Economic Changes Ahead for 2019
At TFGFA we like our clients (and soon to be clients) to stay abreast of economic trends and ahead of the financial curve. Although no one has a crystal ball, these are the winds of change we see blowing your way:
- Evolving Workforce: The workforce of the future will be more diverse and more digital as Millennials climb into positions of influence within businesses. Baby Boomers and business owners may be looking to create succession plans for these new leaders, as well as arrange for Business Exit Planning Services to be sure that when they do sell their sell their businesses they reap the full financial benefit, but pay as little taxes as possible.
- Shifts in Retirement Age: Better health, sharper minds, and an increased life expectancy is changing the workplace and also the way we plan for retirement. Expectations of lifestyle have changed as folks remain more active, their financial goals and savings plans must change as well if they hope to not out-live their money. Estate planning is no longer enough to protect your family; if you are a business owner consider Exit Planning (mentioned above). If done well and in advance, it can make up the gap between what you have and what you need to retire in style.
- Technology – The Good and the Bad: Technology will continue to change our lives both at home and in the workplace. Currency and purchasing patterns will continue to evolve, and transactions will increasingly become digital. The need for cybersecurity and risk management will only increase as identity theft and financial fraud of all sorts thrives online. Protection of all types of assets becomes even greater moving forward. Insurance products and platforms are evolving, and will have a more important and prominent place as portfolios need to be protected. Perhaps it is time for an insurance policy audit, and a review of risk management strategy might be in order.
- The Promise of Personalization: There is a demand for customization in consumer products that has crossed over to the financial realm, made possible by technical innovation, big data and analytics, as well as artificial intelligence. Customers want financial products and their delivery to suit their lifestyle, values, aspirations, mindsets and needs. One size no longer fits all! Open banking, account payment apps, payment anywhere and everywhere platforms, mobile wallets, cryptocurrencies etc., are just the tip of the iceberg. Portfolios are following suit as customized and personally meaningful investment plans are in demand that are impactful and socially responsible. These new age investment strategies and sustainable investment products aim to both deliver robust returns and remedy social and environmental ills. See our prior article here: Benefits of a Socially Responsible Portfolio
Contact Us: Looking to leverage these trends? Searching for a 360 degree, customized approach instead of “on-size-fits-all?” Feel free to contact me, Cory Lyon, directly at 561-209-1120, with any questions regarding customized financial investment strategies. If you would like to reexamine your investments in light of future trends and realign your financial goals with your personal values, we can assist you in making an informed decision. At TFG Financial, we believe in customized portfolio design and personalized asset management. I act as a fiduciary for all my clients.
TFG Financial Advisors, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Investments involve risk and are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.
