This week, our team joined about a dozen other financial services firms for the MIT AgeLab Preparing for Longevity Advisory Network (PLAN) Forum. It was an engaging and informative two-day meeting (well worth the trip and braving the 30 degree weather).
Dr. Joe Coughlin and his team put together an excellent agenda, featuring professionals from a variety of industries -- health, wealth, real estate and retail -- and technical experts in genetic testing, virtual reality and AI. The insights provided from varied backgrounds shed light on trends and developing technologies, allowing the attendees to reflect on the current landscape of financial services and how we should be preparing for the future.
A few of my personal highlights from the meeting:
The opening panel featuring Penny Pennington, CEO/Managing Partner of Edward Jones, and Karen Lynch, President & CEO of CVS Health (pictured below). It's not every day I get to see two powerhouse female leaders on the same stage.
Learning about Galleri, a revolutionary blood test that will allow for early detection of 50+ cancer types, as well as non-invasive brain stimulation therapies for Alzheimer's that help preserve cognitive function.
The opportunity to participate in a panel reflecting on trends in real estate and retail, and how financial advisory clients will continue to expect more based on said trends.
And now some key takeaways on the future of financial services:
The business is moving from "transactional to transformational." Clients don't want to be sold "more stuff."
Consumers are demanding more and want active engagement.
Technology will improve experiences, which should be more efficient and effective. The business will stay human-centric.
Consumers are making buying decisions tied to wellness, and they want personalization. They are more exploratory and less brand loyal.
Advisor who solves the most problems and focuses on outcome conversations will win business.
The PLAN Forum is quickly becoming my favorite meeting to attend each year. Thank you to the MIT AgeLab team for an unmatched event.
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