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MARCH 22, 2019

Brace for Holistic Advice (and Please, Trash That Outdated Technology)

By Objectway

Reading time: 2 min


Good news and several opportunities to discover in the recent report Integrate Advisor Supporting Technologies Into Digital Platforms to Accelerate Advisor Adoption (December 2018) by Gartner, two mentions for Objectway included.

The good news: many advisor-supporting technologies are those for which expenditures are due to grow. The opportunities come from a possible (and necessary) mind-shifting of advisors themselves. They know that fintech technology is making great strides; they know that such technology is valuable and can help them immensely; where attrition can be met, it is in its actual adoption.

Sometimes, technology in wealth firms is outdated or obsolete at all; sometimes, it fails to provide a better experience to clients well before than to advisors. There are risks in scaling technology and maybe some resistance to change.

Holistic, Best-of-Breed

It turns out that the (quite close) future of advice is becoming able to give holistic advice, supported by best-of-breed technology, deeply integrated so that the advisor can seamlessly manage the client’s asset and build a productive and satisfying relationship.

Did you know that the medium advisor spends about one hour in a year in meeting face-to-face with every client? It’s clear that technology has a great potential of enabling contacts and creating more chances of dialogue, even if through a network, saving time and cost in the meantime.

Portfolio Management, Robo-Advisory

The Gartner report lists a number of technologies that are rapidly evolving, can effectively support the advisor, and require integration to deliver. We are very happy to appear in both the Portfolio Management and All-in-One Wealth Platforms categories as a representative vendor. We see this as going all the way to create a capable wealth management platform enabling holistic advice is one of our goals.

We believe in human touch and feel that the advisor will always be the best reference for a client looking for advice in managing his or her investments. Nonetheless, tomorrow the best advisor will be the one that masters a good support technology platform, without fears of using modern tools or embracing fintech progress.

Toworrow, almost literally.