How Trump will shape wealth management; helping financially burdened Gen Xers retire; the surprising thinking behind chatbot names
Financial Planning
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POLITICS AND POLICY: After one of the most topsy-turvy presidential campaigns of all time, Republican nominee Donald Trump is the president-elect. His policies will shape wealth management in many different ways come January 2025.
For financial advisors, wealth management firms and their hundreds of millions of clients across the country, the end of the election marked the beginning of preparing for the next presidential administration — simply the latest historical event to guide clients through.
FINANCIAL PLANNING: The subtitle of a recent FINRA Investor Education Foundation report accurately depicts the conundrum afflicting Generation X clients: "Doing Alright but Feeling Bad." The study takes a closer look at Gen X, or those born between 1965 and 1980, a cohort often referred to as the "forgotten generation."?
Other advisors call it the "sandwich generation." Public attention has traditionally focused more closely on their preceding and succeeding generations — baby boomers, millennials and Generation Z. David Nash, financial planner and founder of Tend Wealth in Sherman Oaks, California, said Gen Xers are "navigating a uniquely challenging stage of life."
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TECHNOLOGY: For financial firms such as Morningstar, Carson Group and Merrill that are launching AI assistants, a challenge to the tool's success lies in the name: Does giving an AI chatbot a human name attract more human users or deter them?
So far, firms have taken different approaches. Bank of America's "Erica" and Morningstar's "Mo" are derived from the company name itself. Others, like Carson Group's soon-to-launch "Steve" and Shaping Wealth's in-development "Lydia" have far different strategic meanings, but still give a human identity. And then there are tools like Morgan Stanley's new AI @ Morgan Stanley Debrief and Assistant, which purposely do not have human names because the firm wanted to ensure its AI was not seen as having full human capabilities.?
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