A new report by the World Economic Forum examines how fintech is changing the financial services industry. As we’ve seen in the advisory space with the rise of online advice platforms, it’s disrupting things. But the insurance industry is next in line to feel the impact, Wired reports. The insurance business has remained stable for some time, but that makes it ripe for disruption, the WEF found. New entrants such as BizInsure, GoCompare.com or Google Compare are helping insurance consumers compare alternatives and rates, while other startups are focused on health and wellness. “While a few new insurance upstarts have cropped up, their numbers don’t rival the huge influx of competitors to services offered at banks,” Wired says.
Clients want their financial advisor to have the following four qualities, according to a study by the Financial Planning Association's Research and Practice Institute: expertise, skill as a guide, deep understanding and vulnerability. Of them, only the first can be learned academically, according to Rick Kahler, president of the Kahler Financial Group, writing on Money.com. The other three require advisors to delve into their own experiences and lives in order to best serve their clients.
With clients taking some time away from their finances to enjoy the summer months, now might be a good time for advisors to brush up on industry trends. That’s the idea behind Hartford Funds’ “Summer School,” a series of eight online videos focused on educating advisors on current and emerging client issues. The first episode focuses on holistically serving the needs of changing clients, and future episodes will address topics like baby boomers, forgotten 401(k)s, and communicating with clients. All of the Summer School episodes will be on YouTube and on Hartford Funds’ website.