For the entire history of the industry, professional and tailored financial advice was the reserve predominantly of those who actually needed it least. That’s because of the time, expertise, confidence and – above all – the resources and budget required to make such an investment pay off. Increasingly, though, those relying and benefitting from direct financial advice are not just big or powerful businesses or investors, but also small and medium-sized enterprises (SMEs). The latest phenomenon, meanwhile, is the involvement of the so-called ‘mum and dad’ investor, incorporating any small-scale, risk-averse investor who is typically an ordinary person with a family, kids, mortgage and sensible car.
How has it been possible? That’s due to the incredible evolution since the early 90s of the Fintech (financial technology) industry, whose development achieved stratospheric status as its ‘ABCD’ of technologies – AI, Blockchain, Cloud computing and big Data – opened up all the benefits of financial advice to anyone who dared to dip a toe in.
Now, the most effective financial advice is powered by game-changing innovative financial advisor software, which is more of a constant advice ‘journey’ that empowers clients and gets them more actively involved in their planning by empowering the new super-powers of the industry professionals.
And how does the latest generation of financial advisor software achieve it?:
Table of Contents
1. Supercharged Efficiency
One big game-changer across the technological spectrum is automation, especially in the earlier cumbersome and error-strewn areas of client reporting and portfolio rebalancing. The big upside is freed-up time for the advisors themselves, which is reinvested in the form of the vastly improved human contributions that can be made by the industry in a true domino effect.
2. Shredded Paperwork
Ask a financial advisor about paperwork, and you’ll send a rush of adrenaline down their spine. It isn’t just mundane and time-eating, because the bane of traditional financial advisory work is human error. But with asset allocation worksheets, budgeting and cash flow planning, financial questionnaires, client profile sheets, income and expense tracking and so much more all seamlessly incorporated within the latest financial advisor software, the paperless sky is the limit.
3. Seamless Investment Racking
The heart of the most successful people and enterprises are their investments and profits, which simply must be carefully tracked in terms of goals, objectives and progress. With the best financial advisor software, this tracking of growth and custom-made advice about the next steps and allocation of fund gives the clearest picture yet of how the financial advisor can best contribute for optimised growth.
4. Laser-precise Forecasting
Any enterprise or entity’s predictions are always based on as accurate a forecast of budgets, trends and data-driven resource allocation as possible, and today this is largely dependent on the power of the financial advisor software. The perfect marriage between software features, advisor and client results in accurate predictions and resulting decisions time and time again, with a truly exponential effect.
5. Flawless communication & Transparency
Let’s face it: conversations about something as powerful and precious as money are most productive and successful when every tentacle of the operation – enterprise, client and professional advisor – are on exactly the same page at all times of the day. We all know that the ‘big one’ of our digital age is connection and communication, and today’s financial advisor software does not disappoint in the area of ensuring every party is up to date, understands the plan and the process and is confident there are no rabbits up any sleeves except for highly profitable ones.
Whether professional advisor, Fintech professional or clients of every ilk, it no longer makes sense to be a latecomer on the financial advisor software train. To get the most out of the product that works best for you, get in touch with our qualified and experienced industry experts for personalised guidance.