The success of any firm’s wealth management business depends in large part on the capabilities of the technology that is employed.
When evaluating your wealth management technology or evaluating a vendor offering, consider these critical needs:
Posts Tagged: financial planning
Serving the mass affluent market with technology
Historically, the financial planning and advice industry focuses on advisor-centric offerings targeted at higher net-worth clients. The delivery has varied across many types of firms, but the essential program has remained the same — a very skilled (and highly compensated) advisor, serving a small number of relatively wealthy clients. The most prevalent model consists of the advisor having a series of face-to-face meetings with the client to gather information about goals and objectives, assets and liabilities. The advisor then formulates a financial and/or investment plan and again meets face-to-face with the client to deliver the plan.
FPA major firms symposium – Key observations and highlights
Last week, I had the opportunity to attend and present at the Financial Planning Association’s (FPA) Major Firms Symposium in San Diego, CA. So much has changed in the financial planning space since last year’s symposium that I thought I would share a few key observations and conference highlights that stood out to me.
Offering retirement income planning: Addressing the obstacles and challenges
Retirement income is getting a fair bit of industry attention these days, as it shifts from being a niche segment of the wealth management industry to become a driving force. However, retirement income planning is still in its infancy, and no one is quite sure where it will end up.
Technology’s role in advisor education, future success
In a recent study, Cerulli Associates polled advisors asking how their business is impacted after they obtain a professional designation. They discovered that among advisors that gain professional designations, 58% report a growth in their client base, and within that group, more than half grew their client base by more than 10%.
