Financial Planning: The Big Takeaway on Big Data for Advisors
In a recent Financial Planning article, industry expert and Jefferson National’s CEO, Mitch Caplan, explains why 2016 will be the year of big data in Wealth Management
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 when more advisors will use technology to capitalize on the vast range of data available in their practice to serve their clients better.
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 can 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.”
Welcome to the year of big data in wealth management. Click here to read more.