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Financial well-being: the future of advice

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EY
EY

EY Wealth & Asset Management explores how industry convergence is shaping the future of financial advice and well-being.

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Daily routine Generational disconnect Client centered Building trust Younger generations can feel that traditional financial advice doesn’t relate to their aspirations and lifestyle. Understanding the data Artificial intelligence is allowing advisors to use more data and make smarter recommendations. New bonds are forming as individuals rely on peers and social media to get better information before investing. Investors need to see the full value of their investments — personalization, simplicity and transparency are key. Financial well-being can become part of a daily routine — just like brushing your teeth. The opportunities The challenges In a world with greater access to information, digital innovation and investment opportunities, meeting investors’ needs and working together to improve the financial well-being of everyone is a challenge. The start of this journey is reflected below, based on the insights of different industry leaders at EY’s 2017 Convergence Lab. Financial well-being: the future of advice To learn more about the outputs from EY's Convergence Lab watch the video and read our e-magazine. Find out more Financial advice 86% of millennials save but only 37% have a financial plan.2 Planning for the future Struggling to save As support from the state diminishes, individuals are increasingly responsible for retirement income, health care and education. Individuals are struggling to pay bills and meet credit obligations. Nearly 40% of workers have saved no money for retirement.1 Shift in responsibility A quarter of respondents in a recent survey said they trust “no one” for financial advice.2 86% 37% Contact an EY representative. Data sources 1: “2017 Retirement Confidence Survey,” Employee Benefit Research Institute and Greenwald & Associates, 21 March 2017. 2: “Millennials could be millionaires, but they need to start investing now,” The Guardian, 13 October 2016. New critical building blocks Blockchain for data exchange Blockchain can provide traceability, efficiency and certainty, leading to more reliable and accurate data. As a result, fewer disputes and more transparency are expected. Personal data The key is to combine insightful data, such as career ambitions and lifestyle choices, to provide the most appropriate advice in line with life-changing events. Gamification Gamification can increase client engagment and provide insight into client preferences. It can also help the transition from a supply-based business model to that of a service-based business model. Built on the convergence of industries Using the best ideas of today, we are creating the building blocks of financial well-being for tomorrow. © 2017 EYGM Limited. All Rights Reserved. EYG no. 04961-174Gbl

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Financial well-being: the future of advice

  • 1. Daily routine Generational disconnect Client centered Building trust Younger generations can feel that traditional financial advice doesn’t relate to their aspirations and lifestyle. Understanding the data Artificial intelligence is allowing advisors to use more data and make smarter recommendations. New bonds are forming as individuals rely on peers and social media to get better information before investing. Investors need to see the full value of their investments — personalization, simplicity and transparency are key. Financial well-being can become part of a daily routine — just like brushing your teeth. The opportunities The challenges In a world with greater access to information, digital innovation and investment opportunities, meeting investors’ needs and working together to improve the financial well-being of everyone is a challenge. The start of this journey is reflected below, based on the insights of different industry leaders at EY’s 2017 Convergence Lab. Financial well-being: the future of advice To learn more about the outputs from EY's Convergence Lab watch the video and read our e-magazine. Find out more Financial advice 86% of millennials save but only 37% have a financial plan.2 Planning for the future Struggling to save As support from the state diminishes, individuals are increasingly responsible for retirement income, health care and education. Individuals are struggling to pay bills and meet credit obligations. Nearly 40% of workers have saved no money for retirement.1 Shift in responsibility A quarter of respondents in a recent survey said they trust “no one” for financial advice.2 86% 37% Contact an EY representative. Data sources 1: “2017 Retirement Confidence Survey,” Employee Benefit Research Institute and Greenwald & Associates, 21 March 2017. 2: “Millennials could be millionaires, but they need to start investing now,” The Guardian, 13 October 2016. New critical building blocks Blockchain for data exchange Blockchain can provide traceability, efficiency and certainty, leading to more reliable and accurate data. As a result, fewer disputes and more transparency are expected. Personal data The key is to combine insightful data, such as career ambitions and lifestyle choices, to provide the most appropriate advice in line with life-changing events. Gamification Gamification can increase client engagment and provide insight into client preferences. It can also help the transition from a supply-based business model to that of a service-based business model. Built on the convergence of industries Using the best ideas of today, we are creating the building blocks of financial well-being for tomorrow. © 2017 EYGM Limited. All Rights Reserved. EYG no. 04961-174Gbl