With the new millennia we crossed the point of no return where technology will be driving growth and prosperity. It is easy to see it happening all around us almost every day. There are new Google, Amazon, Netflix, Uber like companies that appear in different corners of the world. Some will stay and some will go, but we can say for sure that new technology will continue to be developed and it will drive our existence forward in all its aspects.
There are different technologies in different industries and the advisory business is one of the booming areas of technological development. New technology in account aggregation, portfolio management, robo-advisory are just a few examples how FinTech is evolving. It is quite important to shift your perception and approach to the business with a new technological tide. Advisors who take on the challenge and learn to stay up to date with technology win BIG compared to those who stayed with more traditional, old school practices.
A recent study from Boston-based investment big Fidelity found that only four in 10 advisors are considered tech savvy—or eAdvisors, as the company calls them. And being tech savvy pays off:
- eAdvisors report 42 percent higher assets under management than tech-indifferent advisors;
- They have 35 percent more AUM per client than tech-indifferent advisors (up from 14 percent more in 2014);
- They have more high-value clients than tech-indifferent advisors;
- On average, they see 24 percent higher compensation than tech-indifferent advisors; and
- They report higher satisfaction with their firm and career than tech-indifferent advisors.
This list of pros to learn new technology should be inspiring. In my opinion, besides making you a better, more knowledgeable advisor, learning new technology can a lot of fun.
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