The answer is simple: No.
Every day, smart phone users tap, zoom, pinch and swish. These are common actions when a potential client is not viewing a mobile-friendly web page. As of October 2014, 64% of American adults own a smart phone and 63% of these owners use their phones to go online. So it comes to no surprise that Google began rolling out their mobile-friendly algorithm update late this spring.Continue Reading…
The rise of the machines isn’t coming, it is here, and advisors need to understand how to leverage this technology so they can focus on what they do best: finding new clients and providing customized advice to existing core clients, agreed all three experts on the Robo Advice: Evolution, Not Revolution panel at the 2015 Morningstar Investment Conference on June 25.
In his opening comments, moderator Nicholas VanDerSchie of Morningstar reported there at least 37 different automated advice providers (robo-advisors) in the market, ranging from direct-to-client front ends to automated account solutions to robo platforms for advisors. But despite the proliferation of this technology, on the defined contribution side, assets under management so far account for only 2.5% of all retirement assets, and a fraction of 1% on the non-DC side, he noted.
Click here to read Ginger Szala‘s complete article from ThinkAdvisor!
“Three years ago managers at Main Street Financial Management had a problem. The Chicago-based registered investment adviser’s clients had come to expect a level of technological sophistication from their financial custodians, and when it came to communicating with their advisers, something was missing…”
Click here to read the full article on Institutional Investor!
“Chicago-based Main Street Financial has broadened from being an asset manager to a technology vendor. It has created and is licensing Oranj, a front-office product for financial advisors fielding client demands for more access to information on their accounts, and a comprehensive view of how the investments are faring.”
Click here to view the full article in Markets Media!
Advisors reviewing client-facing technology solutions often wonder whether their clients will even use it. We hear all too often that “we need a digital offering to attract a younger client or a way to take on smaller accounts”. It is no secret about the intergeneration wealth transfer occurring but there is also a universal shift in consumer behavior that spans multi-generations that include the baby boomers.
For many advisors, the face-to-face client review that used to take place on a quarterly basis is a thing of the past. In-person meetings take place less frequently as peoples lives get ever more hectic, may include significant travel, and dedicating time for the financial advisor is rarely the top priority in someone’s life. Even more, the general trend toward on-line shopping/buying fostered by technology allows consumers to have access to nearly any service on demand. And, consumers have naturally shown a demand for similar access from financial advisors. Clients and prospects expect to see and experience a financial firm without even stepping foot in the door. Continue Reading…