Trending
It’s time for new year’s resolutions meaning it’s an appropriate time for advisors to evaluate what they did right in 2023 and areas of improvement for next year.
Due to its always evolving essential nature, technology isn’t necessarily an area of improvement, but it’s one that advisors need to stay on top of in the new year and perhaps better leverage in an effort to boost client retention and satisfaction.
In the financial advisory and wealth management industry, it’s either lead, follow, or get out of the way when it comes to embracing vital, disruptive technology. Knowing that, it’s critical registered investment advisors (RIAs) select the right partners for their technology journey. Tech can accomplish those objectives and while improving practice efficiencies and creating more pleasant exchanges with clients.
Technology is also vital in terms of planning. Think about planning tools as illustrative instruments. When it comes to their financial futures, clients don’t want words and bullet points, but they do want illustrations that show the potential. Plus, charts, graphs and pictures do a better job of highlighting the benefits of working with advisors.
Planning Tools Are Important
Some advisors are apt to view a wider embrace of technology as cumbersome, costly or both. However, the benefits outweigh the drawbacks and that’s something to remember in 2024.
“As client expectations evolve and the financial landscape becomes increasingly complex, these tools are essential for staying competitive and delivering the highest level of service,” observes Nationwide. “Financial planning software isn’t just a tool for financial professionals; it’s a catalyst for transformative change in the world of wealth management. In this age of rapid technological advancement, it challenges financial professionals to reevaluate their traditional approaches and embrace innovation.”
Nationwide notes technology can play pivotal roles in client empowerment, data-driven decision making and the ongoing shift to holistic wealth management – all of which will be marquee issues in 2024 and beyond.
“With access to vast amounts of financial data, advisors need tools that can process, analyze, and derive insights from this information. Financial planning software is the gateway to data-driven decision-making, helping advisors make more informed choices for their clients’ financial well-being,” adds Nationwide. “Modern clients are more financially savvy and proactive than ever. They want to be actively involved in their financial planning journey. Financial planning software not only engages clients through interactive portals but also empowers them to collaborate with advisors in charting their financial futures.”
Vital Planning Tools to Consider
Working with tech providers can be dizzying and intimidating, but advisors can limit those issues by knowing what they need to bolster their client-facing tech stacks.
For advisors looking to better leverage tech as a client service tool, areas of emphasis should include cash flow analysis, estate planning, goal tracking, integration, retirement and scenario analysis, among others.
“n a world where client expectations are evolving, regulations are tightening, and financial markets are dynamic, financial planning software can be the torchbearer of innovation,” concludes Nationswide. “It challenges advisors to reimagine their roles as holistic wealth managers, data-driven decision-makers, and collaborators in their clients’ financial journeys. It is a bridge to a future where financial advisory isn’t just about managing wealth but also about nurturing financial well-being in an ever-changing landscape.”