10 predictions for financial advisers in a postcrisis world


I write this in the midst of our nationwide stay-at-home initiative. Like most, I’m trying to be productive while remaining safe — the latter, I hope, is my small way of mitigating the potential burden on our overtaxed health care system.

The truth is that we, as a country, have weathered many other crises in our collective past, each of which was unique in its circumstances and impact. What we know of this particular crisis is that it has proven to be a great equalizer: Regardless of who you are, where you live, or how much money you earn, you have been impacted personally, professionally and/or financially.

As someone whose professional life has been focused on the wealth management space for over two decades, it feels like we are at a universal inflection point. There was already a tremendous evolution underway, one that began after the financial crisis in 2008 and progressing ever since, fueled by these five key drivers:

Advisers now have a new lens through which to view and evaluate their business lives and the firms they work for — that is, the lens of crisis. And everyone is asking themselves questions applicable to their experiences throughout the past month:

While we find ourselves in unprecedented times, we can still make some predictions about how we expect the wealth management space to further evolve in a post-COVID-19 world.

It’s often the most challenging of circumstances that drive us to see things differently.

We were all thrown into uncharted territory without warning and as we’ve adapted, so have our perspectives. In the wealth management space — where change has become the new norm — we anticipate that business owners and individual advisors will walk away from this crisis with a refreshing new perspective, with greater purpose and mindfulness, and more open to new ideas and opportunities.

Mindy Diamond is founder and CEO of Diamond Consultants, a financial recruiting firm.

Written by Investors Wallets

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