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Wealth Management

Industry Outlook

The coronavirus pandemic, which started in late 2019, affected many people's financial situations due to business lockdowns and stay-at-home orders. The rise in unemployment coupled with growing health care expenses caused more people to focus on their finances and seek advice from experts in the financial field. Many in the wealth management industry transitioned to holding meetings with clients online during the pandemic, a trend that was expected to continue. According to a survey by the College for Financial Planning, approximately 71 percent of financial advisers surveyed reported that they had more clients in 2020, during the pandemic, than they'd had before the pandemic. The research group IBISWorld projected a decline in revenue in the financial planning and advice industry in 2020, but a rebound in 2021, due to the rollout of the COVID-19 vaccine and economic recovery.

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