Invited by Lee at the Personal Finance Society to keynote its annual event at the ICC in Birmingham, in front of more than 2,000 UK financial advisors and professionals.
Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forAfricaONEShawbrook BankStandard Chartered BankThe Institute of Internal AuditorsWolters KluwerCrown Prince Court
Featured inBloombergThe Wall Street JournalThe Telegraph
Lee at the Personal Finance Society invited Matthew to give the keynote at the society's annual event at the ICC in Birmingham, in front of more than 2,000 of the UK's finest financial advisors and professionals. His brief was the future of investing and personal finance in the exponential era.
He opened with the pace of disruption, which is faster than it has ever been and still accelerating. Disruption can be good for investors who see it coming and navigate it well, he argued, but for those blindsided by it the effect on asset and investment portfolios can be disastrous: enough to turn a family's inheritance into a pittance, and a golden retirement into a never ending commute to work behind the tills at the local supermarket.
"While disruption can be a good thing from an investment view if you can see it and navigate it well enough, if you're blindsided by it then its impact on your asset and investment portfolios can be disastrous."Matthew Griffin, Birmingham, November 2019
Pensions made the point. Oil and gas stocks are cratering as the world switches from polluting fossil fuels to green alternatives, dragging down the value of pension plans exposed to those industries. At the same time, new exponential healthcare technologies could extend human lifespans to 100 years or more, which changes how people save and how much they save, and reshapes pensions planning as well as multi-generational estate and inheritance planning. All of which, he said, is just the tip of the melting iceberg.
Matthew then looked at how new ways of working and the rise of robo-advisors will change the personal finance industry, and at digital humans such as Ava, which, as one attendee reported, NatWest was already trialling to sell mortgages. The thread running through it all, as one attendee summed it up, was that people want security, including financial peace of mind.
311 Intelligence
What this means for your leadership team
Disruption cuts both ways.
The keynote argued that disruption helps investors who see it coming and can ruin those who are blindsided. The risk is a family inheritance reduced to a pittance. Leadership teams should treat the speed of change as a planning input, not a surprise.
Pensions carry hidden exposure.
Pension plans tied to oil and gas are losing value as the world moves to green alternatives. Longer lives of 100 years or more also change how people save and how estates pass between generations. Industry collapse is the pattern to watch, as investment moves to new sectors.
Advice itself is being rebuilt.
Robo-advisors and digital humans such as Ava are set to change the personal finance industry. NatWest was reported to be trialling Ava to sell mortgages. Firms that rely on human advice alone should test where clients will accept a digital front door.
Three questions for your next leadership meeting
Which of our holdings depend on industries that energy change could hollow out?
How would our planning change if clients routinely lived to 100?
Where could a digital human or robo-advisor take client contact from us?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
What does this session mean for organisations in finance?
It means the pace of change is a core risk and a core opportunity. Portfolios, pensions and advice models all face pressure at once. Organisations that see the shifts early can adjust, and those that do not may be caught out.
How does industry collapse relate to the keynote?
Industry collapse describes whole industries under pressure as the energy transition moves investment to new sectors. The keynote showed this in oil and gas stocks, which hit pension plans exposed to them.
How do digital humans relate to personal finance?
Digital humans are life-like computer-made people that can talk and show feelings. The keynote cited Ava, which NatWest was reported to be trialling to sell mortgages, as a sign of where client contact may go.
How can 311 brief our leadership team on this?
Through a private executive briefing or leadership workshop, tailored to your sector. Sessions are held in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Whole industries could soon be disrupted in a day.
This codex maps the forces accelerating global disruption and how close we are to disrupting whole industries in a day, exactly the kind of change investors and their advisors need to see coming.
