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2024 Financial Adviser Trends: What To Expect From The Year Ahead

3rd January, 2024

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2024 Financial Adviser Trends: What To Expect From The Year Ahead

As we step into 2024, independent financial advisors are navigating a rapidly evolving landscape, marked by technological innovation, shifting client demographics, and a changing regulatory environment. These developments are not just incremental; they represent a significant transformation in how financial advisory services are delivered and consumed. With a mix of challenges and opportunities, advisors need to be agile, forward-thinking, and client-centric to thrive as they tackle the year ahead. 

This year promises to bring several key trends to the forefront, each shaping the industry in distinct ways and influencing advisors’ practices. Here’s an in-depth overview of what advisors should be aware of as they strategise for success in this dynamic environment.

Diversification and Inclusivity

The landscape of financial advising is becoming increasingly diverse. Successful advisors in 2024 will need to partner with a broad set of stakeholders, including product specialists and trust professionals, to cater to a diverse clientele. Emphasising integrated offerings to serve different generations simultaneously will be crucial​​.

Technological Advancements and AI

The use of Artificial Intelligence (AI) in the financial advising sector is expected to continue growing. AI tools and services are becoming more prevalent, offering improved client interactions, enhanced efficiency, and personalised services through data aggregation and insights. Advisors will need to embrace AI to remain competitive and enhance their service offerings​​​​.

Holistic Advice and Financial Wellness Tools

There’s an increased focus on providing holistic advice. This involves understanding the complete financial picture of clients, particularly in the realm of retirement planning and workplace benefits. Advisors can expect growth in this area as they offer more comprehensive solutions​​.

Demand for End-to-End Technology Platforms

Advisors are looking for technology solutions that offer more than just single sign-on capabilities. There is a demand for three-in-one solutions that bundle financial technology software, platforms, and solutions, aiming to streamline operations and improve client engagement​​.

Shift Towards Independent Advisory Models

There is a growing trend of advisors moving towards independent models. This shift is driven by the desire for more autonomy and the ability to offer client-centric services without the constraints of corporate structures. Advisors considering going independent will find increasing support and tools tailored to this model​​.

Generational Wealth Transfer and Younger Clients

With a significant amount of wealth expected to transfer to younger generations, advisors need to prepare to engage with clients across different age groups, including Gen Z and millennials. Understanding the unique financial priorities and concerns of these younger cohorts will be vital​​.

Global Economic Influences and Regulatory Changes

Advisors must stay informed about global economic changes, including diversifying portfolios and understanding regulatory shifts. The evolving international tax landscape and economic factors like inflation will impact financial strategies and decision-making​​.

ESG Investments and Personalised Planning

Environmental, Social, and Governance (ESG) investing is gaining importance, reflecting a shift in investor values towards societal impact. Personalised financial planning, tailored to individual goals and life stages, will continue to be a key focus​​.

The financial advisory landscape in 2024 is characterised by technological innovation, diversification, a shift towards independent models, generational wealth transfer, and a focus on holistic, personalised services. Keeping abreast of these trends will help advisors stay competitive and meet the evolving needs of their clients.

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