10+ Ways Technology Makes You a Better Advisor

Most advisors are aware there are many powerful advisor-focused technology solutions on the market. Some advisors are already leveraging technology, or if they aren’t, know they should be. But you shouldn’t be jumping on the tech bandwagon just because everyone else is! First, it’s important to understand how technology sets you apart from other advisors. Technology increases your efficiency, creates opportunities, and enhances the service you provide your clients. Read on to see all the ways great technology can make you a better advisor.

1. You Don't have to be the bad guy anymore

There’s nothing worse than having to tell a client they’ve misallocated their assets. But with a handy tech solution, you don’t have to be the bearer of bad news anymore. You can use tools like performance reports or a client portal to show your clients issue areas. Then, you can assure them you have a proactive solution which will remedy the situation. With tech, you no longer have to focus on discussing problems, and can focus on the positive instead.

2. Streamlined Meetings

Imagine if you had access to data on every piece of your client’s financial life. With data aggregation and account management tools you can see your client’s holistic financial position. This means that during a meeting you can smoothly transition from one topic to the next, and if your client has a question you can quickly find the information you need to address it without fumbling through a pile of paperwork.

3. Better Financial Decisions

With data aggregation tools, it’s easy to see a complete picture of your client’s financial picture alongside important financial milestones. Because you have all the data, you can make more informed financial decisions. Clients benefit when you have all the facts!

4. Stronger Relationships With Clients

Technology can help you foster better relationships with your clients. CRM tools keep all your client’s information in one place. Some CRMs even support notifications for important financial milestones. This makes it easy to know which of your clients are approaching retirement, saving for their child’s education, etc. With tech, you stay on top of your client’s evolving life, so you can provide the best service possible.

5. Appearances

As an advisor you want to appear knowledgeable and competent to your clients. If you use technology, clients are more likely to see you as savvy and in-the-know. Conversely, advisors who fail to effectively use technology may appear outdated to potential clients. Technology showcases your efficiency and shows clients that you’re in touch with their needs.

6. Make more time for the important stuff

Technology can streamline your operations, so you spend less time on tasks like billing, performance reporting, and onboarding. This creates time for more valuable tasks like building relationships with clients and business development.

7. Increase accessibility

Technology makes it easier than ever before for you and your clients to stay in touch. For many clients, accessibility is an important factor when choosing an advisor. CRM software, client experience management platforms, and virtual meeting devices make you more accessible.

8. Intelligent data helps you make smart decisions

Today's top tech solutions are powered by intelligent data. This means that it's easy to track your technology's performance and see how your tech is impacting your firm. These metrics can help you see in which areas your firm is exceeding or falling short of your expectations. This information can help you make smarter business decisions.

9. Increase transparency

Many advisors are now working with Gen Y, and this generation is more skeptical of financial advice than previous ones. In order to combat this, transparency is key. Great technology can make being transparent with your clients easier than ever. With on-demand billing reports and custom-generated fee structures, it's easy to be transparent.

10. collaborate with clients

Nowadays, many people are choosing to manage their own finances rather than work with an advisor. This is because some people want to play an active role in the management of their wealth. Technology can help you attract clients who want to play a role in their money’s management. Client portals allow clients to view their financial position, and some even support the ability for clients to create and manage financial goals and milestones. These tools will help you attract clients who see investment management as a collaborative effort.

11. Virtual meetings

Advisors who use virtual meeting technologies have many advantages over other advisors. For starters, they’re not limited to working with clients in their immediate geographic area. Virtual advisors can attract potential clients from all over the country. Also, if one of your current clients relocates, you can continue to work with them virtually. Clients enjoy working with advisors who offer the flexibility of virtual meetings. Who doesn’t want to skip driving to the office and sitting through an hour-long meeting? Both you and your clients benefit from virtual meetings, which are more efficient and convenient.