2022 brought the world unrelenting inflation, central bank interest rate hikes, geo-political instability, and fears that we have yet to see the worst of it. Many economic experts still predict that a recession in 2023 is likely; unrest is being fueled by aging populations and the potential for retirement age increases; and supply chain issues lingering from Covid-19 and the ongoing war in Europe have made the markets even more unpredictable.

As economies sputtered last year, remote work, remote meetings, and remote shopping continued to increase. The average person in 2023 is now more comfortable and accustomed to remote connection than ever before, especially younger generations. Employers are finally adjusting, and a 2022 year-end study from Mercer found that 94% of employers feel that remote work productivity has been the same or higher than pre-pandemic levels. 

Despite the increased desire for remote connections, consumers now demand more personalization and customization from product and service providers. Many of the biggest brands invested heavily in personalized experiences for their shoppers during the pandemic. Coupled with advances in personalization made by tech giants like Amazon, consumers are now accustomed to high levels of customer service and will quickly leave brands when they don’t receive it. 

Advisors are struggling to deal with this volatility. A recent study from Kitces found that low-performing professionals are spending five hours more per week working but are managing 33% less revenue than their counterparts. In addition, struggling advisors are spending almost one-third less time actually meeting with clients. To avoid burnout and achieve their goals in 2023, financial advisors need to find ways to spend more meaningful time with their clients.