40 Under 40 alumni at the Future of Our Business event in New York in May shared their predictions about the future of financial advice over the next three to five years.
"The average age of financial advisers will finally fall below the age of 50."
"Within five years, the industry will become a profession. High-value/high-touch planners in this new professional environment will not experience fee compression. And the 1% AUM fee isn't around anymore."
"I will have a subscription model to serve entrepreneurs and freelancers nationwide."
"The next generation of the financial advice profession will embrace pro bono work as an integral aspect of their business."
"The solo adviser business model will continue to shrink as a percentage of total financial advisers. And teams and ensembles will continue to grow."
"Therapy will be a part of most financial planning processes."
"Amazon, Google or Apple will enter the financial services market."
"The next recession will cause more consolidation in the industry and more advisers will retire."