Financial Technology for Advisors | Leveraging Financial Tech

Whether you’re new to the world of financial advising of if you’ve been in it for a while, there’s one thing that’s going to change how you do your job: technology. Maybe you’ve already seen it happen or maybe you hit the ground running with the latest tech, but the speed at which these tools evolve means that everyone will need to stay on top of this dynamic field.

Why embracing technology is critical

You may like to keep things simple and avoid more tech or you may be an early adopter and be ready to go all in on it. But regardless of how you feel about the world of technology, one thing is for certain: you need to utilize it for your clients sake.

Even if your clients aren’t big into the world of technology, that doesn’t mean they can’t benefit from its innovations. Everything from bookkeeping to birthday reminders on your calendar can help you build a strong and trusted relationship with your clients. Likewise, solutions such as Genivity’s HALO assessment can give you a leg up on advising your clients without them having to wade into the world of tech on their own. Technological advancements can be invisible to the client, yet highly effective, saving your tech-adverse clients time and money all while delivering the results and products they are expecting.

Using technology to set yourself apart

For your technology-oriented clients, showing that you’re on the cutting edge can be a huge win for setting yourself apart from the competition. Sending electronic meeting notices, sharing files over secure web tools, and even simple things like video chats can make building trust a lot easier. The convenience that comes with using some of these solutions shows that you’re thinking about the client first.

Todd Gentry, a CFP from Synergy Wealth Solutions, makes it clear that thinking about the client first and building trust is key to growth and survival in this industry.

This is a relationship business,  FinTech should serve to enhance the existing relationship and quality of advice to create a robust client experience. It will allow you to be absolutely referable and be the highest value advisor relationship your client has. Established producers/firms should consider connecting with “early adopters”, this serves to build out your continuity plan as well as enhance the value of your business, guard against lost clients to tech savvy practitioners, and make clients into advocates for your firm and the team.

Regardless of how you utilize technology in your practice today, it’s clear that it will continue to play a more prevalent role in the future. You should be researching ways that you can make your practice more tech-friendly and look for ways to implement new solutions in the future. Your clients will be expecting it and your drive to provide them with the best solutions available will build trust and stregthen your client relationships.