8 Trends That Will Reshape Wealth Management in 2023

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Change has been coming fast and furious for the wealth management industry in recent years. Unprecedented disruptions to every aspect of daily life caused by the pandemic, combined with the more historically common experience of a major market downturn, have upended investors' mindsets. They will be entering 2023 with different expectations of what they want from both their investments and the service they receive from financial advisors. For advisors, the demands of the pandemic forced many to take a major step forward by investing more in their digital capabilities, and they will reap the benefits of those investments in the years ahead. Still, with the ever-increasing technological demands of serving investment clients, many advisors have decided to retire early or leave the industry. Those who stay and embrace the rapidly shifting developments that are reshaping wealth management will have the opportunity to have thriving practices that serve an increasingly diverse group of clients. While the trends in wealth management that will characterize the new year aren't entirely new, there will likely be considerable acceleration of shifts in the industry that have already begun.