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Rich Millennials and the Ways Advisors Can Keep up with Them

With fee compression, increased robo-advisor competition and wealth transfer to younger heirs coming down the pike, advisors have to move towards centralizing their technology stack if they want to see future success.

Within the next 10 years, millennials will control $11 trillion in assets worldwide, which means that leveraging technology today will have a positive impact for advisors down the line.

We've rounded up 4 reasons why advisors should step up to the technology plate!

1. Create a communication hub for advisors and clients. A centralized, intuitive, cloud-based technology platform allows both advisors and clients to access and leverage a comprehensive, holistic wealth picture.

2. Provide a powerful dashboards to communicate key info effectively. Today’s advisors need to offer personalized service that distinguishes them from low-cost robo options. With detailed, dynamic dashboards, advisors can view key metrics easily and therefore present investment strategies in a more efficient way.

3. Integrate core pieces of technology. The right unified, complete platform includes select solutions in financial planning, CRM, risk analytics, and managed accounts. This enables an advisor’s technology to work seamlessly and efficiently.

4. Take advantage of big data to understand the big picture. The right centralized technology platform pulls large amounts of data and helps advisors manage their businesses and client relationships. Advisors can compare their services against those of their peers in terms of pricing, fees, and AUM flows in real time. This in turn results in improved decision-making.

It's clear that technology is the way that any hungry advisory group can pull ahead of the pack, but it's imperative that each firm seeks a bespoke solution tailored to fit the needs of their clients. Here at Infograte, we help a variety of wealth managers (ranging from Single Family Offices to Advisory Groups) pinpoint and implement the correct integrated pipeline and workflow to maximize client service and growth for the next generation of wealth.

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