5 Technology Solutions for the NextGen Advisor

Who are NextGen advisors?

NextGen advisors are advisors who focus their efforts on working with younger clients, usually from generation X or Y. While the average age of a financial advisor is 50, the average age of a NextGen advisor is only 37. This means that most NextGen advisors are from generation Y. Because of this, they tend to enjoy working with younger clients who they can relate to.

Who are NextGen clients?

NextGen clients are Millennial-age clients (born 1975-1995). Millennials are different from many of the other clients you may have worked with. Millennials grew up in a globally connected world, surrounded by technology and constant communication. Millennials have unique expectations for their financial advisors, as well as unique financial concerns.

Millennial’s expectations for advisors:

  • Transparent about fees
  • Highly accessible for questions
  • Trustworthy character
  • Uses high quality technology
  • Savvy about Millennial’s financial concerns

Millennial’s financial concerns:

  • Student debt
  • Buying a first home
  • Budgeting effectively
  • Changing careers
  • Attending graduate school
  • Starting a family
  • Finding a balance between saving/spending
  • Setting short and long term financial goals

Interested in learning more about NextGen clients and how to work with them? Check out our Ultimate Resource Guide to Working With NextGen Clients.

Why is technology important for a NextGen advisor?

Technology is important for a NextGen advisor for many reasons. For starters, it can help you communicate better with clients. It also lets you collaborate with clients on setting financial goals and demonstrates that you’re tech-savvy.

Even better, technology gives you the tools you need to work more efficiently, so you can focus your time on growing your business.

Nowadays, for advisors who want to work with NextGen clients, technology is a necessity. Millennials grew up using technology, and they expect their financial advisors to use it too.

Read on to find out about five technology solutions for NextGen advisors!

5 Technology Solutions for NexGen Advisors

1. Social Media Management: Buffer

Buffer is a social media management tool which lets you create and schedule posts to all your social media accounts. This tool allows you to sync up social media accounts like Facebook, Twitter, and LinkedIn. Then, use Buffer’s easy drag and drop calendar interface to schedule posts in advance.

What makes Buffer right for NextGen advisors?

Social media has become an increasingly important component of any advisor’s marketing strategy. And social media is even more important for NextGen advisors, whose clients tend to be heavy social media users. Because of this, NextGen advisors need to find a way to efficiently utilize social media to market themselves.

This is where Buffer can be a huge value-add to NextGen advisors. It simplifies the entire social media process by allowing you to schedule posts to all your social media accounts at the same time! Scheduling posts in advance will save you lots of time.

And while other social media management tool’s interfaces are difficult to navigate, Buffer’s is simple. Buffer’s drag and drop calendar and auto-scheduling features make it easy for you to have a social media presence without spending much time on it.

2. Back-Office Solution: Atlas/X

Atlas/X is a back-office solution for advisors. This means that Atlas/X can help you with all your business activities that go on behind the scenes. This solution streamlines processes like reporting, billing, and trading.

What makes Atlas/X right for NextGen advisors?

Atlas/X is a great choice for NextGen advisors because it helps you be more transparent with clients. Atlas/X’s one-click invoice generator and custom fee builder make sharing billing information with clients easy. When clients understand how much they’re being charged and why, they trust their financial advisor more.

Altas/X also reduces the time you spend on things like creating performance reports, generating billing invoices, and managing portfolios. This means you’ll have more time to focus on your clients.

3. Client Experience Platform: Oranj

Oranj is a client experience platform that enhances the service you provide your clients. Oranj integrates an intuitive client portal with features like instant messaging to make it easy for you to stay in touch with clients.

What makes Oranj right for NextGen advisors?

Catering to NextGen clients means an emphasis on communication is key. Utilizing a platform like Oranj helps open up new communication streams between you and your clients. By making yourself more accessible, you appeal better to Gen Y clients.

Oranj’s platform also promotes a collaborative financial planning environment. The client portal allows clients or prospects to create a custom financial profile with goals and milestones. This collaborative financial planning process is more in line with the mindset of younger clients and advisors.

4. CRM: Base

Base is a cutting-edge CRM which combines an easy-to-use interface with powerful sales tracking tools.

What makes Base right for NextGen advisors?

Base includes many features which appeal to a tech-savvy generation. For example, Base’s mobile application syncs with iPhones, making it easy to track phone calls to prospects. This app keeps all your clients information organized and at the tip of your fingers. Base also includes integrated email tracking so you can monitor when your emails are read.

Not to mention, Base’s interface is seamless. While other CRMs are clunky and hard to use, Base has almost no learning curve.

5. Virtual Meeting Solution: GoToMeeting

GoToMeeting is the leading virtual meeting solution on the market. GoToMeeting allows you to make HD video calls by emailing invitees a link to your virtual meeting. GoToMeeting works on any desktop or mobile device, so it eliminates compatibility issues. 

What makes GoToMeeting right for NextGen advisors?

Virtual meetings are key for NextGen advisors. These meetings make you more accessible to clients and also help streamline meetings. Clients and prospects will appreciate your flexibility, and you can use saved time to work on business development.

Also, in today’s global world, it’s important to expand your client base beyond your immediate geographic area. Virtual meetings can help you do this! GoToMeeting lets you work with clients from all over the country and even the world.