if there are other areas of concern.”

Join The Executive Business Builders Network to weigh in on this important topic.

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