How the Pandemic Has Accelerated the Evolution of Financial Advice

From Forbes:

The Covid-19 pandemic has impacted nearly every facet of our lives, but few more so than our interpersonal relationships. Some relationships that were inessential have faded, while those that are truly important have become more central than ever.

Before the pandemic, it wasn't unusual to hear opinions about how financial professionals would soon become extinct, thanks to the emergence of robo-advice, or the low costs of passive index investing, or both. But the disruption and anxiety driven by the ongoing pandemic have underscored there is no substitute for professional and personalized financial guidance. The connection between advisers and clients was already becoming more collaborative and more personal before the pandemic, and since Covid-19, these trends have only intensified.

Moreover, there is a strong case to be made that technology-enabled resources — from robo-advice, to self-service administrative tools, to on-demand financial reporting — become even more effective when wrapped around a seasoned financial professional.