What are the greatest opportunities and risks to look out for in the next year?
That’s what Diversitas lead organizer Dr. Barry Mulholland was asked in RIA Intel’s “Finalist Hot Takes,” a video Q+A featuring four finalists from the upcoming RIA Intel Awards. Dr. Mulholland has been recognized as an Industry Advocate of the Year finalist and he believes there is “tremendous opportunity” in the financial planning industry.
A silver lining to the pandemic is that Americans have become much more aware of their own financial situations, for better or for worse. And the more financial knowledge one has, the stronger financial future they can have. According to a recent study by FINRA, respondents with higher financial literacy were more likely to make ends meet than those with lower financial literacy. Those that were the most successful set aside emergency funds at higher levels, spent less than their income, and are more likely to have taken steps to plan for their long-term financial future by calculating retirement savings needs or opening a retirement account. While the wealth management industry has historically been reserved for those with millions in assets, diverse people and younger generations are helping to close the financial knowledge and education gap. But one thing is certain – we must ensure that people receive beneficial and accurate financial information as they seek to increase their financial knowledge and wellbeing.
“The challenge is to figure out how to help consumers understand the information resource that they’re using and know that it really meets their needs,” Dr. Mulholland said at the end of his video response, emphasizing the need to make trustworthy financial advice accessible for all.
You can watch the full interview here.
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