2024 FinTech Trends and Takeaways
Advisor360°
The holistic wealth management platform that accelerates your digital transformation
2024 proved to be a pivotal year for firms and advisors striving to adapt to new challenges and opportunities. As the year comes to a close, we wanted to highlight the industry’s most pressing trends and innovations, paired with expert perspectives in this edition of our Connect360° newsletter. Here’s a quick glance guide to the key takeaways:
1. The Rise of Integrated Platforms
Disconnected systems are no longer sustainable for advisors looking to scale their practices and deliver better client outcomes. Unified platforms that consolidate workflows and data have become essential for firms seeking efficiency and consistency.
“Seamless integration is not just a technological convenience; it’s the backbone of innovation in the RIA space.” —Jonathan Neal, Vice President of Sales and Market Strategy at Summitas
Integrated platforms, like Advisor360°, enable advisors to focus on building client relationships by reducing time spent on administrative tasks and manual processes. As a result, firms see a boost in productivity and advisor satisfaction.
Read more here: https://www.dhirubhai.net/pulse/importance-tech-stack-integration-advisor360-onapc/?trackingId=3vOnMPdwTBGOV0SJkr15gA%3D%3D
2. The Importance of Selecting the Right WealthTech Provider
Wealth management firms can position themselves for sustainable growth, improved advisor satisfaction, and stronger client relationships by choosing a WealthTech provider that meets their needs.
Some factors to consider when making this decision include onboarding and customer support, scalability and regular updates, seamless integration, and an effective UX.
“The technology should meet your needs without duplicating your existing tools. Evaluate if ?the product is functional, useful, and designed for a positive user experience.”—Mike Betz, General Manager at 11thEstate
3. AI and Automation Are Driving Advisor Productivity
AI automates routine tasks such as data entry and report generation, allowing advisors to focus more on strategic client interactions. This automation leads to significant time savings and reduces the likelihood of human error.
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“AI and machine learning not only frees up advisor time, but it also enables nuanced client insights for a more informed and proactive advisory approach. We see the future of wealth management with AI and machine learning becoming a core component of the tech stack for both firm efficiency and client satisfaction.”—Hakan Yilmaz, Director of Product Management at Advisor360°
Overall, AI is not just a tool but a cornerstone in the evolution of wealth management, fostering efficiency, innovation, and stronger client-advisor relationships.
Read more here: https://www.dhirubhai.net/pulse/ai-role-technology-improving-advisor-productivity-advisor360-mnuac/?trackingId=h3wjTfZYQh%2Bx0Bxtn9Du8A%3D%3D
4. State-of-the-Art Digital Onboarding Is Must-Have
Digital onboarding is critical for financial firms aiming to improve operational efficiency, reduce manual processes, and enhance the client experience. A strong digital onboarding capability should empower advisors to onboard clients quickly and accurately while maintaining compliance.
“Efficient client onboarding leverages advanced technology to streamline the process, enhance the client experience, and ensure compliance. Today, that involves seamless integrations to bring data together, automation to reduce human error and speed up the process, and a customized digital experience that meets the firm’s unique needs.” —Collin Ross, Product Manager at Advisor360°
Systematic and seamless new account opening solutions foster client trust and accelerate asset onboarding, reducing the process from weeks to just days.
Read more here: https://www.dhirubhai.net/pulse/digital-onboarding-advisor360-2d5tc/?trackingId=aZmaVIQNQCyQ8T8Do42Q%2BA%3D%3D
5. Successful Advisor Transitions
Financial advisors transition between firms to seek better opportunities, enhanced technology and find greater autonomy. This transition is often cumbersome and complex—but there are ways to ease the transition.
Successfully transitioning between firms requires meticulous planning, adherence to regulatory standards, and the adoption of innovative technologies. By addressing challenges proactively and implementing strategic measures, advisors can ensure a seamless transition, uphold client trust, and position themselves for sustained growth in their new environment.
“Not only are advisors free to make decisions in the best interest of their clients, they’re free to do so for their own businesses as well.”—Grier Rubeling, Founder of Advisor Transition Services
Look for more FinTech insights from us in 2025! Explore the trends and join the conversation throughout the year in Connect360°. Read the newsletter.
Customer Success Leader | 15+ Years Experience | USA Hockey Lvl 4 Certified Coach
2 个月Great article. Aligns with a number of similar posts I wrote in 2024.
Vice President, Sales & Market Strategy @ Summitas | Series 7, 63
2 个月It was a pleasure to collaborate. Thank you for the wonderful experience and for focussing on advisors.
Chief Development Officer
2 个月I am thankful for being included!
Founder & CEO at Teknoloje Solutions | HealthTech | FinTech | AI | IOT
2 个月The pace of innovation in fintech continues to inspire! With over 10 years of experience in fintech and healthcare app development, I’ve seen how industry insights can spark game-changing solutions. Which emerging trends do you think will have the biggest impact in 2024? Looking forward to the expert perspectives in this edition!
Thank you for sharing these insights, Advisor360°. It's inspiring to see the dedication of all contributors and the innovations shaping our industry. Looking forward to more valuable discussions in the future!