09/23/2024 | Press release | Distributed by Public on 09/23/2024 03:23
September 23, 2024
I'm just back from attending the Future Proof Festival - along with thousands of financial advisors, wealth and asset managers, investors, fintechs, emerging startups and the media - all of us looking for insights into what lies ahead for the wealth management industry.
We heard a lot about where wealth management is going - and what it will take for firms to get there. Several DLPR clients were there to help "uncloud the crystal ball" by speaking on panels or giving media interviews, including Neuberger Berman, Brighton Jones, Bitwise, and Aspiriant.
One of the most riveting topics was the progress - or lack of it - of the great generational wealth transfer. Attendees observed that older generations seem reluctant to have open and frank financial discussions with their children. Many noted that these tough conversations mainly take place only during major life events (an adult child getting married, a parent's illness, etc.). There will be massive amounts of wealth changing hands in the next decade - and a massive amount of wealth will change advisors as a result. But, the transfer will be far from smooth.
What's also clear is that the industry is being transformed by powerful forces:
When you put all of the FutureProof themes together - demographic shifts in wealth, disruptive technology, the need to master new asset classes, and structural/ownership changes among firms - the common denominator is the need for effective engagement. While many attendees cited a concern about the proliferation of content bombarding advisors and their clients, the industry is sorely in need of education on topics like allocating to private markets, how to communicate with the next generation of investors, and what consolidation and PE means for the industry moving forward.
By being a resource and educator on topics that seem inaccessible or unclear, we can empower our clients' voices to be heard in a meaningful way by both the media and the industry more broadly.
By Stephanie Dressler, Executive Vice President-DLPR