Meeting the need for more mobile technology for advisers

Jun 4, 2014 @ 12:00 am

Runtime: 2:45

Pershing's chief executive officer Ron DeCicco underlines the importance of increasing the presence of mobile technology in the adviser space.

Video Transcript

[MUSIC] Technology is, is ever changing at a very rapid pace. I think advisors today are challenged with the need for more mobile technology, since both they and their clients are, are more mobile. So, this year we've made an investment. In, redoing our advisor portal Net Exchange 360, both the desktop and the mobile application, as well as our investor front end Net Exchange Investor and again also the mobile application. So we've upgraded all four of those this year, we've given advisers and end clients more functionality. And we've made it easier to use. The industry is in a, a, about to enter in, in a period where there's gonna be transfer of wealth. And for, for the most part for many years, baby boomers have really been the driver working with advisors in both the accumulation and, and the, the distribution of wealth. We're about to enter into a phase where a lot of that money is being transferred to younger generations, for example gen Y or millennials. They are much more tech savvy, so we are investing in technology, not just compared to what other financial services firms. But, we look at what an Amazon has, for instance. Because millennials are used to, you know, shopping online and doing everything online paying bills online. And so, we have to make the brokerage platform and the financial services platform more analogous to that than worrying about, really, our traditional competitors and what their technology is about. We're also doing studies on practice management and publishing white papers about the difference in generations and how their approach to investing is. Baby boomers are more inclined to want a person-to-person, face-to-face relationship. Where millennials are much more likely to do it via some kind of mobile or electronic or digital device. But they still want the advice. I think there are some conceptions that they really wanna do everything on their own as a, as a self investor. And we're finding that not to be true. The more wealth they accumulate, the more likely they are to wanna consult with someone to help them with the, the, those decisions. [MUSIC]


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