Wealth management firms are beginning to take a more aggressive stance in terms of technology. Tech is helping wealth advisors provide clients with better overall experiences. Additionally, it is helping firms expedite processes and increase revenue. Much like other industries, tech is creeping it’s way in to make experiences better and tasks faster.

Next-gen clients

The younger generations are more inclined to seek a technologically advanced wealth management firm and the firms are well aware of this. More and more firms are developing their own robo-advisors for next-gen clients. These robo-advisors will allow clients to see what is happening in real time and make investment decisions right from a smartphone or computer.

Social Media

Firms are cultivating a strong online presence and brand awareness. The use of social media connects potential and existing clients to the firm directly. Questions can be tweeted, blogs are used to educate clients and provide industry news. Much like any business, an online presence and brand is an integral part of marketing strategies.

Big Data & Cloud Storage

Data is being used increasingly more to provide hyper personalized experiences. The more industry information at an advisors fingertips, the better they can serve the needs of their clients. Additionally, knowing behavioral influences and market analytics are giving advisors more insight than ever before.

Cloud storage is also being adopted to expedite processes and provide access to secure files from anywhere. This is good for clients and advisors alike. Cloud storage can provide both parties with access to the same information and allows for more collaboration on the go.

Blended Advisement

Clients both young and old are expecting a blended style of advisement. Most clients still see a lot of value in face to face meetings. Wealth Management, Technology, especially early on. This is great news for wealth advisors. It allows them to develop a rapport and manage expectations early. After the trust is built, younger generations especially, look to technology to replace face to face meetings. Digital reports and email correspondences are becoming the norm.

As with any industry, evolution and growth is necessary to stay on top. Wealth management firms are taking the feedback of clients. They are providing them with tech to help expedite processes and put more control and transparency in their hands.