Few financial advisors will look back on 2022 with nostalgia. For investors, it was a bruising year of high inflation, stock market volatility and rising interest rates.
And just because the year has ended doesn't mean those challenges are over. How will advisors adapt in 2023?
To answer this question, Arizent, Financial Planning's parent company, has conducted a survey of 362 financial professionals on what they expect in the year ahead. Their answers were sometimes surprising, but also typical of an industry that values stability: Most advisors expected neither radical changes nor strict adherence to the status quo. Instead, they saw their industry remaining nimble and flexible, making adjustments in some areas and staying the course in others. In general, they expected 2023 to be a year of change, not revolution.
Other details were also interesting. Few advisors expected to do much business with either cryptocurrency or ESG, despite all the attention both products receive in the news media. And even as the COVID-19 pandemic subsides, most respondents expected to keep working from home at least part of the time.
All these answers are analyzed in Arizent's new research report, "Predictions 2023." Here's a look at the study's biggest insights.