Financial And Insurance Advisors, Tech Is the Gateway To Success

“To stay relevant, financial advisors are recognizing that technology has to be a big piece of their pitch to this generation.” That statement came from a CNBC article that discussed the critical role technology plays in the financial services industry. The author, Ilana Polyak, points to a recent report from Fidelity, which indicates that financial and insurance advisors who operate with technology as their backbone, also referred to as “eAdvisors” by Fidelity, have more assets under management, more younger clients, and more clients that span different regions, than their counterparts who don’t.

So, what types of technologies help set modern financial and insurance advisors apart from their colleagues? The article makes note of several:

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Robo-advisors | Investors who are comfortable with technology are increasingly turning to automated investment advice. Punch in information, such as your age, income, goals, and risk tolerance, and voilá, you’ll get some trustworthy recommendations. Companies are increasingly adopting similar solutions to help simplify investing and attract younger investors.

Portals | Easy access to client information is an absolute necessity in today’s digital age. Consumers expect to be able to see the status of their investments and insurance at any given time. The more information you can provide digitally, the better off you are.

Mobile | “If [the financial advisor’s] website is not mobile-friendly, they might not even have a chance with that client,” said Jon Patullo, managing director of TD Ameritrade Institutional. If your company doesn’t look or feel modern, chances are you’re losing out on business. Consumers want to know you’re keeping up with the times. Everyone’s on mobile, including those in our industry. Statistic after statistic shows that mobile banking is increasing, while bank branches are closing.

The report from Fidelity concludes that if you’re in the business of providing financial or insurance advice and you’re not using technology to operate effectively, you’re hindering your own chances of success.