September 20188Technology is enabling financial advisors to develop better relationships with their clients. In the past, advisors had to split their time doing manual tasks and servicing clients. Today, technology allows advisors to devote more time with clients, spending less time anchored to their offices. Accordingly, financial professionals are able to know clients well and build meaningful client connections.Below are five ways innovative advisors are using technology to foster enduring wealth management relationships.1. Collaborate with clients using financial planning and account aggregation tools. Wealth managers traditionally have focused their efforts on managing investments. Accordingly, advisors had few reasons to interact with clients, except to win new business, review account performance, and pitch new investment ideas. In recent years, many wealth managers have refocused their efforts on goals-based planning. This holistic approach requires advisors to know their clients' By Bill Martin, CFA, Chief Investment Officer, INTRUST BankFive Ways to Build Wealth Management Relationships in a Digital Eratotal wealth and unique goals. Advisors collaborate with clients to build personalized financial plans using interactive financial planning technology. Financial goals, such as retirement income, funding college, and charitable giving, are discovered and prioritized. Risk preferences are determined through advisor-client interactions, and probability of goal achievement is analyzed using financial planning applications. Client wealth, including all assets and liabilities, is identified using account aggregation technology. When aggregation and planning tools are integrated, financial plans can be monitored in real-time, allowing advisors and clients to assess the impact of market changes and client spending on goal probability. This tech-enabled planning approach promotes deeper client engagement, as investors' goals become the focal point of client interactions rather than products and investment performance.Bill MartinIN MY OPINION
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