Financial Planning Clients in 2025
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Originally delivered as 1st of a mini-series with XY Planning Network on January 13, 2015. For more on Institute for the Future's research, see www.iftf.org. Firms that are built to last will serve today's Gen X & Y clients, but will also meet their changing needs over time. This webinar will explore how future clients might plausibly save, spend, borrow, and protect in the year 2025. It begins with each call participant briefly sharing signals of change that they are sensing which point to the changing landscape. A signal of change is typically a small or local innovation or disruption that has the potential to grow in scale and geographic distribution. A signal can be a new product, a new practice, a new market strategy, a new policy, or a new technology. It often gets expressed through a newsworthy event, or a new organization. Signals are useful for people who are trying to anticipate a highly uncertain future.
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Financial Planning Clients in 2025
- 1. 2025 Financial Planning Clients (the start of a conversation) Rachel Hatch @Rachelkeas
- 2. © 2014 Institute for the Future for Omidyar Network. All rights reserved. SR-1751 Signal (Definition) Small or local innovation or disruption that has the potential to grow in scale and geographic distribution
- 3. Context about IFTF • Independent nonprofit research group based in Palo Alto, CA adjacent to Stanford • Key research in global food outlook, ten-year forecast, health horizons, tech horizons • Not predicting, forecasting: plausible, internally consistent, provocative view of what might happen ten years out
- 4. Ten-Year Forecast Clients (partial list)
- 5. Methodology
- 6. 4 External Future Forces • Monetizing Personal Data • Quantifying Social Capital • Leveraging Idling Assets • Augmenting with Affective Tech
- 7. 2025 Financial Planning Clients How they will PROTECT
- 8. Signal of Change: Uber Insurance • What: Carsharing service utilized by urban dwellers, which automatically comes with liability insurance. • So What: Expect to see a whole new range of risk mitigation-providers
- 9. Signal of Change: Metromile • What: Meta-service offered in the sharing economy so that you only pay for insurance when you are driving for personal use. • So What: Expect to see the rise of micro-insurance for high- resolution risk mitigation
- 10. Signal of Change: Trov • What: a technology provider focusing on property and asset management. It catalogs & tracks all your belongings and their current value, making it easier to insure, sell, donate & share what you own through your phone. • So What: it is being called “the personal cloud for everything you own.”
- 11. 2025 Financial Planning Clients: How they will EARN & SAVE
- 12. • “Get a steady paycheck you can count on. Every week. With the job you already have.” • Turns your hourly wage into a steady salary, for a service fee of $5/week • Includes PayCheck Boost as well as budgeting tools for cashflow management and savings goals. Signal of Change: Even
- 13. 2025 Financial Planning Clients How they will SPEND & INVEST
- 14. Signal of Change: BetaBrand • What: a fashion company that is structuring its interactions with buyers through a crowdfunding model • So what: consumption is blending with investing in interesting ways. Expect to see people spending more of their discretionary funding on sites like this 14
- 15. 2025 Financial Planning Clients How they will BORROW
- 16. Signal of Change: Pave • What: a crowdfunded loaning platform, designed for the millennials who don’t want to step foot in a bank. • So What: Combines algorithms with human analysis to deliver what amounts to contextual underwriting. Due to the regulatory environment, this is something that traditional banks aren’t set up to do.
- 17. Save the Date • Friday, March 13: Hacking the Future of Financial Services: A Prototyping F2F Session in Minneapolis 3-5:30pm central, followed by happy hour • Wednesday, May 27: #HackFinance4XY, a F2F event organized around FPA NorCal 5:30- 6:30pm pacific (Likely Location: Nerd Wallet in SF)
Editor's Notes
- Topic: Firms that are built to last will serve today's Gen X & Y clients, but will also meet their changing needs over time. This webinar will explore how future clients might plausibly save, spend, borrow, and protect in the year 2025. It begins with each call participant briefly sharing signals of change that they are sensing which point to the changing landscape. This series is instigated by Rachel Hatch, Research Director for Silicon Valley-based Institute for the Future (www.iftf.org), a 46-year old organization dedicated to helping the public think more systematically about the long-term future. Her husband is Aaron Hatch, XYPN founding member and co-founder of Woven Capital (www.wovencapital.net).
- A signal of change is typically a small or local innovation or disruption that has the potential to grow in scale and geographic distribution. A signal can be a new product, a new practice, a new market strategy, a new policy, or new technology. It can be an event, a local trend, or an organization. It can also be a recently revealed problem or state of affairs. In short, it is something that catches our attention at one scale and in one locale and points to larger implications for other locales or even globally. Signals are useful for people who are trying to anticipate a highly uncertain future. They tend to capture emergent phenomenon sooner than traditional social science methods. Unlike trends, they turn our attention to possible innovations before they become obvious. Unlike indicators, they often focus our attention at the margins of society rather than the core. In this way, they are more likely to reveal disruptions and innovations. Of course, local trends and indicators can function as signals: when a trend hits a certain threshold, for example, it might be a signal of change in the larger population, as when an innovation moves beyond the lead user stage and begins to diffuse much more rapidly.
- https://whatiseven.com/
- Firms that are built to last will serve today's Gen X & Y clients, but will also meet their changing needs over time. This webinar will explore how future clients might plausibly save, spend, borrow, and protect in the year 2024. It begins with each call participant briefly sharing signals of change that they are sensing which point to the changing landscape. A signal of change is typically a small or local innovation or disruption that has the potential to grow in scale and geographic distribution. A signal can be a new product, a new practice, a new market strategy, a new policy, or a new technology. It often gets expressed through a newsworthy event, or a new organization. Signals are useful for people who are trying to anticipate a highly uncertain future. This face to face meeting for XYPN members in Minneapolis/St. Paul provides a chance to brainstorm together about ways to #HackFinance in order to better serve Gen X & Y clients, building on the ideas from the previous webinars. From 3-5:30pm we will brainstorm possibilities and generate a set of 3-4 provocative prototype ideas for how to #HackFinance4XY. Then we will enjoy a happy hour together to toast to the future. Join us for a happy hour as FPA NorCal wraps, to share the prototypes we created at the Minneapolis/St. Paul meeting in March, and to take them a step further. The goal? To prototype and iterate on ways to meet the needs of next generational financial planning clients.