The President's Letter - Spring 2018 NewsletterSubmitted by Reby Advisors | Certified Financial Planners | Danbury, CT on April 19th, 2018
By Bob Reby, CFP® (from the Spring 2018 Edition Newsletter)
The "Great One", Wayne Gretzky, has a famous quote that seems appropriate for the wealth management industry as well: "I skate to where the puck is going to be, not where it has been."
In my opinion, the next five to ten years will provide wonderful opportunities for those who can anticipate what the future holds and will be fraught with anxiety for those who can’t or won't accept the realities that are taking shape today.
Recently, a Mercedes executive stated that their competition is no longer other car companies, but instead technology companies like Google, Apple, Tesla, and Amazon.
In this new environment, the largest taxi company in the world is Uber, and they don't own any cars. Uber is a software tool. The biggest hotel company in the world does not own any properties. It's called Airbnb.
I spend a lot of my time and energy these days studying what's next, attending webcasts, speaking to futurists that have earned our respect because of their accurate predictions, and attending conferences about the disruptive, yet exciting, rapid changes taking place.
Since most of you have expressed your wishes to become and stay financially independent, it's critical to to keep an eye on what's coming down the pike. This does not just benefit your lifestyle sustainability, but also helps your loved ones, whether they are your children, grandchildren, friends, or other family members.
Without getting into the details of the whys and when’s, I wanted to mention some of the fields that will be negatively impacted if they don't adapt rapidly and make an investment in the future.
Some are obvious, like transportation. Going from point A to point B will be a service and owning a car will be unnecessary. Car manufacturers that culturally direct their focus on making a better auto, will get crushed by those that have the mindset that the most popular transportation will be an incredible computer with wheels.
The legal profession will also be disrupted, especially the entry level law school graduate who may have not yet developed a specialized niche.
Insurance companies and the real estate industry will have massive trouble adapting.
After 30 or 40 years of development, progress, and innovation, solar energy and 3D-printing have become so affordable that it is reasonable to call them substantial changes at this point.
Other areas that we will continue to address with you going forward, since they are integral components of a solid financial plan, include:
- Human longevity
- Health care
- Jobs that will disappear
- Jobs that will be created
Overall, this rapid progress is exciting stuff, if we allow it to be! I believe a lot of these trends will have implications on the thoughtful advice we give you and your family, now and well into the future. I hope you agree.
Spring 2018 Edition Newsletter
Inside the latest edition, discover how the Tax Cuts & Jobs Act impacts small business taxes, what to know and what to do about data breaches, and exciting community news.