Advisors are ready for a profitable 2024

TRAVELSAVERS Canada advisors are looking forward to a profitable 2024, buoyed by a strong return to travel in 2023.

That’s the big takeaway from a new membership survey the group just released and which also tracks attitudes towards AI and professional value.

Seventy-five percent of respondents to the survey indicated that they expect to see their sales increasing in 2024. Of those, 30% anticipate significant growth and 46% believe sales will grow somewhat. Only three percent predict sales will decline somewhat, with no one anticipating a significant drop.

Jane Clementino, Senior Vice President and General Manager of TRAVELSAVERS Canada, said: “Travel is booming once again,” “After so much built-up demand, people are prioritizing travel, specifically higher-end experiences. We’ll continue to see premium and luxury travel soar well into 2024 and beyond.”

One advance advisors are anticipating positively is generative artificial intelligence. Sixty percent of advisors view it positively, saying it’s a great tool or has potential. Eighteen percent view it neutrally and another 17 percent aren’t sure about its impact. Just five percent view it negatively.

Advisors named AI-assisted travel planning as one of the top five trends emerging in 2024. Two-thirds of those surveyed – 68% – have used AI already or want to try it and only 12% say they are not using it and do not plan to try it.

Said Clementino: “We’re excited about the possibilities AI brings and how it can be leveraged by advisors to streamline their planning and marketing tasks,” said Clementino. “We’re implementing AI in our proprietary technology tools so that advisors can focus on what they do best — providing excellent customer service.”

And while advisors are confident about sales growth, they are also realistic about the challenges they will continue to face in 2024.

Issues related to air travel – such as fare costs – was the top concern raised by survey respondents, along with problems related to rising prices and a potential recession. Many advisors, coming off an incredibly busy year, also anticipate dealing with burnout.

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