For all the worries that seem to plague the advisory business, one thing suggests it will continue to thrive: The demand for financial advice is, and will remain, strong.
“I’m very bullish on the long-term success of the financial advice business,” said certified financial planner Evelyn Zohlen, head of Inspired Financial in Huntington Beach, California, and current president of the Financial Planning Association. “The demand for advice will continue to grow and the industry offers a great career path for young people.”
The outlook is particularly good for independent registered investment advisors offering comprehensive financial planning, adds CFP David Yeske, co-founder of advisory firm Yeske Buie.
“I think the prospects for independent RIAs are excellent,” said Yeske, who founded his San Francisco-based company in 1990. “We’re on the right side of the argument.”
Where will the industry be 10 years from now?
It’s a safe bet that the answer is, “In a very different place from today.”
We looked at three factors driving change in the financial advice industry and among the fee-based RIAs that still represent the fasting-growing segment of the wealth management industry.