How Technology and Longevity Are Changing the Nature of Financial Advice

In a Nutshell: The interaction of two big trends–the accelerating pace of technological change and increasing longevity–is creating massive new opportunities for financial advisors who are prepared to move beyond traditional planning.

Guest: Andrew Scott, Professor of Economics at London Business School, and co-author of the new book, The New Long Life: A Framework for Flourishing in a Changing World.

My Key Takeaways:

“Technology and demography are not destiny.” Prof. Scott believes we can use technology, exercise, education, and other advances to reshape the second half of our lives. And I believe that financial advisors can help support this process of continual reinvention with Life-Centered Planning.
Invest in your future self. As we live longer, keeping more options open by investing today in our “future selves” will be a key to adapting to technological change.
Be more human. Technology will never be able to displace your empathy, experience, and creativity — in fact, better tech will only make folks who have mastered those skills and the services they provide more valuable.

Also Learn:

How increased longevity could lead to a “multi-stage life” in which people continually refresh their professional skills.
Why financial advisors might need to adjust their focus on retirement planning to account for continual life transitions even after their clients have reached their 60s and 70s.
What are the “four dials” that Prof. Scott believes people need to adjust and readjust as they progress through a multi-stage life.
How “intergenerational connectivity” can help us appreciate new perspectives and gain new insights as we age.

Complementary Episode: In 2016 I talked to Prof. Scott about his previous book, The 100-Year-Life. You can Listen/read about it here.