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Wealth management technology has been slowly advancing towards maturity, and with new developments in AI, it’s about to explode. Most Advisors I talk with recognize that some change is coming, but don’t yet have clear pictures of what the next 5 months, let alone 5 years will look like.
So, what will it look like to be a financial advisor in 5 years?
Within the next 5 years, I believe you will not be:
- Entering data into spreadsheets and CRMs 5+ times
- Picking stocks for your clients
- Crunching numbers for investment, tax, or other financial analysis
Instead, to provide value to clients within the next 5 years, you’ll have to:
- Have a complete understanding of your clients, their fears, goals, and values
- Shift from knowing the right questions to ask instead of having the right answer or being only a steward of long-term thought
The next generation of new client prospecting and onboarding
The current process of prospecting and onboarding a new client is broken, we’re focused on updating that.
To begin, tedious data entry will become a thing of the past. Any financial document will be scanned, formatted, stored, and summarized, with actionable insights delivered to you in moments, not hours or days.
Next, that basic financial data will be combined with meeting notes, risk parameters, values preferences, financial goals, and any additional relevant information about the client to help you deliver the best financial plan and investment strategies, fully personalized to your client without giving you more busy work to do.
Finally, instead of handing all that data to a paraplanner or internal associate, you can interact with your prospect's plan and portfolio in real time to understand every nuance and scenario to ensure every need is met and the financial pathway considered before you deliver the proposal to the soon-to-be-client.
Advisor Core is about bringing that 5-year vision to you now.
What we’ve built now with Advisor Core and what’s to come
AI has changed not only how we can access information faster and more efficiently, but it has fundamentally changed the speed we’re able to build new software and solutions for Advisors so we can bring that 5-year vision sooner.
Today, with Advisor Core, you can upload a brokerage statement pdf to receive a formatted spreadsheet to download, instant portfolio analysis across key portfolio areas like Risk, Fees, Sector Allocations, and even Values. Finally, you can download a proposal for your client that’s customizable with the press of a button instead of compiling the analysis yourself.
Across the YourStake workflow, you can interact with the analysis through our Chat-With-Portfolio feature to understand everything you need to produce the best recommendations for your clients and have a virtual paraplanner built into the process that can act as a second set of eyes. In the coming month, we’ll be adding functionality to help you find or build the best-fit portfolio for your client based on their financial situation, goals, and preferences. The month after that, we’ll have more – share your thoughts and help us evolve the processes that take your time away from what matters most, building your practice and spending more time with clients.
We’re building a better platform to make you a better, faster, happier Advisor
For years, electric car makers catered to a niche environmentally-focused market. Love them or hate them, Tesla broke through the EV ceiling because they focused on just making a better car – which just happens to have an electric engine.
YourStake is now taking a similar step where we build upon our core values-based tools and leverage AI and new technologies to help you be a better, faster, happier financial advisor, in all aspects of your business, with a platform that just happens to have best-in-class values-based analysis as part of its core.
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