Disrupting the Wealth Management Industry

Justin Woods

Author

If you were to sit in a senior leadership meeting in any given industry, it’s likely that you’d hear them speak about needing to “think outside the box.” But what sets the leaders apart from the disruptors is the desire to live outside of the box. When it comes to financial services, technology and AI have come to light as the latest in innovation. Disrupting the wealth management industry requires leveraging the power of AI. 

In a survey of more than 800 advisors, about 3/4 of all respondents recognize the importance of state-of-the-art technology. And notably, those financial advisors with the highest annual incomes are more likely to see the value in technology – Forbes

Just a few years ago, mentioning the term AI would send financial planners and RIAs into sheer panic. Every conference, magazine, and publication capitalized on some notion that, somehow, advisors would be replaced by the new technology. While many in the industry were quick to categorize the new technology as competition, successful advisors welcomed its capabilities as a way to differentiate themselves from other firms. 

Here’s what wealth managers have to say about the role technology plays in becoming a disruptor in the industry:

It’s naive to think that, in our increasingly digital landscape, the technology wave would somehow bypass the wealth management industry. When it comes down to it, becoming a disruptor is all about how you adopt and leverage new capabilities. Rather than shying away from the new world of fintech, advisors should capitalize on good technology that allows them to augment their revenue-making tasks and automate their manual administrative duties.

Benjamin is the latest wealth management tool, and the world’s first digital assistant created for advisors by advisors. With Benjamin’s capabilities, advisors are able to seamlessly integrate current technologies and software, build stronger client-advisor relationships, flawlessly onboard clients, and more. 

Interested in seeing how Benjamin can help you disrupt the wealth management industry? Reach out to us here and we’ll get you started with a free demo.