Ned Dane, Chief Growth Officer of AdvisorEngine, joined Keith Black, Managing Director of RIA Channel, to discuss technology solutions to facilitate advisor growth, especially with younger and less wealthy clients.
AdvisorEngine is a wealthtech firm that helps RIAs solve business challenges and leverage technology to scale up their business. RIAs are business owners that are constantly challenged to grow their business in a profitable way and to identify the transformative opportunities to make it to the next level. Technology can assist RIAs that have reached a plateau in their business but struggle to capitalize on new opportunities.
An example of using technology to take advantage of a business growth opportunity can be seen in the great wealth transfer. Clients who will be soon transferring wealth may have adult children who would not independently qualify as a client at an advisory firm. Another opportunity is attracting millennial and gen Z clients. These younger, less affluent clients can be served by a technology solution that provides less time with the advisor.
Delegating more tasks to technology frees the advisor to spend more time with their most important clients and prospects. Technology can also provide data and ideas that can enhance the quality of client meetings.
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