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Six Ways Digital Wealth Management is Reinventing the Lowly Workstation

As their wealth grows, investors will look beyond robo-advisors to bionic advisors with desktops and devices that provide them with more data, insight and intelligence.

Six Ways Digital Wealth Management is Reinventing the Lowly Workstation

The first millennial millionaires (call them “tycoons in training”) will turn 40 in 2020. They’re headed toward an estimated $30 trillion wealth transfer from the baby boomers. Will your advisors be able to connect? Can they meet increasing demand for digital expertise?

In step with their growing wealth, millennials are searching for data-enabled experts in growing numbers. As I mentioned in a recent issue of Wealth Management, financial advisors who may be lagging behind the pace of digital adoption can take heart. They still have time to get up to speed. By combining data access and digital wealth management, you can empower your advisors to accomplish more by reinventing and expanding the reach of their PCs, workstations, laptops and mobile devices.

Millennials may have led the way, but now most investors demand a high degree of personalized service, greater choices, holistic financial advice and 24/7 access. Without the technology to access data when they need it, advisors are less able to help clients manage unexpected life events – or look beyond garden-variety products toward a broader range of investment choices that may be more suitable.

Data access means data-enabled

Current, accessible information brought right to the advisor’s desktop or other devices is critical for better wealth management experiences. If you’re looking to reinvent your advisor workstation, choose a digital wealth management solution that covers these six critical data access requirements.

  1. Complete account management. Make sure your advisors can view and manage all client accounts through a single comprehensive interface.
  2. Book of business management. Prospecting, nurturing and servicing clients requires easy access and updating of data.
  3. Goals-based portfolios. To manage investment outcomes and update portfolios when needed, financial advisors must share asset allocations and portfolio insights digitally or personally according to client preferences.
  4. Advanced trading capabilities. When more than ETFs are needed, your wealth management solution should provide access to securities, mutual funds and alternative investments as required.
  5. Market data and research. Clear and concise information is critical to managing investment outcomes and overseeing investor goal-setting.
  6. Performance reporting. Knowing when to add to, complement or replace an investment requires timely, comparative reporting.

Data drives the action

Digital wealth management solutions also enable self-directed choices for clients, all while managing an entire household of accounts, viewing portfolios in real time, funding investments and transferring money among holdings.

The challenges of adopting new technologies to the world of investment advice have been well documented – and so have the solutions. Digital wealth management tools offer a needed bridge from the do-it-yourself approaches of robo-advisors to the more sophisticated solutions required for larger sums of money.