Advisor 2020 presents cutting-edge research on industry trends and identifies opportunities for advisors seeking success in a changing marketplace.
Rapid marketplace and demographic shifts are having profound effects on insurance and financial advisors and will significantly reshape the industry by 2020, according to Advisor 2020: The Forces and Opportunities Shaping the Financial Services Advisor of the Future
The book presents the results of two independent research studies, “The Market of the Future” and “The Advisor of the Future,” and offers a framework advisors can use to capitalize on changing market forces and meet expanding client needs.
NAIFA Advisor 2020 Workshops are being brought to your State and Local association. This program has been developed to prepare NAIFA members for the changes and opportunities described in Advisor 2020. Click here for details, dates and locations.
The studies’ key findings include:
- The demand for insurance and financial advisors will outpace the average growth of the U.S. workforce by 2020. However, the pool of candidates for these jobs will begin to shrink as the numbers of college graduates and early career changers decline.
- Stiff competition for affluent clients will push more advisors into serving the middle market, which is currently underserved.
- The growth of employment by small businesses will increase the pool of individuals and families needing insurance and financial products not offered at their workplaces.
- Clients will demand a broad range of financial and non-financial services and products from advisors, including lifestyle management, wellness counseling and financial literacy education.
- To succeed in this environment, some advisors will concentrate on small, niche products and services or market segments. Most, however, will work collaboratively with other professionals and paraprofessionals forming groups that can meet all their clients’ growing advisory needs.
The research conducted for these studies will enable NAIFA members to make informed decisions about their practices, especially as they continue to serve the middle market and meet the changing needs of consumers.
NAIFA is the exclusive sponsor of "Advisor 2020: The Forces and Opportunities Shaping the Financial Services Advisor of the Future." Published by the GAMA Foundation, Advisor 2020 identifies likely future scenarios so advisors can anticipate and influence the financial forces of the future. The research conducted for these studies will enable NAIFA members to make informed decisions about their practices, especially as they continue to serve the middle market and meet the changing needs of consumers. See Backgrounder (PDF)
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