It’s almost 2018, and your clients are starting to wonder why their personal finances aren’t as easily accessible as an Uber car or a shoutout to Alexa. The latest innovations in mobile, artificial intelligence and microinvesting are right around the corner, and getting ready to leap from the periphery to the heart of advisor practices next year.
Wealth management firms of all sizes are trying to streamline their operations to benefit clients, and mobile is a prime example, according to the recent Financial Planning
Tech Survey. Forty percent of respondents cited mobile apps as a potential difference maker for the industry.
On the other hand, smaller firms are particularly focused on ways to enhance the human element and provide smarter, better and more sophisticated advice, the analysis shows.
So which technologies offer the most promise to advisors, and which could fall by the wayside?
While robo advice is stealing the headlines, many advisors just aren't focused on the mass-market business, for which, the tools are designed. Only 18% of advisors at all size firms say they’ve adopted a robo solution.
However, firms are reporting tech success in other areas. Risk-profiling software was cited as one such example. The tool “changed the way we talk to clients about risk, and enabled better conversations,” says an advisor at an RIA firm, one of roughly 1,000 participants in the survey.
What other trends have the most power to be transformative? Here are our predictions for the trends and tools that will have a significant impact on the industry over the next few years.
To see more insights from our annual survey, please see our interactive graphic: Tech Survey: The forces reshaping wealth management