How Technology Will Make Life Easier for Financial Planners

It’s no secret that the technological age is here. Technology is no longer an industry on its own. It’s made its way into every other industry on the planet. In short, every company is a tech company these days and the financial market hasn’t been excluded.

Still, while technological advances may cater to some clients, if you provide valuable financial services for your clients, you can rest assured that technology will only make your life better.

Here, we’re sharing how technology will make life easier for financial planners now and in the future.

Get More Data Quickly and Efficiently

The technology age gives us access to more data, more quickly and efficiently. We’re now able to track the stock market in real-time on our smartphones and see our entire financial profile with a few clicks.

Technology also helps us organise this data with ease, making it simple to find what you’re looking for and notice patterns in the numbers.

And before you start to worry that financial technology is out to replace your job… all of this data doesn’t mean financial planners are necessarily obsolete. Just because you have the data, doesn’t mean you’re able to effectively analyse such data and offer sound advice without expert knowledge.

However, more data, better organisation, and the speed at which we can access this data, only makes the lives of financial planners easier. This leads us to our next point.

Spend More Time on Your Unique Offerings

With less time spent sifting through the data, you can spend more time doing what you do best — offering unique advice to your clients using your skills, knowledge, and expertise.

This means you can potentially serve more people, do more research on things that the data can’t tell you, and pay attention to the politics and current events that inevitably affect the financial world.

In short, you can spend more time and energy on the stuff that matters and give your clients even more valuable services with your financial planning. You might even have more time to upskill and offer your clients other services in addition to financial planning based on your interests, aptitudes, and the market you find yourself in. You’ll have time to differentiate your business and stand out in the right ways.

Overall, less time sorting through data means more time doing what only human financial planners can do.

Less Energy Spent on Admin

Most of the work that technology can do for financial planners at the moment are the routine admin tasks of sorting, logging, and retrieving. Sure, software can go through more data than a human could ever sift through in a lifetime, but no one really wants to spend all their time doing admin anyway.

Again, when you’re not wasting time and energy pulling your hair out trying to find a specific file, you can get back to what’s important.

Even paraplanners can benefit from better technologies that make the admin process easier and more efficient. When you hire a quality paraplanner, you can trust that the bulk of their workload will be on error-free document creation and client correspondence, not paper pushing.

The point is, embracing technology within your financial planning practice only makes your life easier. From there, you can find holes in the market that only your unique skills and expertise can fill.

You may have to adapt to a changing economy at some point in your career due to advancing technology, but it’s always better to roll with the punches than fight to stay in the past. When you see technology as a tool versus a threat, it’s a better outcome for everyone.