Regulations, tech, and trends: fueling advisory success in 2024

According to Financial Planning, there are three key factors that will impact financial advising in 2024: artificial intelligence (AI), bonds, and cybersecurity. In terms of AI, wealth management firms are becoming more open to the idea of utilizing these tools in their practices. However, cybersecurity remains a top concern, as the financial industry has become the most targeted sector for cyber breaches. In regards to bonds, after a historically terrible year in 2023, the bond market may see a turnaround in 2024 as the Federal Reserve anticipates three interest rate cuts in the latter half of the year. Finally, retirement legislation Secure 2.0 will roll out new provisions in 2024 that will help address financial challenges, such as student loans, and make 401(k) plans more accessible to employees. Overall, financial advisors are focused on preparing for economic volatility and geopolitical upheaval, while also remaining stable and continuing their current strategies.