Name: The Jevons Paradox and Placing a Premium on Community
Uploaded: 2026-04-21T15:00:00Z
Duration: 2 min 50 s
Description: Rob Nelson, CEO and founder of NorthRock Partners, explains why he is optimistic about the future of financial advice and the potential for advisors to form meaningful client communities.

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Rob Nelson, CEO and founder of NorthRock Partners, explains why he is optimistic about the future of financial advice and the potential for advisors to form meaningful client communities.

https://m.wsj.net/video/20260415/4bc66985-8aab-4e8a-b646-8e3023cdd9b0/1/hls/manifest-hd-wifi.m3u8

The Jevons Paradox and Placing a Premium on Community

So, I want to bring this home. You are one of the most optimistic people I know about where the profession is going. And I think listeners need to hear that. You've invoked this Jevons Paradox, the idea that when something becomes more efficient and accessible, demand actually increases. Apply that to financial advice, when the upside case for this profession over the next decade, what is it, not in spite of these forces, but because of them?

You know, the Jevons Paradox, maybe I use it as a way to feel better because it's a way to be optimistic about the future. Because, you know, Jevons Paradox is as things become more accessible, more affordable, demand increases, and then what happens when demand increases is innovation increases. And you think about, let's talk about what happened on the formation of the internet becoming live. And when the internet became prevalent, it wasn't where people weren't using the internet less. That didn't happen. But what also happened is, is that you ended up with jobs that we just could not imagine. Jobs, social media jobs, creators, influencers, all kinds of new industries that have come from this. I was at a family function a couple weeks ago, and one of our family members is kind of a stay-at-home mom. And she is designing pens, of all kinds of different types of pens, that she's now making $50,000 a year selling pens globally with a strong presence on social media. If you would've said that 20 years ago, nobody would've got your head around that. And we all know stories of like that. And so you just, I think there's going to be a number of jobs that come from this that we're gonna need to be creative when we think about what our role is. And I think about some of that is, for our clients, three years from now, you have this abundance of solutions that can make your life better. Okay, how are you gonna navigate that? Who's gonna help you navigate that? Who's gonna bring those solutions to life, and can that be a role that we play? I think community is gonna be a premium in the future. We right now know our clients better than almost anybody. Can we actually form and help form communities in a more meaningful way as part of our business model?

Give us some examples. How would you do go about doing that?

You know, if we start to use our data more effectively, and you know all of the types of clients, their hope, their dreams, and things that they love, their values and what they like to do, you know their hobbies, you know their interests, why wouldn't we take that to bring like-minded people together and improve their life? Yeah. You know, those are the examples. And you're having an impact. Maybe it's you can't tie it necessarily to financial advice, but you're also improving the quality of the client's life, which is ultimately what I think our job is.