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April 12, 2016

ThinkAdvisor: Highest Earning Advisors Are 'Tech Obsessed'

 

Jefferson National CEO Mitch Caplan’s latest webcast, “State of JeffNat” is the subject of a new ThinkAdvisor article entitled, “Highest Earning Advisors Are ‘Tech Obsessed’: Jefferson National.” Much of the article is focused on the webcast’s Q&A, while included compelling questions around integration, consolidation, and the Department of Labor (DOL) Ruling.

Author Danielle Andrus leads with Jefferson National’s Advisor Authority study findings, which indicate the highest earning advisors spend twice as much on technology as other advisors. Mr. Caplan expanded on this point, noting that these “tech obsessed” advisors are adopting robo because “the marketplace is finally understanding that a robo-advisor is not in fact an advisor at all. It’s just a digital experience.”

When asked about the recent DOL ruling, Mr.Caplan replied, “We believe very much that the future is fee-based. We feel like with the [Department of Labor] and the pending changes, there is more to come…having the mission-driven approach toward serving RIAs and fee-based advisors puts us in great stead for 2016 and beyond.”

Mr. Caplan explains that this ruling will “get the conversation going” and “drive the marketplace away from commission and into fee-only and fee-based.” And as he concluded, “My guess is you will see a lot of pressure on the SEC and others to begin to think about what the fiduciary standard means and harmonizing their standard on the taxable world with the tax-deferred world.”

 

Read more on the benefits of integrating technology into your practice, here