What should we expect from the professional services industry in the coming years

in #engrave8 months ago

Professional services are a big part of the current corporate culture, all companies and organizations need the services of accountants, lawyers, bankers, and so on.

The demand for personnel in this professions has always resulted in companies competing to get their servies, especially the best and most reputable ones among them.

It is expected that the high demand for services of professionals will continue to influence the demand to always be on the high side.

However, research has shown that in the coming years the demand some of these services might start declining due to the arrival and adoption of automated problem solving aided by technology in those fields.

Some of the sectors predicted to be affected include

Portfolio Management and Investment Advice

A few customers nowadays are choosing to manage their portfolios personally by using robo-advisors and other auto options options that can consume the expenses and commissions that portfolio managers depend on.

Legal Services

Organizations like RocketLawyer and LegalZoom could put a dent on demand of services of personnel working in this sector.

Banking

Apart from a never ending interference from the government and their "forever growing" list of regulations, startups like Mango and SoFi could also end up becoming potential replacements for banks.

Tax Preparation and Accounting

Numerous people now understand the basic principles of tax filing enough to be comfortable with preparing and filing their taxes personally.

Also, there are a couple of tax filing software in the market nowadays which makes the process a whole lot easier.


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