From beginning to end, our days would be difficult, if not impossible without the tech tools we take for granted today.
Today I was thinking about technology and my career. I realized that without technology, there likely would not be an RIA industry and I likely would not have a career. It would simply not be realistic.
From beginning to end, our days would be difficult, if not impossible. Of course, we'd need an alarm clock rather than relying on our cellphones to wake up on time. But think about our tools:
• Telephones: We would only be able to take phone calls in the office — no Bluetooth, no wireless headsets.
• Computers: Without computers, we'd be stuck with yellow pads, columnar paper, pencils and erasers. Without Excel, we'd have to rely on calculators — or even adding machines. (Let's hope we wouldn't need to learn how to use a slide rule!)
• Software: Yes, I know, software should be mentioned as part of computers, but there are so many dimensions to this. Can you imagine preparing a financial plan with pad and paper? How would you calculate investment returns without portfolio accounting software? What about quarterly letters? Remember typewriters?
• The Internet: Would it be possible to manage portfolios without access to current market prices, online transactions and instantly available research tools? Can you imagine depending on ticker tapes to get price information?
• Email and Outlook: Email and instant messaging allow us to communicate with clients, custodians and employees on demand. Outlook handles our emails and calendar effortlessly. No email and no Outlook would necessitate snail mail and handwritten appointments in a leather-bound calendar book.
• Scanners: With all the paper produced from work papers, client documents, reports and administration, record retention would revert to file folders, cabinets, file rooms and rented storage facilities. RIAs would be responsible for killing millions of trees!
The bottom line is that without technology, we wouldn't have the time, space, resources or ability to successfully and proficiently serve wealth management clients. Let's all be thankful for technology; it has allowed us our careers and, accordingly, enabled us to help lots of clients reach their financial goals.
Sheryl Rowling is chief executive of Total Rebalance Expert and principal at Rowling & Associates. She considers herself a non-techie user of technology.
