This talk explores the role of flavor physics to constrain beyond standard model phenomena and future prospects, from a theoretical point of view. Possible implications of some experimental results in tension with the standard model are discussed, such as the $4\sigma$ deviation in the $B\to D^{(*)}\tau\bar\nu$ decay rates. We use the examples of constraining new physics contributions to neutral meson mixing and the search for possible vector-like fermions to illustrate the expected progress over the next decade to increase the sensitivity to new physics at shorter distance scales. We also speculate about the ultimate limitations of (quark) flavor physics probes of new physics.