Providing analytics and data aggregation to serve clients holistically

Jan 29, 2014 @ 12:00 am

Runtime: 3:44

Tyler Derr details that technology allows advisers to offer their clients more data, but it needs to be a part of a holistic financial plan and presented clearly to keep clients engaged.

Video Transcript

You know, the wealth management of the future as it relates to adviser servicing clients, you've got both an ability to provide analytics and data aggregation, and those analytics enabling the adviser to serve the client in a more wholistic way. And today, you know, you've got very fragmented solutions for advisers that can be offered. And the clients really feel as though they need a wholistic solution to their advice and that advice is something that they can share both with their adviser and also act independently on that advice. And I think that that's really one of the challenges around the providing of services to, you know, clients today from the advisers. You know, the real challenges around that is the ability for us to provide, I think, a wholistic solution for the adviser to see the aggregated data for clients and so that's really a challenge because it's trying to aggregate that information today to provide that solution. It's assets that may not be held with the firms that are held away and providing that information so that the adviser gets kind of a wholistic view of the client's portfolio. I think the opportunistic side of that is the ability for the clients to in essence get existing information about their portfolios, be able to act upon it independently, an get that advice that the adviser can provide to layer on top of what they already know about the portfolio and really provide a wholistic solution that includes their own information about their portfolio holdings in addition with advice that is really value added to the client. I think on the wish list is both something that doesn't necessarily provide advice, but really the security aspects of an office and how a client feels about their protected assets and their information about their house, their dependents, their bank accounts, ensuring that's it's protected assets, you know. I always you're one Wall Street [unk] away from where you wanna be regarding security and people believe that they trust their adviser with their holdings. And so, I think that that's something that, you know, a tremendous number of firms need to ensure that their assets are not only protected, but that they've got the provisions around those assets. An example of that is when an attorney may want access to those assets to provide information to their adviser, being able to securely authenticate a third party who has an interested, you know, relationship with the client into that and you can ensure that it's protected, but also providing access so it's ease of use with the client that has an attorney who wants to provide insights to their holdings. So, I think that's one interesting aspect of security. I think in designing technology solutions you've got to think about the end consumer in mind. And the end consumer in this case is not only the adviser, but you've got an investor that's looking at their assets and how they're being invested in, the advice that they're receiving from the adviser who is a trusted relationship providing insights into their investment portfolio, but they're both customers and clients in this perspective and designing solutions that are wholistically taken to account both of their needs while individually meeting their needs, but also providing insights that the adviser may give on behalf of a client and the client may provide insights back to the adviser. And giving technology that provides a seamless interface for the two of them to communicate, it's a win-win for both customers.

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