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.
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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.
Open AI's release of ChatGPT brought "generative AI" to the forefront of our minds. GPT stands for Generative Pre-Training Transformers. Generative AI is artificial intelligence that produces content, text, audio, visual, and synthetic data. The data is high quality and mimics human thought processes and capabilities in a matter of seconds.
A $10 trillion generational wealth transfer is predicted for 2025, and it will change the wealth management industry as a whole. Not only is wealth shifting, but expectations around the wealth management experience are changing, too.
With the older generations expected to pass on a whopping $60 trillion to their offspring in the next two decades, a generational wealth transfer is underway..
Rising inflation is costly for consumers and the economy since it raises the prices of goods and services, ultimately lowering the currency's purchasing power..Â
Technology has become integral in the modern registered investment advisor (RIA) industry. The industry is evolving with new competition and ever-growing challenges..