No career without technology

No career without technology
From beginning to end, our days would be difficult, if not impossible without the tech tools we take for granted today.
SEP 02, 2015
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.

Latest News

Clients expect to know if you use AI, but don’t realise that their portfolios are likely exposed
Clients expect to know if you use AI, but don’t realise that their portfolios are likely exposed

Janus Henderson Investors research reveals demand for transparency, but lack of awareness of AI’s prevalence in the corporate world.

Retirement dream looking more like a luxury as cost-of-living squeezes savings
Retirement dream looking more like a luxury as cost-of-living squeezes savings

New research reveals rising expenses, forced early exits, and a widening gap between how long people live and how long their money lasts.

Advisor moves: LPL, Raymond James, Brighton Jones raid the talent pool
Advisor moves: LPL, Raymond James, Brighton Jones raid the talent pool

Firms continue their quest to attract and retain the best advisor teams.

Most advisors say AI portfolio construction is worth $500 a month
Most advisors say AI portfolio construction is worth $500 a month

A survey from TacticalMind AI found 69% of advisors say a high-quality AI platform that makes investment recommendations and constructs portfolios is worth $500 monthly, while research-only tools are valued closer to $250.

CAIS embeds Claude AI into advisor workflows for alternatives intelligence
CAIS embeds Claude AI into advisor workflows for alternatives intelligence

The alts tech provider's latest integration lets advisors query fund data and surface portfolio insights without leaving their primary workspace.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline