Financial advising may be a lucrative career now, but advisors better adapt to emerging trends in demographics and technology if they are to remain relevant far into the future, according to Insular Life executive chairman Nina Aguas.
Aguas outlined some of the impending threats to the financial advising industry when she gave an address to the Wealth Management Center for Communications and Research graduation and homecoming event at the Shangri-La BGC in Taguig.
The WMCCR is the country’s leading center for skills development of wealth professionals such as life insurance financial advisers whose graduates are some of the country’s top premium producers.
Aguas said competent financial advisors continued to be critical in the industry especially for high net worth clients, who prefer to talk to humans when dealing with life insurance or investment options. However, there are trends now that could severely affect these dynamics.
“The rise of millennial investors is changing the dynamics of consumer-portfolio. With information easily accessible, the millennial investor’s attitude and expectations to wealth management are very different. Millennials may opt to buy online given they are more tech-savvy,” said Aguas.