Advisors wear a lot of hats, so they struggle to find an extra hour or two in the week to better communicate with their current clients and to bring in new ones. What WealthTech companies really do is help advisors save a couple of hours per week through the combined services they offer. Companies like YCharts help advisors communicate with clients more efficiently, which saves them time for other priorities. And, as we all know, time is our most valuable resource.
These two types of benefits—insights for smarter decisions and time management—will be able to justify advisors’ fees and help WealthTech companies stand out from the competition.
Takeaways
The fee compression in wealth management is a problem for everyone in the business. Tech companies can deliver value by helping advisors justify their fees and save time for satisfying their clients and growing their businesses. The best way to do it, Brown says, is to remain a leader in what you do and focus on improving your service to meet the needs of your clients.
Sean Brown has worked in various roles in the software and financial services industries. Prior to joining YCharts in 2016, Brown led a division at ICE Data Services (formerly Interactive Data) called 7ticks, which was an IaaS provider for low-latency trading networks and software.