Advisors have always looked for the newest tech in order to make their work easier, from financial-planning software twenty years ago, to social media and cloud computing a a decade back, and now, artificial intelligence, virtual reality, and even QR codes. As this week’s Barton’s Advisor Big Q column shows, the new set of technologies have had an immense impact on the businesses of advisors.
Douglas Boneparth, president of Bone Fide Wealth, mentioned ChatGPT and HolistiPlan as two of the most beneficial techs he has adopted in recent years. ChatGPT, also known as Chat Generative Pre-trained Transformer, is an artificial intelligence-powered tool, designed by Alpaca, which provides automated workflow. HolistiPlan is a product of Refinable, and is a suite of powered financial planning tools which provide an interactive process to give insights to clients and help make informed decisions.
Other useful technologies that advisors vouch for are applications that assist with managing the customer journey, such as those which automate the workflow or the customer relationship management systems. This allows advisors to focus on providing quality service to clients rather than managing data. Moreover, it saves time and cuts costs, helping advisors increase its customer’s experience.
Also mentioned in the column was Recovco Mortgage, which allows advisors to keep track of their mortgage-backed securities, helping them stay updated on the market quickly and accurately. Other online tools such as Zoom, Meetiful, and even digital signatures are being utilized for more efficient communication and processing of paperwork.
In general, any tech adopted by advisors should have a clear advantage and provide tangible outcomes. Technology is of great use to advisors if it furthers their strategy to provide clients with the financial advice they need, quickly and accurately. Generally, the adopted technology should strive to make the customer experience even better, aiding in areas such as client relationship management and customer segmentation. Ultimately, tech should be adopted to reduce costs and simplify processes.
