The world’s rich are getting even richer.

According to a recent report from the Federal Reserve, the top 1 percent of earners in the United States now possess 38.6 percent of the country’s total wealth, up significantly from 36.3 percent in 2013.

Converting these high-net-worth and ultra-high-net-worth individuals into clients is a financial advisor’s dream come true considering the boost they can add to any advisory practice’s bottom line. With more assets, however, comes more responsibility; advisors must implement the right financial technology offering to serve this demographic effectively and holistically.

There is a common misconception that high-net-worth individuals are technology averse, at least compared to their younger, less wealthy counterparts that have warmed up quickly to low-cost robo-advice offerings. There is plenty of room, however, for technology to play a massive role in the management of high-net-worth client assets, and these individuals are much more open to using online tools than you might think. Advisors just need to know which tools to implement and how to properly utilize them.

Here are a few areas where financial technology can add value to any financial advisor’s relationship with a high-net-worth client:

Organizing A More Complex Financial Situation

High-net-worth investors come with more qualified accounts than your typical client with a 401(k) or IRA. These individuals also usually have stock options, various sources of income to monitor, and more sophisticated cash flow planning needs. Altogether, this information can be difficult to consolidate and maintain without the right financial planning technology. This comes in conjunction with the need to build financial models and make adjustments to the client’s complex plan, which can take large amounts of time out of an advisor’s day. On the other hand, a financial planning algorithm can take care of this process in minutes.

Improve efficiency by reducing the amount of lost data and static spreadsheets that require hours of diligent maintenance. Robust financial planning software can alleviate these headaches and empower advisors with the time they need to focus on building the best financial plan possible.

Collaborating And Responding To Volatility And Regulatory Changes In Real Time

When the market experiences a downturn or new regulations develop, high-net-worth investors expect more from their advisors than a simple phone call. They want their advisor to respond with recommendations for their financial plan—and fast.

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