“On Purpose” host Tyrone Ross is joined by Akin Sawyerr, chief innovation officer at Onramp Invest, to discuss the changing financial landscape and associated transformation of the scope of advisors’ work. As wealth shifts from boomers to millennials, advisers need to stay on top of the developments to best assist their clients.
Millennials pose two existential threats to the current advisory systems: The financial crisis of 2008 imbued that generation with a fundamental distrust of financial institutions, and their proficiency with technology reduces the need for intermediaries. These two factors push millennial investors straight to crypto, to decentralized finance (DeFi), to decentralized autonomous organizations (DAO) and beyond.
DeFi threatens to disrupt the financial status quo. As Sawyerr suggests, advisors should stay ahead of the oncoming immersive digital world, or metaverse, and “disrupt or be disrupted.”