Capturing opportunity with new technology

Couple talking to financial advisor in living room

It’s well reported that 10,000 baby boomers retire every day. In this phase, their trusted relationship with their advisor is of utmost importance as they look to maintain their wealth and plan an eventual transfer of assets to their heirs. Advisors who involve heirs early on often do better longer-term in maintaining that relationship. Studies find that 66% of advisors are fired by the children of the client during the wealth transfer, and up to 70% of women leave their advisor after becoming widowed.

An advisor who can effectively deliver on the client’s wishes and mitigate complexity for overwhelmed heirs can reduce the risk of becoming one of those statistics. Leading advisors are leveraging new technology solutions to deliver high-value and personalized services to clients in a cost-efficient manner.

The Integrated Advisor Desktop concept is an example of such a solution as it helps keep advisors informed, efficient, and valuable. It also satisfies key objectives of advisors and their firms:

Managing Wealth Transfer

In the next 30 years, estimates project the transfer of over $6 trillion in assets. According to a 2015 U.S. Trust study, 78% of high-net-worth (HNW) baby boomers feel the next generation is not financially responsible to handle an inheritance. Advisors can play a valuable role in planning generational transfer that addresses all parties’ concerns and wishes, as they have a holistic view of each client’s wealth through their Integrated Advisor Desktop.

Greater Operational Efficiencies

Advisors can meet their regulatory requirements while having time to serve clients and pursue business development. The Integrated Advisor Desktop brings together the information that advisors need for compliance from disparate applications and data sources into one information hub, thus increasing efficiency and saving time. Aside from compliance-related activities, advisors benefit from automating routine tasks and procedures like client onboarding, account opening/closing, etc. Even complex processes move quicker with automatic, proactive reminders for people to “do their part” when the time is right.

Greater Client Loyalty and Referrals

Clients make a significant investment in the relationship with their advisor. The deeper the relationship, the less likely it is for a client to consider changing firms or advisors. Understanding the total client relationship, including household members, centers of influence and holdings across the household, is key to building a deep, long-term relationship. And, satisfied clients are still the industry’s number-one source of new business referrals.

To learn more about capturing opportunities with new technology, download our latest whitepaper: Keeping clients front and center: Essential components of the integrated advisor desktop.

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