“As the wealthtech industry matures, we all need to think about data portability and how data connects between layers in the tech stack,” he continues. “Many smaller RIAs are still running their business on Excel. They need to migrate to the cloud where they can vertically integrate with other applications that will improve their workflow, free up their time, and eliminate waste from some processes. Sure, the pain of changing legacy systems is difficult, but it works better when you show people a path without asking them to reinvent the way they serve clients and run their businesses,” he adds.
The future of client engagement is quickly evolving, according to Kim Mackrill. “The idea that you have to be physically present in front of your clients died in 2020. You don't have to do video conferencing, but you certainly should be ready and able to whenever your clients want to meet that way. Humanity won't march backwards,” she adds.
“Advisors and advisor tech firms have a lot of hard work in front of us to provide clients with accurate, up to date pictures of their wealth that allows them to communicate with ease to their loved ones, wealth advisors, attorneys, CPAs and other personal advisors,” she says.
Seeking Support From The Advisor Community
Over the next year, Next Chapter*, an industry wide group of leaders and innovators from the financial services community, seeks to better the integration and adoption of tools and resources to help improve the digital client engagement experience. A focus will be placed on measuring the ROI of critical digital capabilities that will lead to better outcomes for clients of all sizes.
To build alignment across the industry, Next Chapter seeks use cases for:
If you or others at your advisory firm can provide details on any of the above scenarios based on your work with existing clients, please contact Steve Gresham at [email protected].
David Conti is a NH-based writer, editor and content marketing consultant. He was editor at Fidelity Wealth Management and now writes about personal finance, retirement, aging and wealth for several national publications. Contact him on LinkedIn.
*Working for the greater good, a group of more than 30 industry leaders built Next Chapter—a think tank/take action team focused on retirement. It’s sponsored by the Execution Project, Financial Advisor and the Money Management Institute, and we are working on behalf of the MMI’s 180+ member companies and FA’s 200,000+ advisors.