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Tech and Tactile

Jun 24, 2015

The rise of technology isn’t necessarily making business in the industry less personable. Here is how computer-based financial advice can free up valuable time.

The New York Times recently published an article regarding the rise in the web-based services in the financial industry. The popularity of such topics involving “FinTech” is nothing new, as observed by the recent articles in The Economist or Forbes – but, to be clear, the rise in these services isn’t necessarily making things in the industry less personable.

While the NYT article, The Computer as a Financial Planner, primarily focused on the efficacy of computer-generated investment advice for different clients – it also discussed the role such services play in client relationships.  Below is a list of items that you or your firm may be spending valuable time on – time which could be freed up to focus on research, prospect management, or some much needed rest-and-relaxation. 

For example:

  • New outlets have been introduced to calculate account billing which alleviates the burden of doing this the old-fashioned way.
  • Some firms are selecting robo-advisers such as Betterment Institutional which allows them to manage their clients’ investments through a robo-technology and frees them up to focus on more personal issues such as tax and estate planning.
  • Finally, others are seeking outlets that allow advisers and clients to interact more efficiently – allowing advisers to see when clients make changes to their assumptions or goals – this then prompting them to reach out sooner.

This is a business of relationships and as the industry moves closer-and-closer to a new tech-age it will be more important than ever to optimize your time so as to continue to grow those connections. 

Lexington Compliance and RIA in a Box LLC are not law firms, investment advisory firms, or CPA firms. Lexington Compliance and RIA in a Box LLC do not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.