How technology has revolutionised financial planning

As with many sectors, financial planning is influenced by technological development, where nothing stands still. Financial advisors need to make sure they stay abreast of changes in technology so they remain competitive. Here’s how technology has shaped the financial planning sector.

How technology has revolutionised financial planning

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A holistic and transparent approach

Changes in technology have enabled financial planners to take a more holistic approach when offering advice to clients so that investment recommendations are in the best interest of the client. This enables greater transparency. According to Investopedia, new technology has allowed for a more open mentality, which strengthens the client-advisor relationship.

Improved communication

Technology has also changed the way that financial advisors communicate with their clients, making communication processes easier, transparent and more efficient. When clients have complete access to their financial plan, they can see what communication has taken place, and any real-time changes relating to the plan. Increasingly, they can access documentation themselves using new technology systems, enabling them to make changes to information, view updates and feel involved in the financial planning process. This interactive approach will appeal to those who already make use of internet services and functions that let them manage many aspects of their daily lives.

Automation of back office tasks

With increasingly busy schedules, financial planners have to juggle many tasks. Advances in technology have helped to ease the burden of fulfilling many back office tasks, reducing the workload, whilst making processes more organised and efficient. Certainly, back office systems for IFAs, such as those offered by are becoming highly sought-after in the financial sector for enabling task automation.

Marketing and lead generation

It’s not just client services that have improved thanks to the revolution in new technology in the financial planning sector. High-tech systems are also making the process of generating new leads and marketing services more efficient, targeted and streamlined than ever before. By using technology to target and attract groups of clients who might benefit most from products or services, this can help keep financial planning businesses competitive and one step ahead of their rivals.

Those financial planning businesses that fail to invest in the latest technology may find that, in the long term, they become out of touch with their customers. They also lose the opportunity to make use of systems that could make life easier and more efficient for them.

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