November 20189for unique client preferences such as social criteria. Also, scalability is not lost, as these model and trading ecosystems are engineered to accommodate mass customization. As a result, advisors are able to manage large books efficiently, and clients value the tailored, tax-aware approach.4. Enrich client communications through virtual meetings and digital portals. In the past, advisor-client interactions included in-person meetings, emails and phone conversations. Today, the potential to engage with clients consists of many more options. One such example is the use of virtual meetings. Current and emerging technologies are empowering advisors to enhance collaboration, simplify onboarding, customize portfolios in scale, enrich client communications, and improve investor outcomesThrough video conferencing and web meeting applications, advisors are able to visually interact with clients essentially anywhere in the world. Thus, virtual meetings enable advisors to expand their geographic reach. This technology also allows clients to meaningfully connect with their advisors while traveling, home, and abroad. Another way advisors can enrich client communications is through the use of digital portals. These applications allow advisors to securely message their clients and deliver real-time reports to client vaults. Moreover, digital portals give clients 24/7 access to their wealth management accounts via mobile apps and secure websites.5. Improve investor outcomes with artificial intelligence (AI) and virtual reality (VR). Imagine an environment where client behaviors are predicted with high degrees of accuracy, and investor experiences are virtually rendered in 3-D. Given the rapid advancements in AI and VR, predictive analytics, and immersive simulations may begin to surface as mainstream technologies in wealth management. In the not-too-distant future, AI applications may present advisors with best next actions for servicing and retaining clients based on deep analysis of internal and external client data. VR has some similarly compelling use cases for wealth management. For example, VR could be a useful educational tool to teach investors the impact of their financial decisions. Retirement outcomes could be simulated based on savings, spending and investment choices, encouraging younger investors to take actions now to increase their odds of reaching their financial goals.In conclusion, current and emerging technologies are empowering advisors to enhance collaboration, simplify onboarding, customize portfolios in scale, enrich client communications, and improve investor outcomes. As a result, client engagement and satisfaction tend to increase, and strong client relationships provide the foundation for thriving advisory practices in the digital era. BC
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