The days of complex spreadsheets and user-confusing software are coming to a close as technological disruption and venture capital enter the financial services industry.
That’s the message delivered at the Technology Tools for Today (T3) conference for broker-dealer enterprises, which closed Thursday afternoon in Atlanta. Over three days, the event was dominated by new product releases and upgrade announcements that showed how tech innovation was driving change in the advisory world.
“Best of the bunch” tech highlights from T3 include:
eMoney Advisor, a wealth-planning software provider, introduced EMX, an online client portal that offers aggregated account data, Morningstar research and cloud-based integration with product partners including Redtail CRM, HiddenLevers, ByAllAccounts and Albridge.
The intuitive EMX dashboard for advisors and their clients will launch in December, according to Drew DiMarino, eMoney’s head of sales.
“Why do advisors want clients to have this intuitive client experience? Because it’s a race,” DiMarino said. “Clients do want advice, but advisors with the best technology are ultimately going to win.”
Advizr, the newest entrant in the web-based financial-planning space, offers advisors and their clients a view into aggregated bank and investment account data, monthly cash-flow analysis, goal-based wealth management recommendations and progress monitoring.
“Advizr is turbo-taxing financial plans so you can deliver more to your clients,” said Advizr CEO and co-founder Hussain Zaidi, who asserted that only one in 10 clients currently receive a financial plan from their advisor. “Our mission is to increase the adoption of financial planning. That’s what has to happen as an industry.”
The planning product is well adapted to the mass affluent market, and allows advisors to create consistent client profiles and to easily cross-sell investment and insurance products, Zaidi said.
Wealth Access, a high-net-worth financial management platform for advisors, announced the launch of a next-generation platform. The update includes new data mining capabilities for advisors to analyze clients’ balance sheets and enhancements to the user interface for both advisors and clients via “widgets” that can be customized to display client data.
Company CEO David Benskin, who referred to Wealth Access as “Mint.com for advisors,” said the platform offers feeds from 20,000 institutions and can be shared with other professionals such as accountants and attorneys.
“As the client experience is becoming more and more important in the ‘post-robo-advisor’ world,’ advisors need next-generation client-facing technology to enhance their client’s access and understanding of their financial situations,” Benskin said in a statement.