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24 October 2019

The evolving role of the advisor: How high tech enhances high touch

By Bjorn Widerstedt

Just as quickly as technology is changing, so too are investor expectations. Investment advisors would do well to understand the strong correlation between the two.

In a new article in ThinkAdvisor, SS&C Advent’s Vice President for Advisory Sales Bob Conchiglia explores The Evolving Role of the Advisor – a role that has changed from recommending stocks, bonds, and mutual funds to delivering holistic financial guidance appropriate to each client’s stage in life. Where advisors have long relied on technology for accounting, numbers-crunching, or what-if analysis, Bob makes the case that they should be leveraging technology to strengthen client relationships – especially as a new generation of wealth builders emerges to take the place of retiring Baby Boomer clients.

Life’s conveniences are going digital, and the smartphone is increasingly the medium of choice for accessing online experiences, from news or weather alerts to dinner or travel reservations. Advisors who recognize this will quickly see how they can introduce digital components to elevate their value in the client’s eyes through more effective engagement – whether that’s through collaborative financial planning tools or an electronic diary of client-advisor interactions. Having a client portal is widely accepted as a given these days. True differentiation comes from making that portal as robust, relevant, and personalized to the client as possible. Bob explains how this can be achieved through the seamless integration of technology solutions that together provide a comprehensive view of the client’s financial picture and enable them to source answers on their own. The right technology, Bob points out, will reinforce your value even when you are not present.

Advancing technology and changing client expectations are converging quickly. Advisors who get ahead of these trends will have a better chance of building enduring relationships. Read the full article for more insights and ideas on using technology to more fully engage and ultimately retain clients.