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How Has Wealth Management Changed Since the Pandemic?

The COVID-19 pandemic that began in early 2020 has impacted many aspects of life, including how people manage their money and investments. As a potential wealth management client, you may be wondering exactly how the industry has shifted and what it could mean for your financial future. Let's explore a few key ways wealth management has changed since the onset of the pandemic.

Moving Towards Digital Offerings

One of the biggest changes has been a rapid acceleration towards digital offerings in wealth management. Restrictions enacted to curb the spread of COVID-19 meant more virtual client meetings for many wealth management firms. As face-to-face meetings were limited, you likely connected with your advisor via phone, email, or video chat instead. Additionally, many wealth management companies expanded their digital platforms and offerings as more clients wished to self-serve online. From mobile apps to web portals, secure messaging, and electronic document signing, there are now ample digital tools for you to conveniently access your accounts and communicate with your advisor. While in-person meetings still have value, enhanced digital capabilities grant you greater flexibility and control.

Revising Financial Plans

The pandemic led to much uncertainty regarding health, jobs, and the economy. Volatile markets meant wealth management clients like yourself were often worried about their savings and investments. According to Insider Intelligence, at the start of the pandemic, Millennials' wallets were stretched thin with 56% of them reporting their debt grew during this time. In response, advisors worked closely with clients to revisit their financial plans and ensure their asset allocation and risk profiles still made sense. Assessing your full financial picture has always been central to the wealth management process. But given the events of recent years, regularly reviewing things like household budgeting, portfolio diversification, and retirement planning has been more crucial than ever. Although markets have stabilized, it remains vital for you and your advisor to ensure your financial plans meet your evolving lifestyle.

Expanding Offerings

Another pandemic-fueled shift is wealth management firms taking a more comprehensive approach to supporting you financially. Beyond investments and transactions, many advisors now also consider your tax strategy, estate plan, insurance coverage, debt management, and legacy goals.

The pandemic caused many clients to think beyond short-term returns and better appreciate guidance on protecting their assets and providing for loved ones. By combining digital capabilities with human wisdom, today's wealth managers can empower you to achieve financial resilience, align investments with conscience, and reach your long-term financial goals. If you're ready to get help from a wealth management company, call us today.

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