There are a number of key events in history where certain technologies have transformed the way we do what we do, for instance: The invention of electricity, automation and mass production, computers, the internet. All of these events have one thing in common–they dramatically changed the world and improved our lives.
In “The Great Re-set”, the author, Richard Florida, describes how “new ways of living and working drive post-crash prosperity.” In his book, he identifies two times in the last 150 years–the 1870’s and the 1930’s–where the economy caved in but we emerged healthier and wealthier than before. During these times, obsolete dysfunctional systems fell by the wayside making way for new technologies, new business models, and new periods of great ingenuity and inventiveness.
The financial services industry is experiencing one of these great moments now. Those most able to take advantage of this opportunity are independent financial advisory firms who possess the following:
- A Solid Organizational Foundation
- Limited Attachment to Legacy Systems
No Significant Restrictions from Top-down Distribution Networks
The playing field has been leveled as recent advancements in technology have created low barriers to implementation for state-of-the-art solutions that can now be accessed on any scale with relative ease and cost-effectiveness. This is good news for firms that can adopt a business model that supports dramatic growth while enhancing the depth of client engagement.