Advisors should not think of technology as just part of the ecosystem of their businesses, helping to onboard clients, develop financial plans and invest and monitor assets. Technology is also key in their clients’ lives and not just for communications with their financial advisor, including clients older than members of Gen X, Y and Z.
“Technology is creeping into clients’ worlds,” says John Diehl, senior vice president of Hartford Funds, who spoke at last week’s Investment Advisor Forum in New York City sponsored by the Investments & Wealth Institute. “Americans over 60 are the fastest growing adopters of technology.”
Hartford Funds has partnered with the MIT AgeLab, whose purpose is to translate technology into practical solutions to improve people’s health and help them engage throughout their life.
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According to AgeLab Director Joseph Coughlin, technology can help people:
- Age in place using apps such as TaskRabbit to find contractors for home improvement projects and food delivery apps
- Monitor and manage chronic health issues
- Stay mobile through ride-hailing services like Uber and Lyft
- Stay connected to family and friends through apps like Skype and Facetime
- Earn income longer, providing flexibility in current jobs or helping to find second careers and update skillsets