Financial Trends To Watch For 2015

With 2014 coming to a close, many of us look forward to the possibilities of 2015—and for the financial market, the New Year may bring many things.  With the legislative cycle, market regulators, industry disputes and geographical angst, 2015 will be a busy year.  Below are a few topics that are likely to surface:

• The IRS remains a wild card.  While the tax situation in 2015 looks settled, the IRS has $346 million less to work with, meaning customer service and enforcement are going to be operating under resource constraints.
• Technology fatigue sets in.  Until a particular iWatch, data band, or next-generation phone opens up new professional vistas, incremental productivity gains are what is at stake. 
• Generation Y gets serious.  The oldest members of “Generation Y” turn 35 this year and the rest of the “echo boom” coming up behind them are ready to settle down and start their financial planning. 
• Oil slick helps some, hurts others.  Although petroleum may not stay at $55 a barrel for long, cheap fuel is a relief for 90 percent of the U.S. economy that is not focused on energy extraction.  With low gas prices, odds are good that consumer inflation will be put off for a while. 
• Data security becomes real.  Global enterprise has become easy to infiltrate.  Many banks have already failed to keep their customer accounts from not only being hacked but exposed to public scrutiny as well.  Apple’s payment system might be a slow fix to these data breaches. 

See Scott Martin, Predictions for 2015: 10 Wealth Management Trends to Watch, Trust Advisor, Dec. 28, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.