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Advisors
Register now to manage accounts, create MAx Models and get access to our Knowledge Bank.

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Create Account to manage your assets on the Jefferson National Account Management website.

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Advisors
Register now to manage accounts, create MAx Models and get access to our Knowledge Bank.

Account Holders
Create Account to manage your assets on the Jefferson National Account Management website.

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Advisors
Register now to manage accounts, create MAx Models and get access to our Knowledge Bank.

Account Holders
Create Account to manage your assets on the Jefferson National Account Management website.

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April 18, 2016

Financial Planning: Now It's Your Turn to Take on Big Data

 

Welcome to the year of big data in wealth management. Jefferson National’s CEO, Mitch Caplan, article, “Now It’s Your Turn to Take on Big Data,” is included in Financial Planning’s 30-day series on “Smart Ways to Grow Your Practice.” Mr. Caplan explains why 2016 will be the year of big data in wealth management, how advisors can better understand this shift, and the advantages of incorporating big data in your practice.

According to Mr. Caplan, “The most successful advisors are truly tech-obsessed. Advisors who manage more assets and generate more revenue spend substantially more on technology and adopt technology into their practice at twice the rate of the average advisor.” He suggests that advisors use big data to transform disparate information and disaggregated data, to better understand their clients’ needs and wants—allowing them to serve clients and families more holistically, and retain them more effectively. 

As he concludes, technology can improve almost every aspect of the advisor’s practice. But, nothing can replace the value of guided advice. “Clients need that human touch to guide them through periods of growth and periods of volatility… And the last thing they want is to call a robo—and get a busy signal.”

Just as 2015 was the year when robos pushed more advisors to confront the inflection point between human capital and technology, 2016 will be the year more advisors will use technology to capitalize on the vast range of data available in their practice to serve their clients better.

 

Welcome to the year of big data in wealth management. Click here to read more.