For financial planners, social changes mean a realignment in 2022


    For financial planners, social changes mean a realignment in 2022 | Wealth professional

    The report highlights several key challenges facing wealth managers managing money south of the border over the next year

    For financial planners, social changes mean a realignment in 2022

    Steve Randall

    Since the pandemic has already caused significant disruption – and in some cases an acceleration of change – for those supposed to help wealthy people maximize their money, a renewed focus will fuel the recovery.

    A new report examines five major societal changes that are realigning the financial planning environment in the United States.

    The Northern Trust Institute’s Wealth Planning Outlook takes into account the changing values ​​of investors, including business owners, executives, multigenerational families, and other wealth owners.

    “This year’s outlook examines significant developments fueled by the COVID-19 crisis: increased awareness of purpose – whether it be realizing personal potential or promoting one’s values ​​through more conscious investing and giving; a deeper sense of our own human fragility and that of our loved ones; and the astounding adoption of technology by millions, ”said Pamela Lucina, Northern Trust’s chief trustee.

    The top five societal changes that are highlighted include:

    1. Reinventing Retirement – Changing perspectives on “retirement” are causing many to rethink this phase of life as more and more people find fulfillment in a second chapter or a direct investment venture.
    2. Planning for Tax Uncertainty – Although the Senate faces an uncertain future, the Build Back Better Act proposes several significant changes to tax law. The underlying uncertainty underscores the need to create flexible plans that can adapt to changing circumstances.
    3. Creating Value from Values ​​- The rapid development of ESG investments and philanthropic funding vehicles is increasing investors’ interest in aligning their portfolios with their values. However, challenges remain in doing this effectively and measuring the impact of these investments.
    4. Preparing for Disability – Mental illnesses, which were on the rise before the pandemic, have increased dramatically in the past two years. The uncertainty associated with mental health and disability can have very real implications for financial planning. Preparing for the opportunity ensures that the estate plans fully take into account the complexity of these terms.
    5. Protecting Digital Assets – The proliferation of digital assets and blockchain technology presents several estate planning challenges that require attention to ensure executors and loved ones have access to the information they need, as well as to the assets themselves.

    The full report can be found at


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