Adopting technology to meet client expectations

February 27, 2017 by Steph Kotlarek

An advisor talking with two clients about the technology he will provide to meet their client expectations

About the author:

Steph Kotlarek

Business development representative

Steph began her career at Advicent as a mid-market business development representative after returning from the Peace Corps in Costa Rica. Steph is passionate about FinTech and developing her career in the financial industry.

Technology is evolving constantly, always updating. There is always the newest and greatest with which we find ourselves trying to keep up. Technology is at our side, in our pockets, on our desks. In today’s day and age, if you’re not keeping up, you’re missing out. This stands true in so many aspects of our lives, so why would we expect less from our financial advisor?

Some advisors are even stuck in the traditional way of doing things — pen, yellow pad, and number crunching. These processes have been effective in the past, but client expectations are changing. What the financial services industry needs to realize is that clients are rapidly adopting technology and that means advisors need to as well. Today, 69 percent of high-net-worth (HNW) individuals are leveraging online and mobile banking, but only 25 percent of wealth managers offer digital channels outside of email.

Are you prepared to provide advice amidst this new wave of client expectations?

Today, a larger number of young HNW individuals is emerging than ever before, whether it be a result of wealth transfer or independent success. Additionally, consumers today are completely immersed in technology. Advisors need to take action to demonstrate their value and to keep up with the digital era we are living in.

Download our free eBook to explore the three most important parts of a successful ROI-maximizing digital strategy in the financial services industry.

Though there is a price tag that comes along with implementing technology, advisors should be thinking of it as an investment rather than an expense. It has been found that advisors who implement technology correctly have almost 40 percent more assets under management and attracted more investors than those who avoid technology.

Advisors must balance providing personal service and building a relationship while also offering the convenience that technology provides. It is important to note that digital access and human guidance can exist together. The value of the advisor still exists even with different processes put in place. Overall, advisors must provide convenience through a digital portal and remember that a certain level of personalization is just as important in building a successful client-advisor relationship.

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