Advisors Embracing Digital Engagement to Connect with Younger Investors
Financial advisors are facing a changing landscape where younger investors are demanding more direct online engagement options. Failure to adapt to these evolving preferences may leave advisors lagging behind in the industry.
Enhancing Client-Facing Digital Services
Recognizing the need to offer clients user-friendly digital experiences, FIS, a fintech giant, sought to expand beyond its core software services for wealth managers. Partnering with InvestCloud, a wealthtech platform specializing in cloud-based applications for financial advisors, FIS aimed to meet the increasing demand for digital solutions.
Sherry Baker, head of FIS’ wealth business, highlighted the importance of catering to the younger generation’s preference for mobile-first digital experiences. By providing clients with easy access to advisors and essential information, the partnership between FIS and InvestCloud aims to bridge the gap in delivering innovative client-facing solutions.
The Value of FIS and InvestCloud Collaboration
The collaboration between FIS and InvestCloud combines FIS’ backend technological support with InvestCloud’s expertise in digital client engagement. This strategic alliance leverages InvestCloud’s mobile apps and software solutions to enhance investment management and financial planning capabilities for advisors.
Baker emphasized that the joint product offering addresses the evolving needs of clients and provides a comprehensive solution that FIS wouldn’t have been able to develop independently. By integrating financial and operational support with intuitive client experiences, the partnership aims to elevate the advisory services provided to clients.
Meeting the Technology Needs of Advisors
Advisors’ reliance on technology for operational efficiency and client engagement is on the rise. Cerulli Associates’ research indicates that technology plays a crucial role in advisors’ decision-making process when considering options within the industry. Banks and trust companies are witnessing a shift towards independent channels as advisors seek advanced technological capabilities.
As banks strive to diversify their revenue streams beyond interest income, digital wealth management becomes a strategic focus. Client retention and offering comprehensive financial advice are key priorities for banks looking to differentiate themselves in the market.
Driving Client Engagement with Technology
InvestCloud’s AI systems enable advisors to monitor client accounts and market indicators effectively. This technology empowers advisors to deliver timely insights and personalized recommendations to clients. By unifying banking and wealth management services, financial institutions can enhance client relationships and ensure asset retention.
Baker emphasized the importance of leveraging technology to provide real-time information to clients, thereby differentiating the services offered across various client segments. The integration of data from banking platforms with InvestCloud’s solutions enables advisors to deliver tailored advice efficiently.
Overcoming Technological Barriers in Wealth Management
Bjerke highlighted the challenge posed by outdated technology systems that hinder the seamless integration of banking and wealth services. InvestCloud’s infrastructure addresses the need for data interoperability across different systems, streamlining processes for advisors.
The partnership between FIS and InvestCloud aims to streamline fragmented processes and enhance advisors’ ability to engage with clients effectively. By providing a unified platform for advisors to access comprehensive client information, the collaboration seeks to drive operational efficiency and client satisfaction.
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