Wealth management firms have been adding technology — before and during the pandemic — so their advisors can work better with market data, client information, account servicing tools and AI-powered analytics. But is this making a difference?
"While firms are investing heavily, many have been missing the mark on delivering technologies that truly meet advisor needs," according to Mike Foy, senior director of wealth and lending intelligence at J.D. Power, which released its yearly U.S. Financial Advisor Satisfaction Study on Tuesday.
"In fact, just 48% of advisors say the core technology their firm currently provides is 'very valuable,'" Foy said. "That needs to change if firms want to win the talent war."
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Janet Levaux
Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.
