The convergence of high tech and high touch

Technology has vastly improved transactions in our industry, but JP Nicols says we also need it to improve relationships.
OCT 30, 2013
Most of the technology and innovations deployed in our industry has tended to focus on either large enterprise and compliance needs (ERP, CRM, core systems, trading platforms, etc.), or to enable self-service for customers (ATMs, online banking and brokerage, mobile apps, etc.). This technology has vastly improved transactions in our industry, but we also need technology to improve relationships. The business of being an investment advisor is inherently collaborative, and the business traditionally has been difficult to scale outside of the self-service options, That is beginning to change. The relatively recent proliferation of smartphones, tablets, broadband, and two-way video capabilities has opened up exciting new possibilities. Not to mention the whole phenomenon of social media. With the worst of the global financial crisis behind us, I believe the adoption of new innovations will help to make this time an important inflection point in our industry's history. There will be winners and losers, and as usual, the rapid emergence and evolution of new tools and platforms will continue to outpace the ability of advisers, firms and regulators to keep up. In this space I will be sharing my observations on the increasing convergence of high-tech and high-touch. My perspective is not that of a technologist — unless you count a few snippets of self-taught HTML on my blog, I have never written a line of code in my life, and you won't find me debating the merits of a piece of software's API or development kit. Nor am I a daily practitioner — I have been a CFP certificant since 1996, and I am the graduate of numerous financial planning schools and courses, but you will probably find far better technical advice from anyone else on these pages. Instead, I will endeavor to bring you a strategist's view of how the needs of our industry and our clients are evolving, and how technology can help meet those changing needs. I go beyond traditional wealth management and investment-specific sources to gain an early look and a broader view of innovation, so watch for my posts from upcoming conferences such as Finovate, Money2020, FinTech Partnerships and Bank Innovation. I hope your voice will join the conversation, too. JP Nicols is the CEO of the research and innovation firm Clientific LLC, and a partner at Bank Solutions Group LLC. He writes about leadership, advice and innovation for numerous industry publications, and on his blog at jpnicols.com.

Latest News

Goldman Sachs succession plan: John Waldron set to take the top job
Goldman Sachs succession plan: John Waldron set to take the top job

Goldman's president and COO is expected to replace David Solomon as CEO as soon as 2027, ending a near-decade at the firm's helm.

Where a client's parent lives may decide who pays for the nursing home
Where a client's parent lives may decide who pays for the nursing home

A state-by-state Medicaid report card, federal cuts starting in January and a home-equity cap due in 2028 are pushing a program most affluent families ignore into the planning conversation.

Raymond James launches guided portfolios for high-net-worth advisor market
Raymond James launches guided portfolios for high-net-worth advisor market

New model blends public and private markets as demand for alternatives among wealthy clients accelerates.

SEC fines Zoe Financial $450K over undisclosed referral conflict
SEC fines Zoe Financial $450K over undisclosed referral conflict

Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.

Senate vote on NIL bill could reshape college athletes' paydays
Senate vote on NIL bill could reshape college athletes' paydays

The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains