How to secure future success for your firm

How to secure future success for your firm

How to secure future success for your firm
The financial industry is in a constant state of flux: clients evolve, models change and markets shift so how can you keep up? A recent report on the future of financial advice has found that being tech savvy could be a key way to put your firm above the rest.

It’s been creeping up on us for years and now it’s closer than ever- the advisory industry is fast approaching a mammoth generational shift but what’s that got to do with technology? Well, the vast majority of current advisors are baby boomers and as more and more professionals reach retirement, an increasing number of young successors are stepping up, bringing their technology with them.

Unlike the current cohort, the next generation of advisors has had technology ingrained in their everyday life for decades. As a result, they know exactly how to transfer this technology to their work in order to improve efficiency and client communication within their practices. It’s this tech know-how that could secure future success for your firm.

And it’s not just the younger advisors who are keen to embrace technology. According to the report, clients of all ages are asking advisors to integrate technology into their service model. Reports from both RBC/Capgemini and IN/Cambridge Investment Research have found that high net worth investors are likely to consider dismissing firms that do not provide digital access to accounts.

Despite this, the survey found that the majority of advisors have no immediate plans to improve the web-based services they currently offer. Advisors who are quick on the uptake will beat the competition and place themselves in a lucrative position with high chances of success in the future.