Financial Tech to Assist Registered Independent Advisors
In modern wealth management, due to the JOBS Act and other regulatory changes that are occurring around the world, we have seen an explosion in innovation in the private capital markets. Technology in the industry currently is being created for accredited investors to have access to online platforms and related services to create a greater transaction flow, more readily available transparency, and, eventually, liquidity.
It’s an exciting time for an advisor to add value to their service offering. The deal flow in this space is pretty exciting…the primary categories of FinTech serving niches in various ways are:
Platform Tech that enables reporting and accountability in the Financial Planning Sector
Access to asset classes that once required a seven-figure investment
Ubiquitous Communication Tools to enable better communication and collaboration between registered independent advisors and their clients
Deal execution and investor relations services that enable easy communication between registered independent advisors and clients.
Real-time indices, a standardization of data, and reporting on performance allowing for accountability and transparency never before seen in the financial planning industry
Financial planners and investment advisors that provide these types of solutions are a step ahead of the rest—they have the ability to build advisor-client relations from the ground up in a way that the industry has never before seen. The companies that succeed will need to implement innovative solutions that deliver major improvements to the basic processes of wealth management—a market that hasn’t changed in decades.
How does the current wave of Financial Planning FinTech innovation serve the market on a large scale?
Technology that provides a better experience to both clients and their financial planners and investment advisors
Focus on mobile and wealth management advisor effectiveness.
Increase ROI through FinTech sourcing and IT organization modelling.
A balancing of tech spends with regulatory requirements.