AssetBook News

FinTech continues to advance, creating more efficiencies for automated business processes. Gone are the days of manually crunching numbers since emerging software can now do everything from portfolio management, reporting, trading, rebalancing, etc. Technology not only helps advisors to compete in the advice business but manage their businesses more efficiently.

Not only do advisors benefit from advancing technology, but so do their clients. Clients now have more time to discuss their families, work-life balance, and future retirement plans at meetings versus only talking about their investments. It is this last benefit of extra time that enables advisors and clients to form relationships beyond financial advice.

When advisors use outdated or limiting technology, they cannot meet with more clients unless they add more human capital costs by hiring help. In this scenario, taking on more clients does not mean more money. With many FinTech options available to advisors, many realize that the only way to make more money is by gaining more time.

According to the 2019 Independent Advisor Outlook Study from Schwab Advisor Services, 58% of survey respondents plan to invest in new technology in 2020 for the following reasons:

  • 38% Scale to serve more clients.
  • 20% Reduce manual work.
  • 17% Move current employees to higher work.
  • 11% Security.
  • 5% Other.
  • 3% Reduce paper.
  • 3% Save money.
  • 2% Reduce errors.
  • 1% Improve client experience.

Even though COVID-19 has made it harder to meet with clients, advisors have turned to virtual meeting software and are now taking time to evaluate their technology. The software tools that advisors should evaluate are financial planning, portfolio monitoring, and reporting, trading, rebalancing, and document management software. All technology tools should have open APIs for integrations to build a customizable tech stack.

At AssetBook, we recently released Pulse by AssetBook, our latest product release and the financial industry’s most robust portfolio monitoring and reporting system. Schedule a demo today to see how Pulse can help you save time, deliver precise portfolio reporting, and see more clients than ever.