In this blog, I share my enriching experience at the Future Proof Festival 2023.
From exploring alternative asset classes to delving into the untapped potential of AI in the industry, the conference offered actionable insights and strategies. Set against the backdrop of Huntington Beach, California, the event also provided unparalleled networking opportunities. Read on to discover how this festival is shaping the future of wealth management.
Introduction
The Future Proof Festival 2023 was a remarkable event that provided an unparalleled opportunity to delve into the heart of US wealth management. This was not just a conference but a festival, where networking played as crucial a role as the enlightening content delivered. The agenda, comprehensive and well-curated, served as a source of thought-provoking insights that gave attendees a glimpse into the future of wealth management.
The Setting
The festival was beautifully set against the picturesque Huntington Beach in California from September 10-13. The ambiance was an exquisite blend of energetic discussions and cordial networking. The Future Proof Festival was a platform for connection, which was evident from the approachable attendees who were enthusiastic about engaging in meaningful discussions.
Key Theme 1: The Rise of Alternatives
The festival shed light on the increasing focus on "Alternatives" products in wealth management. With the stock market's recent performance leaving advisors in search of fresh ways to yield returns for their clients, the shift towards alternatives aligns with trends observed among Australian advisors. It was intriguing to note the number of advisors incorporating structured products into their asset allocation mix. The resounding message was clear; alternatives are no longer just an option; they are gradually becoming the norm.
Key Theme 2: The Impact of Artificial Intelligence (AI)
The second significant theme was the role of Artificial Intelligence (AI) in wealth management. Most speakers echoed the media hype surrounding the potential of AI in areas like stock selection, customer service chatbots, and marketing to acquire new clients. However, there was a noticeable gap in the discussion on improving workflow through AI, an area where 'Your Beautiful Life' (YBL), a product I advise on, excels. The positive response YBL received at the conference underscored the significant impact of workflow-focused AI could have in reducing the cost of providing advice. This revelation highlighted the untapped potential of AI in operational aspects. Surprisingly, the topic of Cyber Security was scarcely touched upon, although privacy is one of the top concerns when discussing YBL.
Key Theme 3: The Macro Outlook
The third theme cantered on the Macro Outlook, with emphasis on the Federal Reserve's actions and the US stock market. The discussions were practical and aimed at equipping advisors for a falling interest rate environment. While recession talks were minimal, there was concern about the S&P 500 being driven by several AI-related stocks. Simultaneously, many argued that the revenue benefits from AI products offered by tech giants like Microsoft, Google, and Facebook have not yet been factored into their current share prices.
Networking and Special Events
Beyond these key themes, the festival offered unparalleled networking opportunities. The event was as much about networking as it was about the content. The speed dating networking sessions were a hit, offering attendees a chance to connect in a more meaningful way. Cultural experiences and a music festival added a layer of entertainment and networking opportunities to the intense learning.
Conclusion
The Future Proof Festival 2023 was a worthwhile experience. It resonated with the current trends in the industry and provided actionable insights that can be applied professionally. The event was not just about predicting the future but also about shaping it. The festival served as a testament to the power of digital transformation in wealth management, highlighting the need for businesses to adapt to this new era.
In a nutshell, the Future Proof Festival 2023 was a perfect embodiment of the future of wealth management, providing a platform for professionals to learn, network, and grow.