Ray Lillywhite, 87
Semi-retired; investment management professional for 55 years, 28 at Alliance Capital Management, where he was senior vice president in charge of marketing and client relations for public funds
"E-mail and video conferencing will eliminate some of the huge costs in time and travel for both salespeople and (pension) plan sponsors. Marketing will probably be less personal, less relationship selling -- more hard facts and figures -- and not as much fun. How can you play a round of golf on the Internet?
"The accelerated pace of efficiency and learning will continue, as will the speed of obtaining accurate information. The businesses of pensions and investments will benefit, becoming more exact, better informed and more efficient. The best and the brightest will be better and brighter.
"Plan sponsors will be more sophisticated. They will require more disclosure of information from managers and consultants in order to better understand their business and to eliminate all conflict of interests -- real or perceived. Investment managers will be required to provide more investment advice rather than just manage assigned portfolios.
"Marketing and salespeople will be better trained and fully competent to discuss and advise a wide range of investment products, disciplines and strategies. Client servicing will be faster and better."