The role of technology in financial planning and customer engagement
In today’s global economic climate, it’s more important than ever to find innovative and effective ways to manage time well, maximise profits and boost efficiency.

Technology is perhaps the most crucial tool available to us today, particularly for those of us in the financial sector. Finance professionals need not fear the rise of digital automation and technology in the industry. These tools will only augment the role of the financial adviser, as well as improving the customer service experience for clients.

Being human is both a strength and a weakness for any financial adviser. While planners and accountants can use their personal experiences, knowledge, and communication skills to assist their clients, there are certain limitations we face on a day-to-day basis. These limitations have a simple resolution when advanced technological solutions come into play. While some professionals may fear that robo-advisers put the necessity of their own role at risk, these digital platforms are anything but a hindrance.

With technology and robo-advice on our side, financial planners and advisers have an easy and efficient way to assist clients. Creating multiple portfolios for a variety of clients, each personalised and targeted for the client’s needs and goals, would take a substantial amount of time for even the most experienced financial adviser or accountant. Using a specialist robo-advice platform takes the burden off of the adviser and does the heavy lifting for you, instantly providing information and data that suits the client’s financial goals.

What’s more, the management of each client’s portfolio becomes far simpler when technology comes into play. Ignition Wealth’s robo-adviser uses an automated system to manage the portfolio, rebalancing funds as needed and keeping the client notified when necessary. The automated advice features also remove the influence of human emotion, a particularly important factor in clients and advisers who are risk-averse and prefer objective data over speculation.

On a customer engagement level, the role of technology and robo-advisers is equally significant. Customers today are more tech-adept than ever before, so accessing and utilising these forms of technology comes naturally to most clients. This is particularly true for the younger Millennial customer, a too-often ignored demographic in finance. Young people may not have as much access to substantial funds as previous generations, but new forms of technology make getting a start in investing a far less daunting challenge than it would have been in the past.

Technology is transforming the world of finance as we know it, so it’s crucial that anyone involved in the industry as a professional or a customer is up to date on all the benefits these advancements have to offer. Expert financial advice and massive potential profits are now available at the touch of a button.