2024年金融咨詢的未來（英）-45正式版

IncollaborationwithAccentureTheFutureofFinancialAdviceWHITEPAPERJULY2024ContentsForeword03040507091114162022ExecutivesummaryOverviewofcallstoactionIntroductionMethodologyandscopeThevalueof?nancialadvice1Sixtrendsshaping?nancialadviceTrend1:ChangingdemographicsTrend2:Holisitic?nancialwell-beingDisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.The?ndings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.Trend3:Digitallyaccessibleandhyper-personalizationTrend4:Transparentand?exiblepricingTrend5:TechnologyinnovationTrend6:Deepdive–socialmedia2Callstoaction232528354042?2024WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.ContributorsEndnotesImages:GettyImages,MidjourneyTheFutureofFinancialAdviceContents2ForewordInaneraofrapidtechnologicaladvancements,demographicshiftsandevolvingconsumerexpectations,the?nancialadvicelandscapeisundergoingprofoundtransformation.Traditional?nancialadvicemodelsarebeingchallenged,necessitatingare-evaluationofexistingpracticesandnewwaysofthinking.Aswenavigatethisdynamicenvironment,itbecomesincreasinglyimperativetoassesswhatisshiftingthemanagingdebt,?nancialplanningorinvestingforthefuture.Sound?nancialadvicecanempowerindividualstomakeinformed?nancialdecisionsandachievelong-termgoals.?Yet,aswelayoutinthispaper,realizingthefullpotentialof?nancialadvicerequirestechnologicalinnovationandeducationalefforts,aswellasindustryadaptation.Italsorequiresaholisticapproachthataddressessystemicchallenges,promotesinclusivityandultimatelyfacilitatesgreatertransparencyandtrust.Welayoutsomecallstoactionfortheindustry,policy-makers,regulators,socialmediaorganizationsandindividualstobegintoaddresssomeofthechallengesidenti?ed.MeaganAndrewsLead,CapitalMarketsInitiatives,WorldEconomicForumindustrylandscapeandtherole?nancialadvicecanincreasinglyplayinshapingthe?nancialresilienceofindividualsworldwide.Thispaperrepresentsacollaborativeefforttoexaminethefutureof?nancialadviceanddrawsinsightsfromindustryleaders,academicsandpolicy-makers.Atthecoreoftheworkliesarecognitionoftheimpactthateffective?nancialadvicecouldhaveonanindividualthroughouttheirlife,whetheritbeplanningforretirement,JenYunManagingDirector,NorthAmericaCapitalMarketsStrategyLead,AccentureFinally,wewouldliketotakethisopportunitytothankalltheorganizations,industryexpertsandacademicswhocontributedtheirexpertiseandtimetoshapetheinsightspresentedinthispaper.?TheFutureofFinancialAdviceContents3ExecutivesummaryThefutureof?nancialadviceisbeingshapedbyindustrychangesandunderpinnedbyadvancingtechnologies.Thispaperexploressixseismicchangesaffectingthe?nancialadvisorylandscape.Changingdemographics,includingsigni?cantwealthtransfersandgrowingdiversity,isdrivingtheneedforinnovationin?nancialadvice.Technologicaladvancementshaverevolutionizedaccessto?nancialadviceandcapitalmarkets,empoweringindividualswithunprecedentedconvenienceandpersonalizedsolutions.Thisshiftisparticularlysigni?cantinaneraof?nancialuncertaintyandcomplexity,wheretailoredandattainable?nancialadvicehasbecomeessential.The2022WorldEconomicForumGlobalRetailInvestorSurveyhighlightsthecriticalroleof?nancialadviceacrossnineglobalmarkets,revealingitsimportanceininvestmentdecisionsandcomprehensive?nancialplanningacrossalllifestages.Individualsareincreasinglyseekingadvicetoachieveholistic?nancialwell-being,necessitatingafundamentalshiftinhowadvisoryservicesaredelivered.Individualsexpectadigitallyaccessibleandhyper-personalizedexperiencefromtheir?nancialinstitutions.Fairandtransparentpricingmodelscomewiththeopportunitytoimprovetrustandaffordabilityforindividuals.Delvingintothetrendstransformingthe?nancialadvicelandscape,thereareopportunitiestoenhanceaccesstoaffordable,quality?nancialadvicewhileacknowledgingthechallengesposedbyinformationoverloadinthedigitalage.Combining?nancialadvicewithenhanced?nancialliteracyisnecessarytoempowerindividualstonavigate?nancialmarketseffectively,ultimatelyfacilitating?nancialstabilityandwell-being.Individualsincreasinglyusesocialmediaasaresourcefor?nancialinformation,butthisposespotentialrisks.Technologyinnovation,suchasgenerativearti?cialintellligence(AI),machinelearningandblockchaincanbringforwardgreatef?ciencygainsifdeployedresponsibly.TheFutureofFinancialAdviceContents4ExecutivesummaryWiththeseopportunitiescomehurdlesthat?nancialinstitutions,policy-makersandregulatorsmayhavetoaddress.??AccessThereisanevolutioninhow?nancialadviceisbeingaccessedanddelivered,potentiallyexpandingaffordabilityandaccesspointsforindividuals.OverviewofcallstoactionIncreasedaccessto?nancialadvicecanempowerindividualstomakeinformedinvestingand?nancialdecisions,ultimatelywiththegoalofcreatingresilienceandprosperity.Somekeychallengesmayinclude:Theincreasingavailabilityofinformationsources,includingsocialmediaplatforms,ispromptingindividualstoseekknowledgeandaskquestionsabout?nancialmatters.Howcanthe?nancialservicesindustry,policy-makersandregulatorsacttogethertoimproveaccesstoqualityandtrustworthy?nancialadvice?Education–Financialadvicehistoricallyhascateredtohigh-net-worthclients.Movingforward,it’scriticaltoevolvesustainablebusinessmodelsforawidersetFinancialliteracyiscriticaltotheeffectiveuseof?nancialadviceandtoempower?nancialwell-being,and?nancialadviceisacomplement(ratherthanasubstitute)forthis.Improvingaccess,educationandtrustpresentsasigni?cantopportunitytoenhanceindividuals’useof?nancialadvice.ofindividualsandinstitutions.?–Advisersmayhaveincentivestoencouragefrequenttradingortosellspeci?cproducts.EstablishingamodelforincentivealignmentbetweenadvisersandindividualsisTrustTrustbetweentheadviser/providerandtheindividualremainsparamount.In2022,theGlobalRetailInvestorSurveypresentedtheempoweredinvestorframework,highlightingtheimportanceofaccess,educationandtrustwhenmakingfundamentaltobuildingtrust.?Evolvingmodelswithinthe?nancialadvicelandscapeareshiftinghowtrustisearnedandkept.–Withthedeploymentofnewtechnology,suchasgenerative?arti?cialintelligence(AI),biascontrolanddatagovernancearecritical.Atthetimeofpublication,thereareongoingglobaleffortstoconsiderthisin?nancialservices.?nancialdecisionssuchasinvesting.Inthe5Thetrainingandcredentialsofadvisersarecrucialgatekeepers.contextof?nancialadvice,thisframeworkishelpfulforunderstandingopportunitiestounlockeconomicvalueforindividuals.Withtechnologycomesariskofmisuseandexacerbatingexistingbiasesifnotdeployedresponsibly.TheFutureofFinancialAdviceContents5ExecutivesummaryOverviewofcallstoactionEngagingnewindividualsBroadeningtoinclude?nancialwell-beingNeeds-based?nancialplanningTounlockthevalueof?nancialadvice,?thispaperexploresanddetailsanumberofcallstoactionforawiderangeofstakeholdersYoungerandmorediverseinvestorsofferanopportunitytobroadenthescopeofexistinginvestorteamsandbuildtrustthroughthoughtfulmarketingandeducationstrategies.Focusingonholistic?nancialwell-beingbyincorporatingmanyindividualneedscreatesapathtowardsincreasedtrustandAtailoredandpersonalizedapproachto?nancialadvicetosuitindividuals’needsandpreferences,withdigitaltoolsenablingthisapproachtoadvice.accessforinvestorsandadvisers.Expandingaccessto?nancialadviceandevolvingtraditionalmodelstoadapttotechnologicalshiftsanddemographicdisruptionpresentssigni?canteconomicopportunitiestoreachnewindividualsandstrengthenrelationshipswithexistinginvolvedparties.TransformativeandeffectivebusinessmodeloptionsBuildinginteractiveandpractisedsocialmediainteractionEf?ciencythroughtechnologyAvarietyofbusinessmodelsenablegreaterchoiceastowhichadvisermodelbestsuitstheirneedsandtounderstandadviservaluemoreclearly.Financialinstitutionsandpolicy-makerscandeliverinformativecontentandcollaborateonbestpracticesbyusingsocialmediaasachanneltoreachinvestors.IntegratinggenerativeAIandothertechnologieswhilebeingmindfulofpossiblebiasesorriskscanhelp?scalepersonalizedservicesandprovide?nancialadviceatamoreaccessiblecost.?TheFutureofFinancialAdviceContents6IntroductionTheFutureofFinancialAdviceContents7Introduction|De?nitionsKeyterminologyTerm?De?nition(asusedinthispaper)Term?De?nition(asusedinthispaper)FinancialadviceFinancialadvicereferstorecommendations,guidanceorexpertiseprovidedby?nancialprofessionalstohelpindividualsmakeinformeddecisionsaboutmanagingtheir?nances,achieving?nancialgoalsandnavigatingcomplex?nancialsituations.HybridadviceHybridadvicereferstoatraditional?nancialadvicemodelaugmentedbytechnology.Itusesdigital/augmentedtoolsfortaskslikedataanalysisorportfoliomanagementwhileofferinghumanexpertisethroughin-personorvirtualmeetings.FinancialeducationFinancialliteracyFinancialeducationisdifferentfrom?nancialadviceandreferstoinformationandteachingtoimproveone’sknowledgeofandabilitytousefundamental?nancialconceptsintheireconomicdecision-making.?MarketdemocratizationMarketdemocratizationreferstotheincreasedabilityofanindividualtoaccesscapitalmarketsrelatedtothenewfoundavailabilityofinformation,investingplatforms,investmentproductsandotherbankingservices.Theknowledgeandunderstandingof?nancialconceptsandrisks,aswellastheskills,motivationandcon?dencetoapplysuchknowledgeandunderstandingtomakeeffectivedecisionsacrossarangeof?nancialcontexts,improvethe?nancialwell-beingofindividualsandsociety,andenableparticipationineconomiclife.?Omnichannel/multichanneladvice?Omnichannelormultichannelreferstoadvisorymodelsinwhichclientshaveaccesstodigitaltoolsthatfacilitateself-investing,andincludesanintegratedindividualexperienceacrossalltouchpoints,includingonline,mobileandopportunitiesforvirtualorfacetofaceifsuitedtotheclient.?Omnichannelprioritizesauni?edexperiencesacrossvariouscommunicationchannels.Financialwell-beingFin?uencerFinancialwell-beingisastateofbeingwhereinapersoncanfullymeetcurrentandongoing?nancialobligationsandcanfeelsecureintheir?nancialfuture.RetailinvestingRetailinvesting,asde?nedinthispaper,includesanyformofinvestmentactivitythatinvolvesdecision-makingbytheindividual.Thisincludesemployer-sponsoredde?nedcontributionplansbutdoesnotincludegovernmentoremployerpension.Retailinvestingincludes:?