The Wealth Management of the Future Roundtable

The increased empowerment of the consumer means changes for advisers

Nov 21, 2013 @ 12:00 am

Runtime: 3:38

Leda Csanka of Cetera talks about how advisers must adjust in the face of their clients being empowered with more technology and more data.

Video Transcript

At Cetera, when we think about wealth management in the future in the real technology place, we start with thinking about the consumerization of IT and the increased empowerment of the consumer and the voice that they have with their advisers. They're looking for advanced research tools, they're looking for online capability, and they're looking for transparency into their portfolios. And we start to see the role of the advisers themselves, first turning into much more financial planners, and we see that the technology platform is handling more and more of the money management. So, we look for building out additional capabilities with performance reporting, business and data analytics so that we can help them build their practice, grow their business, and focus more on making that transparent to their clients by putting out a client investor portal that offers transparency to everything the adviser is doing. The clients are asking their advisers to be engaged in the process, not to actually just hand it off to the advisers. So, we think technology helps create an integrated wealth management platform between the advisers and their clients. We've grown up in a world where capability comes out piecemeal over time, and my job has been to really integrate all of this and we spent a fair amount of our corporate resources, integrating all the technology, passing the data between the vendors. Ultimate wish-list number one is scrap it all, start from scratch, single simple solution process across all the different kinds of business. The second thing I'd wish for is possibly consistent regulation across the different types of business models as well. I keep coming up with new processes in the back office to manage efficiencies and to manage the-- really to be more risk management and compliant as an organization so that creates a lot more business analytics, a lot more organization reporting capability. And the third wish-list is something that we're actually already starting on and that is to really help the advisers grow their business by improving the technology in the digital landscape. So, we're working on collaboration tools between the adviser and their clients. We're working on giving them the ability to do custom mobile apps. We do all kinds of pre-approved content for them so they don't need to come back to compliance for re-approval. It allows them to collaborate directly with their clients. I talked often about the adviser and the client. The client wants to be more engaged with the adviser on the decision making process. They want transparency into why an adviser is selecting certain products over others. And having custom client capability for the-- for the clients offered through the adviser, not through Cetera, allows the adviser really to take advantage of the digital landscape and build the relationship. At Cetera, we truly believe this continues to be a relationship business and technology is only meant to foster the relationship. It's not meant to displace it. And we think that we've created a tool set that allows lots of digital touch points with the adviser and their client-- -Uh-huh. -and that helps really enhance the relationship, not-- rather than take away from it.


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