Goals-based Investing
The wealth management industry has changed quite a bit over the last couple of decades and will likely change considerably in the decade to come. In his new book, Tony Davidow makes 10 predictions about the decade ahead.
Key Takeaways
- Understand hidden costs in 'free' advisory services: revenue sharing arrangements, affiliated money market funds, and payment for order flow—demand transparent disclosure of how firms are compensated beyond stated advisory fees
- Expect the advisory fee model to shift from asset-under-management (AUM) to subscription or retainer-based fees that better reflect full services like financial planning, trust/estate planning, and concentrated position management
- Prepare for advisor ratings platforms similar to Yelp where clients provide reviews; advisors should proactively manage their online reputation as this transparency becomes mainstream
- Goals-based investing will become the industry standard as advisors evolve from focusing solely on portfolio returns to solving for family-specific goals, objectives, and financial planning needs
- Watch for potential market entry by tech giants (Google, Apple, Walmart) into wealth management, particularly at the lower end of the market where robo-advisors currently operate, powered by their behavioral science expertise
Goals-based Investing: The wealth management industry has changed quite a bit over the last couple of decades and will likely change considerably in the decade to come. In his new book, Goals-based Investing, author Tony Davidow makes 10 predictions about the wealth management industry in decade ahead. Watch this video to learn more about Goals-Based Investing: A Visionary Framework for Wealth Management. Watch more Tony Davidow and other financial advisor videos from finStream's Financial Advisor Center at this link: https://www.finstream.tv/videos/financial-advisor-center/
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