August 11, 2016 2:21 pm

Tapping the Power of Technology

Technology enhances the client-advisor relationship; it doesn't replace it.

A recent article in Financial Planning summarized the results of Jefferson National’s latest advisor survey, which indicated that tapping the power of technology is one of the clearest distinctions of the most successful advisers and most affluent investors—and all advisers should take note.


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This characteristic of a successful advisor is echoed in a conversation between Steve Dunlap, president of FolioDynamix and Doug Alexander, chairman of the board of FolioDynamix. They sat down recently to discuss what benefits technology brings to the advisor-client relationship. Doug noted that advisors in this day and age have to manage a complex assortment of investor accounts—with many clients at different wealth levels, age groups, and needs. In addition, individual investors themselves have different needs and requirements. So there is a strong need for technology systems that are scalable across all types of accounts and investors.

Wealth management is a complicated undertaking. While the perception is that DIY offerings and robo-advisors would drive human advisors out of business, in fact the opposite is true. These types of solutions are often too simplistic, and lack flexibility. To truly meet the needs of today’s investors, we need professional advisors more than ever.

Successful advisors are able to incorporate technology into the financial planning process in a way that benefits their clients, while improving their own efficiency. Smart use of technology enables advisors to focus their time and efforts where they add value: the advisor-client relationship.