Technology has transformed the wealth management industry in myriad ways, with continuous promises to enhance the client service experience while streamlining and automating many integral aspects of investment management and financial planning.

As technological innovations continue to revamp the way business is conducted in the industry, the human element of financial advice is more important than ever. Clients now demand an experience as convenient and advanced as the robo advice platforms but will also look to advisors who add value beyond the numbers and calculations, create a deep connection, and consider both financial and non-financial assets.

But one important question remains: Is the middleman between investors and markets still important?

It is evident that, especially for fiduciary advisors, there is no required minimum amount of assets to manage, as comprehensive planning is the primary client service. Ultimately, the speed and convenience that technology brings must be accompanied by holistic, highly personalized client service in an effort to provide the utmost financial success with a long-term perspective.

Without human conversation as well as tailored one-on-one guidance, mistakes that cost investors profoundly are more prone to happen.

A lack of information is not the problem. It is, instead, investor behavior and habits that can be detrimental to many portfolios when using robo advisors.

Don’t get me wrong: Robo advising can be a great tool for beginning investors.

However, as an investor’s financial situation becomes more complex throughout his or her life stages, the need for an advisor becomes a vital component to financial prosperity and security. Advisors can help navigate difficult obstacles that computers can’t simply figure out with a click of a button.

This is not only true for older clients. Investors of all age groups and populations benefit from the advice and guidance that advisors offer.

Advisors help clients adopt a long-term mentality and perspective for their portfolios. Clients who work with advisors improve their savings habits for long-term goals, such as retirement, and demonstrate better decision making.

Client satisfaction begins with having overall piece of mind, which advisors help provide.

Ultimately, all successful advisors provide the security, support and guidance of an effective and meaningful relationship.

This story is part of a 30-30 series on how technology is changing your practice.

Jessica Iorio

Jessica Iorio

Jessica Iorio is the executive director of The Bapis Group at HighTower in New York.
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