Page 9 - BusinessWest January 6, 2025

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2025 Snapshots
Continued from page 7
Five years ago, we would have just traveled with our immediate families and sent funny drugstore postcards to our parents and grandparents back at home. Now we know better. In 2025, multi-generational travel will become the new norm as people begin to fully comprehend that life is short.
For those who still can, take the trip. I can promise you, it will be an adventure you will never forget.
Carla Cosenzi, President, TommyCar Auto Group
The automotive industry is entering an exciting year, and at TommyCar Auto Group, we’re eager to embrace the opportunities ahead. Supply-chain improvements have increased vehicle availability, and manufacturers are offering exceptional incentives, including strong rebates and low-rate APR financing. With favorable market con- ditions expected to continue into 2025, now is the perfect time to purchase your next vehicle.
Digital retailing is revolutionizing the car-buying expe- rience, providing customers with a seamless transition from online browsing to the showroom. At TommyCar, we are dedicated to deliv-
ering personalized, transparent, and convenient service to build lasting customer loyalty. With stabilizing prices, enticing incentives, and an expanding selection of vehicles, the market is well-equipped to meet diverse needs and is poised for a promising 2025.
John Dowd, President and CEO, Dowd Insurance
As we enter 2025, the impact of inflation on valuations continues to be a problem, along with challenges around policies covering older buildings and properties near water. We do expect this to level off in the coming year, as we recover from a significant spike in the cost of labor and materials.
AI is expected to create further efficiencies in the insurance industry, helping improve customer service. Investment in technology for insurance carriers and agencies is critical for maintaining a competitive edge.
The growing threat of cybercrime has put a focus on stronger and more sophisti- cated protective measures.
Meanwhile, auto-insurance premiums have turned a corner, with pricing level- ing off in 2025. But general liability remains a challenge in the absence of tort reform and growing jury awards due to ‘social inflation.’ Workers’ compensation is the most favorable of all lines of insurance as rates are falling across most industries.
Matt Farkas, Senior Vice President, Head of Fixed Income, St. Germain Investment Management
The wealth-management landscape is undergoing a sig- nificant transformation. Clients increasingly demand more than just investment management; they seek holis- tic financial planning and advice. Disillusioned by con- flicts of interest and product-centric approaches, clients are increasingly voting with their feet, migrating toward independent firms that offer objective advice without the pressure to ‘sell’ products.
Advisors are responding by leveraging sophisticated technology to create tailored financial plans, personal-
ized client portals, and customized reporting. This allows for a more proactive and comprehensive approach to wealth management.
Advisors are evolving into the central hub of their clients’ financial lives, coordi- nating with tax accountants and attorneys to ensure seamless integration of finan- cial strategies. To meet these elevated expectations and navigate an increasingly complex financial world, advisors are pursuing specialized credentials that demon- strate a commitment to ongoing professional development and enhance their abil- ity to provide sophisticated advice.
As the wealth-management industry continues to evolve, advisors who priori- tize client relationships, embrace technology, and expand their service offerings will be well-positioned to thrive in this dynamic landscape.
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