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While wealth management powers up to join other industries making the switch to providing customers with “anywhere, anytime, any device access,” financial advisors are also starting to re-imagine their own bionic roles.
In an article for ThinkAdvisor, I discussed how the role of the traditional financial advisor is undergoing a profound transformation centered on data and technology. Still, many advisors are unprepared to meet the rapidly emerging digital expectations of their clients. In a new survey from Broadridge and ESI Thoughtlab, The Next-Generation Wealth Advisor, financial advisors admitted to several critical shortcomings:
Advisors are already experiencing data’s dominance firsthand as they consider portfolio performance, volatility, fee calculations and other metrics. Offering them a data-driven path to acquiring and managing successful relationships can accelerate their tech transformation and, at the same time, enhance recruitment and retention efforts.
Here are three ways to unleash the power of your data right now:
Count on data
To meet clients on their own terms, advisors must know virtually everything about their portfolios and personalities. The payback can be significant, but getting there requires accessing data both internal and external to your firm – and putting it to work.
Machines alone are no match for a data-enabled, next-gen advisor who blends personal and professional experience with digital intelligence to win not only the hearts and minds of their clients, but also their own personal “race against the machine.”