How Technology is Reshaping Wealth Planning and Management Services
How Technology is Reshaping Wealth Planning and Management Services
By Tony Brumley
Technology is changing the way most companies do business today . Whether it ’ s how products are delivered or the ways in which companies engage their customers , technology offers many new possibilities for businesses to grow .
Wealth planning and management is no different , as investment advisors seek new ways to better serve and understand their clients . At Portfolio Solutions ® , technology is one of our most important assets , particularly when we ’ re charged with delivering wealth planning advice and managing money on behalf of our clients .
The security and safeguarding of client data is one of our highest priorities at Portfolio Solutions ® . Today the risks associated with cybercrime have never been greater , as seen when various forms of cybercrime and increasingly expansive data breaches make headlines daily . When we evaluate or choose a technical solution or partner , effectiveness at protecting our clients ’ nonpublic , private , personal information is a top priority .
Today , technology offers tremendous possibilities to provide value to our clients . Some of the ways in which we leverage technology include an online portal where clients may access account information , and by equipping our client-serving teams with actionable data and analytical capabilities to deliver personalized wealth planning and management services . Tasks such as analyzing account data and reporting are necessary areas of focus to provide the customized service and advice that our clients require .
Salesforce Financial Services Cloud serves as our central data hub ; it helps us understand what our clients want and deliver the right services to them in a very personalized way . Our clients require simplified ways to track and monitor performance based on their individualized goals , and not just relative to peer groups and benchmarks . This integrated , flexible and configurable wealth management technology platform provides advisors with the portfolio management and reporting solutions required to deliver more pertinent and timely information .
We use several other tools that are integrated with Salesforce that provide everything from a way for clients and prospects to schedule appointments with a Financial Advisor to tools for helpi ng set and manage client investment goals . All of this helps Financial Advisors obtain a 360-degree view of each client using a single integrated system . The upside : we can better understand our clients and be more effective at delivering the services they want .
Today , many financial advisors are incorporating technology in their practices . Technology can help streamline and automate administrative tasks , which can also reduce costs . As a result , we can better leverage these services and spend more time with clients and learning about their financial goals and how we can help achieve them . In today ’ s environment , wealth management clients want more than a printed performance statement and are savvy with technology . Clients view their statements online and in real-time and expect greater interaction with their financial advisors . Consequently , we need to deliver services that are personalized and available at all times . We are also increasingly connected to other groups that help manage client wealth , such as accountants and attorneys . Having integrated tools to share information with these parties benefits the client and helps create new opportunities for advisors .
One constant surrounding technology is change . New technologies emerge all the time and we need to maintain the right systems and approaches to ensure we can understand client needs through various stages of their lives and help them achieve their financial goals . Technology enables us to add value for our clients without increasing fees , helps maximize our firm ’ s ability to grow organically and provides capacity to add new clients through acquisitions .
If you are uncertain about your financial advisor ’ s ability to protect your information , provide you with increasing levels of service while containing costs , or stay on top of the latest technology and cybersecurity trends , this may be a red flag and in your best interest to search for a new advisor relationship .
Tony Brumley , Chief Technology Officer at Portfolio Solutions . Tony has more than 15 years of experience in the financial services industry , and more than 25 years in information technology .
DENTON COUNTY Living Well Magazine | MARCH / APRIL 2018
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