Incorporating Tech for Success


There is no denying that technology is changing the landscape for financial advisors. On the surface, some of the technology appears to compete with and take business away from humans. Yet other technology allows advisors to increase their efficiency and lower business costs. And the need still exists for insight and understanding of client concerns that only a human financial advisor can offer.

Going forward, the most important move a financial advisor can make is to recognize and incorporate available technology into his or her business to meet the demands of a changing economy and client base.

For many Baby Boomers, technology wasn’t an issue or a choice for most of their lives. As workers, they were also able to feel more confident that their employer/company pension plan and Social Security would fund their retirement. And, since many companies offered defined benefit plans, the pressure of funding and investing these plans was on the employer.

That is no longer true for today’s workers. Most are now expected to fund their own retirement through defined contribution plan 401(k)s. Added to this are some unique complexities previous generations didn’t face. Many next-generation individuals are dealing with high student debt, confusing retirement planning in the face of multiple jobs and multiple sources of income, the possible financial liabilities of having to provide parental caregiving, and the rising costs of college funding for their children.

These next-generation clients are also much more digitally oriented in both their habits and their expectations. They have embraced technology, and working with them means embracing technology, too.

But where to start can be a serious concern. Initial investment in technology can be expensive. However, as with any other change or innovation, the key to success is finding balance and return on investment.

A good customer relationship management (CRM) system can help you keep track of both current clients and prospects. A good CRM system can also help you save money. You can more easily store the information you need about your clients and prospects and quickly access that information whenever you need it. It’s right there at your fingertips. CRMs also help organize background information, notes and other useful details that can be valuable reminders when talking with clients or prospects. Many CRMs offer the capability of setting a reminder and priority for tasks, helping you stay on top of your workload.

Financial planning software can also be an excellent tech partner for interacting with clients. Financial planning software gives clients access to simplified self-directed and self-managed budgeting, spending analysis, and estate management tools. This allows more time for you to focus on the areas where a client needs your experience and expertise, such as comprehensive financial planning issues and strategies for reaching long-term financial goals.

Access to a robo-advisor platform can provide opportunities for you to accept clients and prospects who have accounts below your minimum. Because you can offer a digital solution, you are in a better position to attract clients from the younger Gen X and Millennial demographic groups, who are technically oriented and still accumulating investible funds. With the robo-platform, you can provide a seamless and automated solution for their current needs while also providing the valuable human guidance they may need as they mature financially.

Adding LegacyShield℠ services to your competitive toolbox can help you meet the expectations and preferences of the up-and-coming next generation. With LegacyShield, you have access to a turnkey solution that addresses many of your business technology and cost-efficiency needs. At the same time, you can also provide a value-added customer experience by offering your clients the convenience and accessibility of having one secure, digital platform on which to aggregate and store all their important documents, account, lifestyle, family and personal information.

The easiest way to experience the value of having LegacyShield as part of your service offerings is to click here for a free demonstration.

LegacyShield has been designed to make it easy for you to take an important step toward greater success by incorporating smart technology into your business.

Please accept our free demonstration offer now.




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