5 financial advisor trends to watch in 2024


Before you know it, 2023 will be a thing of the past

That means advisors looking to gain the competitive edge in the new year need to understand what trends will push the industry forward over the next 12 months. 

This week, wealthtech company Envestnet released new research from its market intelligence team to identify the significant trends shaping the future of financial advice. The analysis highlights the evolving landscape of financial advisory services and the increasing role of technology in the sector.

“We sit at a unique vantage point for the 107,000 advisors who utilize our platform — clients that comprise every conceivable business model — each offering unique insights that drive innovation and enhancements to the Envestnet ecosystem,” Rich Aneser, chief strategy officer for Envestnet, said in a statement. “We use the insights and enhancements to help wealth managers and our partners grow their business and deliver powerful, connected advice for their clients.”

READ MORE: 5 tips to better understand and serve affluent clients of all ages

Chris Shutler, head of strategic development and market intelligence for Envestnet, said the wealth management market has long faced challenges with fragmented technology and inefficient workflows.

The new study shows that firms are now taking active steps to put those struggles to rest. 

“Our research highlights key trends such as industry and tech stack consolidation and convergence, the shift toward more complete financial life management, the growth opportunity for advisors offering retirement plans and leveraging data and AI to provide personalized services,” he said. “To not only improve service delivery but also stay competitive, it’s crucial for firms and advisors to keep pace with these developments, addressing challenges through a holistic, integrated platform.”

Scroll down to see some of the key takeaways from the analysis and the five trends expected to play a major role in wealth management next year.



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