The financial services industry is undergoing rapid change, according to a recent Business Retention and Expansion Roundtable that brought together leaders from across the sector. The event was organized by the Town of Gilbert Office of Economic Development, the Office of Mayor Scott Anderson, and the Gilbert Chamber of Commerce Foundation, with sponsorship from Joshua Development and Advance Champion Supply.
One of the main topics discussed was the increase in insurance premiums, especially for property coverage. Insurers are responding by raising deductibles, while customers are showing a greater willingness to accept AI-driven decisions. Younger clients are often more trusting of digital assessments than traditional human expertise. Many now choose their coverage without direct interaction with an agent.
Industry participants noted that these shifts are driven not just by technology but also by concerns about trust and regulatory compliance. Nonprofit organizations face added risks due to changing regulations and fluctuations in donor support.
Another trend highlighted at the roundtable is a move toward proactive financial planning rather than reacting to crises. However, younger generations may lack some of the family-based support systems that were common in previous decades. This is contributing to changes in how wealth is transferred within families; many small businesses that once stayed in families are now being sold instead of inherited.
The discussion also touched on what has been described as the largest transfer of wealth in history: by 2048, it is estimated that $124 trillion will pass between generations. As family structures evolve and community-based wealth diminishes, financial advisors have new opportunities to guide families through long-term planning.
AI technologies have become deeply integrated into everyday financial tools used by both advisors and clients. New offerings such as QuickBooks’ AI service and Microsoft’s Copilot are reshaping workflows with features like data capture, conversation analysis, sentiment scoring during client interactions, and automated documentation.
Despite advances in automation, roundtable participants agreed that technology cannot replace personal relationships in financial advice. Firms find that retaining existing clients is just as important as acquiring new ones because many people value human connection alongside technological convenience.
There was consensus on the need for intentional community growth supported by communication and mentorship—especially for new business owners who may lack established support networks even as entrepreneurship increases.
Summing up these trends, participants emphasized: “2025 is not simply another year of technological advancement — it’s a pivotal moment where AI, trust, human relationships, and economic pressure intersect.”
They identified key priorities for clients: “Tools that make life easier; Advisors who listen; Confidence in their future; Human connection supported (not replaced) by AI.”
