Displaying items by tag: technology

Artificial Intelligence (AI) is disrupting how businesses operate in multiple ways. Advisors should embrace this technology, because it can help create more efficiency by handling routine tasks, freeing up more time and energy for high-value tasks. It can be particularly valuable in terms of managing the practice.


Some considerations include figuring out which parts of the business can be enhanced with AI and which should remain in the purview of an advisor. Another is that proper training in these tools is necessary in order to ensure that they are being properly used. 


An example of how the technology is already being leveraged to improve practice management is through the use of AI note-taking applications. Prior to this, advisors (or a staff member) would take notes during the meeting which can be distracting and detract from cultivating engagement. These apps can essentially transcribe and summarize the conversation which means advisors can stay in the moment and give full attention to the client.


Then, these summaries and notes from client interactions can be integrated into the customer relationship management (CRM) software. Thus, these notes can be used by the practice to provide a richer experience for clients by methodically following up on all relevant matters. AI can also help discover insights and identify action steps that need to be taken. 

Finsum: AI is the latest disruptive technology that will certainly impact multiple aspects of an advisors’ practice. Here is how it can be used to improve a practice’s operations. 


Published in Wealth Management

When financial advisors contemplate switching to a new broker-dealer, the due diligence process typically begins with evaluating compensation structures and the range of available products. However, one critical factor that deserves equal attention is the caliber of the advisors within the prospective broker-dealer. The professional community you join can significantly influence your growth and development.


The collective quality of advisors within a broker-dealer reflects the firm's standards and commitment to excellence. Engaging with a new cohort of professionals presents opportunities to gain fresh insights, foster meaningful professional relationships, and refine business practices. It is a chance to challenge your status quo and infuse new life into your approach by learning from the successes and strategies of others.


Before making a transition, advisors should seek to understand the professional dynamics of the broker-dealer's network. This includes the expertise of the other advisors, the collaborative environment, and the overall knowledge-sharing culture. Evaluating whether the new network encourages continuous learning and improvement can be a decisive factor in ensuring the move aligns with an advisor's long-term goals and values. Thus, joining a broker-dealer with a vibrant and skilled community of advisors is not merely a change in business affiliation; it's a strategic step towards personal and professional enrichment.

Finsum: Researching the caliber of advisors within the broker-dealer you are considering joining can pay greater dividends than you might think.


Published in Wealth Management

Investing in the right technology has the power to create a more efficient, scalable, and successful practice. The latest disruptive technology is artificial intelligence (AI) which will affect many different parts of a practice and is already impacting specific areas. 


Advisors who are able to effectively leverage AI will see a material and quantifiable impact in terms of generating leads, conversion rates, retention, and reducing time spent on operations and management. Client engagement is an area where advisors are already applying AI to generate positive outcomes and deliver more personalized outreach and services.


Ideally, an advisor would be able to spend hours learning and preparing for a client meeting. In reality, this is not possible given constraints and other responsibilities. However, with AI, an advisor can effectively organize and review all of a clients’ data, including notes from previous conversations, and find insights to deliver a more unique and valuable experience. 


AI can also help sort through all of the data generated by an advisor or practice and find hidden opportunities or potential risks. They can also provide guidance in terms of strategic decisions and long-term planning. It’s recommended to use a specialist AI model for these purposes given that it’s trained in relevant data and adheres to regulatory standards. 

Finsum: AI is the latest disruptive technology that will certainly impact multiple aspects of an advisors’ practice. Here is how it’s already affecting client engagement. 


Published in Wealth Management

For advisors contemplating switching to a new broker-dealer, carefully evaluating the candidate firms' technology platforms is essential. Their robustness and capabilities can directly influence both advisor success and client trust. Below are three areas to consider.


The Roadmap to Tomorrow: Does the broker-dealer prioritize continuous investment in platform upgrades and new features? Do they have a clear vision for the future of their tech offerings? Knowing where the firm is headed is as essential as knowing where it currently stands.


Growth without Growing Pains: Platforms should facilitate growth, not hinder it. Assess the platform's scalability. Can it handle your growing client base and evolving service needs? Can it be customized to your specific workflows and strategies?


Trusting the Vault: Advisors cannot afford to gamble with client security. Investigate the firms' cybersecurity protocols and data privacy policies. Are they robust and up to date? Do they prioritize data encryption and access control? A single security breach can shatter client trust and an advisor's reputation.


Choosing the right broker-dealer is more than finding the highest paycheck. By evaluating the firms' tech infrastructures, advisors can determine which platform will best enable their growth while safeguarding their client's sensitive data.

Finsum: Select a tech-forward broker-dealer for growth and security in your advisory practice. Evaluate for scalability, innovation, and client data protection.


Published in Wealth Management

Technology's allure is undeniable for financial advisors weighing a move to a new broker-dealer. Sleek interfaces, integrated apps, and workflow-reducing features promise efficiency and a world-class client experience. But while ease-of-use and functionality deserve scrutiny, a truly informed decision involves understanding the security, legal, and compliance capabilities of the prospective firm's tech.


Ask how client data is secured. What are the client-facing system's encryption standards, two-factor authentication, and access controls? Understand how the platform complies with industry regulations and data privacy laws. And most importantly, what happens if the lights go out? Does a comprehensive disaster recovery plan ensure business continuity and safeguard client assets even during outages or cyberattacks?


These may seem like technical minutiae, but your clients trust you've vetted these issues thoroughly when they follow you to your new professional home. Prioritizing security and compliance in your tech evaluation isn't just about ticking boxes; it's about safeguarding your practice's foundation and fostering the trust your clients deserve.

Finsum: Cybersecurity, compliance, and data privacy are key factors to consider when evaluating a potential broker-dealer’s technology.


Published in Wealth Management
Page 1 of 4

Contact Us



Subscribe to our daily newsletter

We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…