New data from a team of experts convened by the CFP Board offered insights into the future of financial advice in an age of digital advances in the financial planning profession.
“We convened this group of luminaries to look into the future and identify the challenges and opportunities we face as the worlds of human and automated financial advice collide,” CFP Board CEO Kevin R. Keller said. “The group’s insights and recommendations will prove valuable as our profession evolves to meet the needs of current and future clients.”
The goal of the Digital Advice Working Group was to explore the future of digital financial advice, and the role of humans in a future that will be characterized by a shifting balance between the two.
“A great deal of uncertainty continues to surround the digital advice revolution,” Joe Maugeri, managing director for corporate relations at CFP Board, said. “The Digital Advice Working Group was born from the recognition that the fast-moving digital trend continues to cloud the future.”
The group explored four scenarios and their outcomes, probing the possibilities of alternate futures and their impact on business.
“In a fast-changing and volatile world, business leaders must operate with speed and agility, and take advantage of strategic tools like scenario planning,” Toomas Truumees, partner in Heidrick & Struggles’ Leadership Consulting Practice said. “This is certainly true for the financial planning profession with digital disruption on the immediate horizon.”