External Forces Affecting Financial Planning 2015-2025
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The document discusses a forecast by the Institute for the Future (IFTF) on four external future forces that will impact financial planning between 2015-2025: 1) Monetizing Personal Data, 2) Quantifying Social Capital, 3) Leveraging Idling Assets, and 4) Augmenting with Affective Tech. For each force, the document outlines signals of change, insights financial planners should expect, and how they should adapt processes and skills. It concludes with upcoming events to discuss hacking the future of financial services.
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External Forces Affecting Financial Planning 2015-2025
- 1. External Future Forces Affecting Financial Planning 2015-2025 Rachel Hatch @Rachelkeas
- 2. Context about IFTF • Independent nonprofit research group based in Palo Alto, CA adjacent to Stanford • Key research in global food outlook, ten-year forecast, health horizons, tech horizons • Not predicting, forecasting: plausible, internally consistent, provocative view of what might happen ten years out
- 3. Ten-Year Forecast Clients (partial list)
- 4. Methodology
- 5. 4 External Future Forces • Monetizing Personal Data • Quantifying Social Capital • Leveraging Idling Assets • Augmenting with Affective Tech
- 9. Signal of Change: Tsu
- 10. Foresight: Monetizing Personal Data • Insight: Expect clients to get both more suspicious and more savvy about privacy • Insight: Anticipate new tallies, new accounting systems to make sense of micropayments • Insight: Look for the personal data conversation to move earlier in the lifecycle
- 13. Quantified Self
- 14. Signal: Trov • What: a technology provider focusing on property and asset management. It catalogs & tracks all your belongings and their current value, making it easier to insure, sell, donate & share what you own through your phone. • So What: it is being called “the personal cloud for everything you own.”
- 16. Signal of Change: Klout
- 17. Signal of Change: Thunderclap
- 18. Foresight: Quantifying Social Capital • Insight: Expect XY clients to see the future value of present networks • Insight: Look for new measures of ROI in personal networks • Insight: Anticipate real-time behavior change based on network behavior or influencing potential
- 20. Signals of Change: Uber, Airbnb
- 22. Toward the 3-Business Card Life
- 23. Blending of Commercial & Domestic with “Demand Data” for hosts
- 24. Foresight: Leveraging Idling Assets • Insight: Look for new balance sheets in which depreciating assets become revenue-generators • Insight: Watch for the rise of the micro- entrepreneur and the blending of commercial & domestic • Insight: Expect more complexity and stopgap measures for cash flow and retirement planning
- 25. Foresight: Augmenting with Affective Tech
- 27. Signal of Change: Kinect for Xbox
- 28. Signal of Change: Us+
- 29. Foresight: Augmenting with Affective Tech • Insight: Design new processes for client service delivery to include emotional feedback loops • Insight: Expect sensitivity around data privacy and surveillance of emotions • Insight: Improve “soft skills” via this emerging technology
- 30. 4 External Future Forces • Monetizing Personal Data • Quantifying Social Capital • Leveraging Idling Assets • Augmenting with Affective Tech
- 31. What’s Next? • 2025 Financial Planning Clients Wednesday, Feb. 11 at 1pm eastern/10am pacific • Hacking the Future of Financial Services: A Prototyping F2F Session in Minneapolis Friday, March 13 3-5:30pm central, followed by happy hour • #HackFinance4XY, a F2F event organized around FPA NorCal Wednesday, May 27th 5:30-6:30pm pacific
Hinweis der Redaktion
- Topic: The winning financial planning firms of the next decade will not just meet today's Gen X & Y expectations, they'll get there early. This webinar explores disruptors beyond “fintech” that will plausibly impact financial planning in the coming decade. Examples include affective (emotion-sensing) technologies, personal data as a new (monetizable!) asset class, leveraging idling assets in the Sharing Economy, and human task routing as a way of getting work done and earning micropayments. This series is instigated by Rachel Hatch, Research Director for Silicon Valley-based Institute for the Future (www.iftf.org), a 46-year old organization dedicated to helping the public think more systematically about the long-term future. Her husband is Aaron Hatch, XYPN founding member and co-founder of Woven Capital (www.wovencapital.net).
- Tsu isn’t the only one. There’s also Bubblews and the recently disbanded Teckler.
- Gary Wolf
- Source: Artifact from the Future by IFTF, 2005 Ten-Year Forecast
- Social accounting systems…creating value from interaction over transaction. Leveraging your social graph. Quantified self
- Donate your social reach
- http://www.telegraph.co.uk/technology/news/11253016/Sharing-economy-to-create-a-nation-of-microentrepreneurs.html The sharing economy – typified by online services such as Airbnb, TaskRabbit and Zipcar – has the potential to turn the UK into a nation of "microentrepreneurs", unlocking up to £9 billion a year by 2025, according to an independent review commissioned by the Department for Business, Innovation and Skills. ...PwC has calculated that the sharing economy in the UK is worth around £500 million now, and could be worth up to £9 billion a year by 2025. An unpublished report by Compare and Share also claims that 70 per cent of the UK population would be willing share their idle assets if it were easy or convenient. Sometimes called the collaborative economy 2012 Airbnb surpassed Hilton for # of room nights booked…new class of consumer, the “anti-tourist.”
- IDLING ASSETS
- Nathan Heller coined the term The Three Business Card Life in an Oct. 2013 New Yorker piece http://www.newyorker.com/magazine/2013/10/14/bay-watched
- Visual = Q sensor Galvanic skin response, biometrics like heart rate, speech analysis, facial recognition
- Kinect for Xbox
- Firms that are built to last will serve today's Gen X & Y clients, but will also meet their changing needs over time. This webinar will explore how future clients might plausibly save, spend, borrow, and protect in the year 2024. It begins with each call participant briefly sharing signals of change that they are sensing which point to the changing landscape. A signal of change is typically a small or local innovation or disruption that has the potential to grow in scale and geographic distribution. A signal can be a new product, a new practice, a new market strategy, a new policy, or a new technology. It often gets expressed through a newsworthy event, or a new organization. Signals are useful for people who are trying to anticipate a highly uncertain future. This face to face meeting for XYPN members in Minneapolis/St. Paul provides a chance to brainstorm together about ways to #HackFinance in order to better serve Gen X & Y clients, building on the ideas from the previous webinars. From 3-5:30pm we will brainstorm possibilities and generate a set of 3-4 provocative prototype ideas for how to #HackFinance4XY. Then we will enjoy a happy hour together to toast to the future. Join us for a happy hour as FPA NorCal wraps, to share the prototypes we created at the Minneapolis/St. Paul meeting in March, and to take them a step further. The goal? To prototype and iterate on ways to meet the needs of next generational financial planning clients.