“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 advisers’ 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 adviser systems: the financial crisis of 2008 imbued the 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 DeFi, to DAOs and beyond.
DeFi threatens to disrupt the financial status quo. As Sawyerr suggests, advisers should stay ahead of the oncoming metaverse wave and “disrupt or be disrupted.”