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AI & Machine Learning

How fintech makes wealth advisors more relevant

Joseph Mrak

20 Sep 2017

Wealth advisors need to rapidly adapt to the evolving fintech landscape. Photographer: Goran Tomasevic
Wealth advisors must learn to adapt to the rapidly evolving fintech landscape. Photographer: Goran Tomasevic

Wealth advisors can turn fintech disruption to their advantage if they use technology to boost engagement and become more relevant to their clients.

Automation and online self-service powered by rapidly advancing technology seems to overturn a different industry every day. In wealth management, the disruptors come in the now familiar forms of robo-advisors and artificial intelligence.

This rise of the machines has put financial advisors on notice.

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Customers are taking expectations gained from digitally enhanced interactions in just about every other area of life and carrying them over into their personal finances.

The wealth management paradigm must change. To put it bluntly, financial advisors must evolve or die.

Fintech dilemma

Ultimately, this means financial technology (fintech) must evolve, too, but many advisors see this as a catch-22.

While they need fintech to survive in the modern era, doesn’t fintech also threaten their existence by automating the traditional services a human advisor performs?

The answer to that question doesn’t need to be so apocalyptic because we don’t have to see automation as a threat.

If investors find the streamlined nature of mobile and digital interactions so compelling, maybe advisors should, too.

Darren Duffy talks to Joseph Mrak about what wealth advisorss can do to become more relevant to their customers
Darren Duffy talks to Joseph Mrak about what wealth advisors can do to become more relevant to their customers

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Time for collaboration

Sure, the sun may be setting on traditional twice-a-year, in-office meetings with clients.

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If they can order anything from groceries to tailored shirts from the palm of their hand whenever and wherever they want, it would be foolish to expect them to continue consuming financial advice any other way.

But that doesn’t mean advisors must be cut out of the equation.

On the contrary, this presents the opportunity for advisors to become more relevant to and engaged with their clients than ever before. It also presents the opportunity for collaboration.

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Finance on demand

From a practical standpoint, automating routine tasks frees advisors to focus their precious time and energy on high-level activities that are more rewarding for them and their investors.

At FolioDynamix, we frame this as helping you become more efficient and effective.

The bigger and more important picture here, however, is that investors no longer want to engage with their personal finance in the limited mold of scheduled times and places.

While fearing and mourning this loss of the familiar is understandable at face value, the wealth management industry as a whole — and advisors especially — should really be celebrating this shift.

That’s because Investors now want to engage with their personal finance on demand, at any time and from any place.

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Digital experience

Developing technology that enables this consumer behavior and turns it into habit can simultaneously breathe life into advisor’s relevance to their clients.

As investors become more engaged with their personal finance, they become more engaged with you. This collaboration develops trust and rapport, making you indispensable.

At FolioDynamix, we are re-imagining the entire investment process as a mobile and digital experience for both advisors and investors.

More than imagining, we are building. This new digital experience is coming. Soon, it will not be just an idea or concept, but reality. It will build collaboration right into the platform.

It will take the traditional investment process and deeply integrate the human touch — your touch — in a digital way.

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