“Vision doesn't usually come as a lightning bolt. Rather it comes as a slow crystallization of life challenges that we one day recognize as a beautiful diamond with great value to ourselves and others.”
—Dr. Michael Norwood
Within the wealth management industry how we deliver advice and a superior client experience is fundamentally changing. These changes will have a profound impact on the role the advisor plays in serving the high‐net‐worth market. The greatest transfer of wealth in the history of the world is under way as baby boomers age and pass their assets to the next generation. This transfer of wealth combined with the rise of automated advice in the form of robo‐ and virtual advisors, online services offering algorithm‐based portfolio management, and a host of other factors will create one of the most significant disruptions to hit the financial services industry. In the face of this disruption, the future of our industry demands that advisors and managers evolve, lead, and serve. Those advisors who can deliver holistic and customized advice beyond investment solutions will be positioned to capitalize on change and win the lion's share of the high‐net‐worth market.
I have seen a lot of change over the past three decades but nothing like the amount of change happening right now. This tsunami of change is already making its way to the financial industry shoreline, and it promises to swallow up those industry professionals unprepared to act in the face ...