Financial Planning Guest Blog: Using Analytics Tools to Capture the New Generation

Financial advisors today are rightfully concerned about the growing adoption of robo-advisors among new, younger clients, as it also coincides with the wealth transfer from an aging generation, according to a report by Deloitte Consulting.

In addition, the newer generation expects to be treated as unique individuals, wants control of decisions, accesses on-demand advice, seeks data independently and perceives risks as downside, according to the report.

But there are ways to succeed with these clients, using many of the same digital tools. For one, technology has lowered the cost of client engagement and data analytics technology. At the same time, today’s wealth analytics technology can help advisors identify the unique human capital factors in a client’s life and correlate them with a portfolio’s exposure, enabling them to tailor recommendations. This technology also enables advisors to evaluate the upside and downside of multiple options interactively to help clients make informed decisions.

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