Although their current toehold is relatively small, digital wealth and financial planning services are poised to explode.
Rather than treating technology as a threat, the successful financial advisor of the future will leverage technology as a catalyst to add efficiencies to their business, to provide an innovative client experience and ultimately to expand their practice, writes Jonathan Straub at financialplanning.com.
Artificial intelligence can analyze trends and help advisors tailor advice to particular clients by identifying connections between investment behaviors. That not only allows advisors to provide their clients with more customized service, but can also broaden the range of clients with whom an advisor can work effectively.
Meanwhile, there’s the more traditional wealth management model, one whose methodology can needlessly burden even the most accomplished advisor. Given such daily distractions as account paperwork, trade processing and other rudimentary tasks, estimates hold that advisors spend more than twice the optimal time on simple chores. That time should instead be earmarked for meeting new clients and conducting other revenue-boosting activities.
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