The future of financial services is tech-enabled. While traditional banks remain active, they no longer monopolize the services consumers demand. Younger generations would be hard pressed to attend a meeting in real life, let alone go to a physical bank location or wine and dine with a financial advisor.
Traditionalists will say that robo-advisors are on the fringes of fintech. Deloitte predicted that by 2025, up to $7 trillion of global wealth will be managed by automated systems. While automation, digitalization, and AI are exciting for financial advisors who are now empowered to scale their businesses faster than ever by leveraging data-forward tools the importance of the human touch shouldn't be overlooked.
Customer experience and effective financial management are top concerns for advisors when considering adding new, advanced technology. How can a robo-advisor or AI be trusted to put the customer first, navigate complex situations, and provide the same level of customer experience that a seasoned advisor may provide?
Picture a world in which AI unlocks a sustainability revolution right in time for the massive upcoming wealth transfer. That's the world you're living in now. Millennials and Gen Z are sustainability-focused and future-forward. They are keen on leveraging data to make informed, impactful decisions.
Robo-advisors are the future of finance, providing a data-driven approach to wealth management that tracks trends in real time and allows investors to have full confidence in their analytical and computational abilities.
Wealth management will always be a relationship-driven profession. And, even as advisors introduce new toolsets to manage portfolios, they must ensure that their customers continue to trust them. Leveraging technology in wealth management is a delicate balance.
Wealth advising in times of market volatility is an art, one that requires a balance of personal wisdom and decades of data. Market volatility can stir a lot of anxiety..
Financial advisors need to maintain relationships with their customers and provide them with constant value. Customers want to know that advisors are hustling for their business and investments. With the nonstop stream of news, advisors can expect their customers to be attentive..
Robo-advisors are an incredible fintech resource, but their use must be balanced with a human touch. The robust data processing provided by robo-advisors paired with human expertise provides clients with a holistic advisory experience.
Millennials and Gen Z expect digital experiences to help them run their lives and meet their goals. More enticing than being wined and dined are instant message replies or personalized notes that contain actionable advice.