Anyone looking for proof the wealth management industry is at an inflection point should look at how technology is changing the very nature of the job. That change resonates everywhere from wirehouses to RIAs with new tools and devices in use, new SEC and FINRA regulations and a shift towards younger advisors.
RIAs like Chicago-based Main Street Financial have launched their own digital tools for clients and other advisors. In 2013, executives at the firm launched Oranj, a real-time account aggregation tool that lets advisors see clients held-away assets. This year, the firm launched Main St. Advisor, an app that lets clients open accounts electronically and conduct virtual meetings with advisors, who leverage low-fee investment management software to oversee portfolios.
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