–Investingviaabrokerage,fundcompanyorconsumer-facingplatformA?n?uencerisshortfor?nancialin?uencerandreferstoanindividualwhousessocialmediatoshareinformation,recommendations,guidanceoropinionson?nancialadvice,newsorotherrelatedmatters.?–Investingthroughanadviser,includingwhentheadvisermakestradesonanindividual’sbehalf–Investinginself-directedsavingsplans(suchasforretirementorhighereducation)RetailinvestorRetailinvestorsarenon-professionalinvestorswhobuyandsellsecuritiesorfunds(i.e.non-institutionalinvestors).GreatWealthTransferTheGreatWealthTransferistheanticipatedlarge-scaletransferofprivatewealthfromthepost-WorldWarIIgeneration(oftenreferredtoasBabyBoomers)toyoungergenerations,expectedtoreachtrillionsofdollarsoverthecomingdecades.Note:Theterminology,asde?nedabove,hasbeenadaptedfromarangeofof?cialsources,includingtheConsumerFinancialProtectionBureau,theWorldEconomicForumGlobalRetailingInvestorSurveyandtheGlobalFinancialLiteracyExcellenceCenter.Inaddition,thesede?nitionshavebeenadaptedfrommaterialpublishedbyA.HackethalandA.Lusardi.TheFutureofFinancialAdviceContents8IntroductionToday,technologicalinnovationhasenabledgreateraccessibilityto?nancialadviceandcapitalmarketsviadigitalplatforms,offeringconvenienceandcultivatingindividual?nancialempowerment.Thiscoincideswithrisingpreferenceforpersonalized?nancialadvice,drivenbydesirefortailoredsolutionsthatre?ecteachperson’scircumstancesinatimeof?nancialuncertaintyandcomplexity.MethodologyMethodologyandscopeThiswhitepaperisintendedthe?nancialservicesindustpolicy-makersandregulatoThe?nancialadvisorylandscapeisshifting–andwithitcomesanopportunitytoimproveaccessto?nancialadviceandenablelong-term?nancialresilienceforindividuals.Desk-basedresearchandreviewofliteratureItaimstoanswerthefollowingquestions:In2022,theWorldEconomicForum’sGlobalRetailInvestorSurvey,featuredinTheFutureofCapitalMarkets:DemocratizationofCapitalMarketsreport,surveyedindividualsacrossnineglobalmarkets(theUK,US,France,Germany,SouthAfrica,Japan,China,theUnitedArabEmirates,andBrazil).Thesurveyrevealedthat?nancialadviceisacrucialtoolandresourceWhatfactorsareshapingthefutureof?nancialadvice?Howcanaccessto?nancialadvicebeexpandedtoindividualswhohavenotpreviouslysoughtitorhadaccess?forindividuals’investmentdecisions.The1Over20expertinterviewspowerof?nancialadviceextendsbeyondthis;itisatooltohelpindividualstoplanfortheir?nancialfutureacrossalllifestages.Thispaperde?nesindividualsbroadlyacrosswealthtierssegmentedbyinvestableassets.Whataretheopportunitiesandchallengesofdisseminating?nancialadviceinformationthroughsocialmedia?Thispaperexplorestrendsshiftingthe?nancialadvicelandscape,includingdemographicshiftsanddisruptivetechnology.Itseekstoidentifyopportunitiestoimproveaccesstoaffordable,quality?nancialadvice.Italsoexploresdeeperinsightsintosocialmedia’sroleindemocratizingaccessto?nancialadviceandoutlinespotentialrisks.GlobalworkshopwithindustryexecutivesandfocusgroupswithGenZandMillennialinvestorsWhatpossibleactionscanpolicy-makersandindustryleaderstakeastheyconsiderhowtodelivervaluethrough?nancialadvice?TheFutureofFinancialAdviceContents9IntroductionMethodologyandscopeIndividualsacrossall?wealthtiersareinthescopeofthispaper.Eachgrouphasuniquegoalsand?nancialadviceneeds.RetirementplanningFinancialadviceandtheindividualswhouseitarede?nedbroadlyforthepurposesofthispaper.Forthepurposeofthiswhitepaper,investorsaregroupedaccordingtotheirnetworth,whichisonewayinwhichglobalregulatorybodiesoftenassessaccreditedinvestorstatus.Eachsetofinvestorsmayhavedifferentlevelsofbaseknowledgeandinteractionswith?nancialadvisers(andtypesof?nancialadvisers).Historically,thosewithmoreinvestableassetshavehadmoreinteractionandexperiencewith?nancialadvice.Investorswithlowerinvestableassetsandlowerincomecouldalsoobtainsigni?cantbene?tsfromreceiving?nancialadvice.Inmanycases,investorgroupsmaydifferintheirpreferences,experienceandexpectationswith?nancialadvisers,aswellastheir?nancialgoals.EstateandinheritanceWhatis?nancialadvice?Broadlyde?ned,?nancialadvicereferstorecommendations,guidanceorexpertiseprovidedby?nancialprofessionalstohelpindividualsmakeinformeddecisionsaboutmanagingtheir?nances,achieving?nancialgoalsandnavigatingcomplex?nancialsituations.Financialadvicecanspanvariousaspectsofpersonal?nance,includingbutnotlimitedtobudgeting,saving,investing,retirementplanning,taxstrategies,insurance,estateplanning,debtmanagementandriskmanagement.BudgetingFamilyandeducationgoalsMassmarketMassaf?uent,af?uentHighnetworthandbeyond($0-100,000)($100,000-1million)(>$1million)InvestmentguidanceDebtmanagementTypically:Typically:Financialadviserswhoprovidethis?nancialadviceareregulatedprofessionals,withspeci?cstandardsvaryingbyjurisdictionandthetypeof?nancialadvisoryservicestheyprovide.Typesofadviceincludethefollowing:LowerstockownershipandmarketparticipationLowerlevelsof?nancialknowledgeandexpertiseHigheruseofself-servicedigitalplatformsHigher?nancialmarketparticipationHigherlevelsof?nancialknowledge2Higherrelianceonadviserstoassistwithdecision-makingNote:Theterminologyasde?nedabove,hasbeenadaptedfromarangeofof?cialsources.TheFutureofFinancialAdviceContents10Introductionimportanceofinformeddecision-makingandreliableguidanceinthedigitalage.It’scrucialtorecognizethatwhile?nancialadviceplaysavitalrole,itcannotserveasasubstituteforenhanced?nancialliteracyamongindividuals.Empoweringpeoplewiththeknowledgeandskillstomakeinformed?nancialdecisionsisfoundationaltotheir?nancialwell-being.Therefore,effortstoimprove?nancialeducationshouldcomplement,ratherthanbesupplantedby,theprovisionof?nancialadvice.Thevalueof?nancialadviceTheavailabilityofinformationhasshiftedthetraditionalone-waymodel,where?nancialadviserspossessedasigni?cantinformationadvantage,toacontemporarytwo-waymodel.Inthisnewparadigm,individualshaveaccesstomore?nancialinformation.Consequently,advisersmustberesponsivetoinboundrequestsforbetterorworse(seeFigure1).FIGURE1The?nancialadvicelandscapeischangingintheinformationage.Financialadviceinformation?owTraditionalmodelEmergingmodelInnovationssuchasreal-time?nancialproductinformation,socialmediaandsuperappshaveempoweredashiftin?nancialadvice.Evenintheeraofabundantinformation,ensuringindividualsreceiveimpartial,high-qualityandtrustworthyadviceremainschallenging.Advisers–dataandexperienceadvantageAdvisers–AItoolsanddataanalysisTheenhancedaccessibilityfacilitatesmore?individuals’activeparticipationincapitalmarkets,whichcanbecriticaltobuildingwealthandensuringlong-term?nancialsecurity.However,alongsidethebene?tsofincreasedaccess,thetransformationininformationconsumptionhabitshasusheredinaneweraofinformationoverload.Thevastexpanseoftheinternetoffersabundant?nancialdata,analysisandopinions,presentingindividualswithamyriadofsourcestonavigate.Inthislandscape,discerningvaluableinsightsfromnoisebecomesincreasinglychallenging,underscoringtheThe?nancialadviceindustryhaswrestledwithcon?ictsofinterestandinformationasymmetry.Thishashistoricallyledtosomeinstancesofmis-sellingproducts,biasedrecommendationsandinadequateconsumerprotectionmeasures.Eveninthisnewinformationage,thereremainsongoingdiscourseonhowtobestaligntheinterestsoftheindividualwiththoseofthe?nancialadviserwhilemaintainingtheintegrityofadviceandassociatedbusinessmodels,particularlywhilekeepinginformationasymmetryinmind.Individuals–informationvianews,books,limiteddataIndividuals–digital?nancialproductinformationavailabilitySource:AdaptedfromframeworkprovidedbyHackethal,A.(n.d.).AIandtheFutureofFinancialAdvice[Presentation].GoetheUniversityandLeibnizInstituteSAFE.TheFutureofFinancialAdviceContents11IntroductionThevalueof?nancialadviceTechnologycanstreamlineportfolioconstructionandresearch,but“peaceofmind”ismorereliantonhumanempathyandexperienceand,therefore,islesseasilyreplacedbytechnologyinmanycases.Whilethelandscapefor?nancialadviceischanging,thegoaltoimproveindividuals’well-beinganddecision-makingremainsconsistent.FIGURE2Themainrolesof?nancialadvice1ServiceandresearchAdvisersserveas“moneydoctors”whoemployempathy,judgementandef?ciencyintheirrolestohelpindividualsreach?nancialstability.2Portfolioconstruction/transaction3Riskmanagement4FinancialplanningFinancialadviceaimstoequipindividualstonavigate?nancialmarketsandachieve?nancialstabilitythroughouttheirlifespan.Itisdeeplypersonalandcanbeacriticaltoolforensuringanindividual’swell-being.Technologyenabledef?ciencyElicitpreferences/beliefs5Financialadviceservessixmainpurposesinsupportingindividualswiththeir?nancialplanningskillgap:1)serviceandresearch,2)portfolioconstruction,3)riskmanagement,4)?nancialplanning,5)elicit6PeaceofmindLessabletobereplacedbytechnologypreferences,and6)peaceofmind.3Source:Hackethal,A.(n.d.).AIandtheFutureofFinancialAdvice[Presentation].GoetheUniversityandLeibnizInstituteSAFE.TheFutureofFinancialAdviceContents12IntroductionThevalueof?nancialadviceRetailinvestors…Financialadvice,acrossallsixpurposes,canimproveeconomicoutcomesforindividuals.foundthata?nancialadviserisan47%extremelyimportantsourcewhen74%makinginvestmentdecisionswouldbelikelytoinvestmoreiftheyhadmoreopportunitiestolearnaboutinvestingIn2022,theGlobalRetailInvestorSurveyfoundthatinthecontextofinvestmentdecisions,?nancialadvicewasapowerfultool:statedthatbeingabletospeakto79%a?nancialadviserwasimportantin4makinganinvestmentdecision65%ofinvestorswereableto48%turntoa?nancialadviserforwouldinvestmoreifa?nancialadviserrecommendeditadviceonhowtoinvestNon-investors…53%wouldinvestmoreiftheyhadmoreopportunitiestolearnaboutinvesting68%wouldbemorelikelytoinvestifa?nancialadviserrecommendeditwouldbemorelikelytoinvestiftheyhadaccesstoautomatedadviceorarobo-adviser37%58%40%chosenottoinvestbecausetheydidnotknowhowtoinvestorfoundinvestingconfusing?wouldbemorelikelytoinvestifitwaseasierandfastertogetstartedTheFutureofFinancialAdviceContents13Sixtrendsshaping?nancialadvice1The?remainingsectionsofthispaperwillexplorethesixkeytrendsshapingthefutureofthe?nancialadvisorylandscape.TheFutureofFinancialAdviceContents14Sixtrendsshaping?nancialadvice1ChangingdemographicsThefutureof?nancialadviceisbeingshapedbyindustrychangesandunderpinnedbyadvancingtechnologies.Investorsarebecomingmorediverseinage,race,ethnicity,genderandincome.6BabyBoomersandtheSilentGenerationareexpectedtopassdown$72.6trilliontoyoungergenerationsby2045,whilewomenarepoisedtocontrolasigni?cantportionofthe$30trillionheldbyBabyBoomersby2030intheUnitedStates,withsimilartransferstakingplaceinmarketslikeHongKong,MainlandChinaandtheUnitedKingdom.7,8,9,10Changingdemographicswillnecessitateinnovationin?nancialadvice.Holistic?nancialwell-beingDigitallyaccessibleandhyper-personalizedTransparentandfairpricingTechnologyinnovation342Individualsseekadvicewiththegoalofbroaderfinancialwell-being.Thisaddressesmajorlifemilestonesandincorporatesvariousaspects,includingsavings,debtmanagement,insurance,taxplanningandretirementpreparedness.Holisticfinancialadvicehasbeenshowntopotentiallysavethetypicalhousehold$4,384peryearwithtremendousvaluetopolicy-makers,advisers,industryandindividuals.11Thelandscapeofpricingmodelsisbecomingmorenuanced.Commission-basedstructuresremainprevalent,butadvisoryservicesincreasinglyexplorefee-based,subscription-basedorhybridpricingstructures.Youngergenerationsprefershort-term,low-commitmentpricingmodelswiththe?exibilitytostartandendservicesasneeded.13Fairandtransparentpricingmodelscomewiththeopportunitytoimprovetrustandaffordabilityforindividuals.Technologicalinnovationhasthepotentialtobringforwardgreatef?ciencygains.TechnologysuchasgenerativeAI,machinelearningandblockchaincanrevolutionizeautomatingprocesses,dataanalysisandpersonalization.Atthesametime,it’scriticaltobemindfulofissuessuchasdataprivacyandalgorithmbias.Individualsexpectaneasilyaccessible,high-touchexperienceacrossmobileandwebfromtheir?nancialinstitutions.52%ofadvisersintheUSbelievethatinvestorswantmorepersonalization.12As?rmsseektoinnovatetheirdigitalchannelsandprovidegreaterpersonalizationforinvestors,accessibilityandscalabilityshouldbe?rstinmindtohelpbuildtrustwithindividualsandcreatesustainablebusinessmodels.SocialIndividualsincreasinglyusesocialmediaasaresourcefor?nancial6information,usedby80%ofindividualsintheUSbetweentheagesof18mediaand31.14Withlowtonocosts,itisaccessibleandoffersbothauthenticityandentertainment.However,itposespotentialriskswithinachangingregulatoryenvironmentandopensourceofcascadinginformation.TheFutureofFinancialAdviceContents15Trend1Peoplearelivinglonger,leadingtoagrowthinthelongevityeconomy15Youngerinvestorsareenteringthemarketearlierthanpreviousgenerations24ChangingdemographicsAslifeexpectancyincreasesinmuchoftheworld,particularlyinAsia,globalresearchindicatesmanyindividualsarenotprepared?nanciallytoretire.16,17IntheUSandEurope,?ndingsshowthatyoungerGenZandMillennialinvestorsoftenhavelowerlevelsoftrustin?nancialinstitutions.25,26,27Withoutaccessto?nancialeducationthroughoutworkingyears,oldergenerationsmaybeun