Three Trends in Wealth Management

Cubby Bice graduated summa cum laude from Georgia State University in 1998, where he studied finance. He is currently studying for a PhD in finance from Liberty University. He also has a BA in finance from Eastern Washington University where he graduated magna cum laude. Since 2004, Cubby Bice has been the president of Bice Wealth Management, a financial wealth management consulting firm.

The wealth management industry is constantly growing and changing. Here are three trends currently shaping the sector:

Increased Democratization
One notable trend is the democratization of the range of investment solutions available to clients. This is marked by the availability of several liquid alternatives to traditional hedge funds, such as exchange-traded mutual funds (EMTFs) and exchange-traded funds (ETFs).

Role of Technology
Clients (particularly the younger generation) are increasingly gravitating to wealth management firms that have deployed the most responsive technology. Younger clients are interested in technologies such as digital platforms and apps when planning their wealth creation and management strategies.

Utilization of Artificial Intelligence
Wealth management firms and managers are increasingly adopting artificial intelligence (AI). They are using AI to speed up their onboarding and know-your-customer (KYC) processes.

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When Is the Right Time to Hire a Financial Consultant?

 

A Mooresville, North Carolina wealth management executive with a career spanning two decades, Cubby Bice has served as president of Bice Wealth Management since 2004. In this role, Cubby Bice assists his clients in achieving their individual and business goals by providing a comprehensive array of personalized financial consulting services.

Financial consultants are also called financial advisors who help clients make informed decisions that align with their unique financial goals. They possess the skills required to analyze the financial aspects of a client's life, including their assets, debts, and income, and use this knowledge to create financial plans or render other services tailored to the client's needs.

Financial consultants recommend ideal ways for clients to use financial assets to pursue financial goals, such as building nest eggs for retirement through retirement savings and investments. Some financial consultants are also qualified to advise clients on estate planning, tax preparation, and insurance.

Ideally, you should hire a financial consultant when you have one or more financial goals and have sufficient assets to pursue these goals. For instance, you may not need a financial advisor to help you plan how to invest or save for retirement during the early years of your career. However, as you accrue wealth and assets over time, your financial life gets more complex. The need for a professional who can guide you in sorting those assets toward your financial goals becomes a top priority. If you also believe that you are paying more tax than you should or want advice on settling your debts, you may seek the help of a financial consultant.

Financial consultants are also instrumental in helping people navigate through their finances after major life-changing events happen. These events include marriage, having a new child, and changing jobs. Events like these can have a meaningful impact on an individual's financial life.

Disclaimer: Investments in securities involve risk, including the potential loss of principal invested. We do not expressly or implicitly adopt or endorse any expressions, opinions, or content posted by fans or any third parties on this site.