Advances in technology have certainly changed industries, and the financial advisory industry is one of the many. While you’ll definitely come across people that might feel these changes have altered the industry for the worse, a majority would agree that technology has changed the financial advisory industry for the better. If you’re new to the industry, it may be difficult to recognize just how beneficial the advances in technology have been.
In today’s blog, we are going to talk about four ways that you can see the direct benefits of technology in the financial advising world today. Whether they make you gain an appreciation for these changes or they provide some clarity on the advances of the industry, it’s definitely worth knowing how the financial advisory world has evolved with the help of technology.
It doesn’t really matter which industry we’re talking about, something that we’ve seen across the board in terms of technology is the ability to provide a customized experience to clients. You can see this in the email marketing strategies used by retailers, but also in the ability to create profiles when visiting a company’s website. When it comes to something as personal as finances, you can anticipate customers are going to want a customized experience.
The fact that money is such an intimate conversation to have with someone is reason alone to provide customers with a customized experience, but it certainly isn’t the only reason. Each individual’s financial state, goals, fears, interests, and the like, are going to differ. Given that each of your clients is going to be unique, as a financial advisor, you should be using technology to provide each of your clients with a customized experience. Be it in the email journeys that you create or the tools available to them, you want to make sure that your services provide your clients with an experience that feels tailored to them and their needs.
One of the more significant ways that technology has proven to be beneficial to financial advisors is in client retention. As we mentioned earlier, finances and money can be a difficult thing for people to talk about. Not only is trusting someone with financial decisions a bit nerve-wracking, but it can be a very sensitive subject for some. Aside from it being a touchy topic, it’s not a subject that many people are extremely well versed or knowledgeable about. If they were, they wouldn’t be turning to someone else for guidance. This is where technology can become a fantastic tool.
With as challenging of a subject as finances can be, finding tools that translate strategies and numbers to your clients is one of the best things you can do. Technology has made it significantly easier to provide clients with visuals as to what is happening with their money and how their investments are doing. In turn, financial advisors have noticed an increase in their ability to retain clients.
It’s incredible what technology can do for the overall appearance of your financial advisory practice. We’ve talked about the desire to build a larger client base, but what if we told you that technology could play a significant part in this? The reality is, we live in a world where industries are either embracing the changes made by technology, or they aren’t. Technology is a fantastic way to help retain current customers because of its ability to make the process of understanding investments and strategies all the easier, but it’s also great for obtaining new customers because it attracts a younger investor.
Unfortunately for those in the financial advising industry that aren’t currently utilizing technology, a majority of young advisors are going to be turned off by the dated services that they’re offering. When a company hasn’t made efforts to get with the times, one can only imagine how behind the rest of their services are. If you’re looking to create a larger client base, make sure that you’re not pushing these young, potential customers away.
Keeping an eye on the market and guessing trends has always been one of the most challenging aspects of the financial advisory industry. Not only is it challenging to track investments and guess the outcome of trends, but it’s difficult to use this information to better invest the money of your customers. With the advances of technology, there have been some incredible forms of software that financial advisors are now able to use for their daily work, Alpha Droid is one of them.
Alpha Droid is a software designed to provide financial advisors with the resources they need to yield results for their customers. While it once took years to understand the market and how it was changing, financial advisors are now able to utilize the Alpha Droid software we’ve created and gain insight into the market and current trends. This software makes it so that you are no longer spending hours on end analyzing the information that you need to succeed in this industry.
If you’re looking for ways to optimize the time of you and your team, looking into the algorithmic trading strategies available by Alpha Droid is a great place to start. Not only are we offering this quality software at a reasonable price, but the benefits that you’ll enjoy are endless. If you’re interested in seeing what this software is capable of firsthand, try our 30-day free trial! Feel free to reach out to our team with any questions that you have, and we would be happy to take care of you.