As someone who has big financial goals, it’s important that you develop a strong, human connection with your financial advisor. Your advisor should work to understand your values, listen attentively, celebrate your successes, and provide unwavering support during challenging times.

Additionally, many financial advisors are taking full advantage of new technologies in financial services.

While not all advisors recognize the value of technology in wealth management (yet), I believe that leveraging technology can improve and enhance the wealth management experience for both clients and advisors.

Below are seven ways technology improves the wealth management experience:

1. Goal setting and tracking
2. Financial modeling and projections
3. Personalized analysis and insights
4. Integration of your accounts
5. Accessibility and security
6. Enhanced collaboration
7. Education and empowerment

1. Goal Setting and Tracking

One of the most important ways advisors support their clients is by helping them set clear financial goals and priorities. At Servet Wealth Management, we don’t believe in chasing arbitrary numerical goals for the sake of it.

Instead, we work on setting meaningful goals that are based on your core values. These values-based goals are more likely to result in a life that is truly well-lived.

With the right software, we can input not only your data, but your most important goals in order of priority so they’re always top of mind when we’re making decisions. This allows for more powerful monitoring and tracking of progress over time.

2. Financial Modeling and Projections

Along these same lines, financial technology allows us to make highly sophisticated projections for your financial future, considering multiple unpredictable factors including market fluctuations, income or expense changes, and even the tax implications of relocating to another state.

Technology like this is particularly useful because, as we all know, life is unpredictable. Plans and goals change. Emergencies happen. And new priorities take precedence. (Perhaps you always saw yourself retiring in your home state of Texas, but your first grandchild was just born in Colorado. Hello, mountain life!)

Below, you’ll see an example of the financial projection software Servet Wealth Management uses. This type of financial technology helps our clients visualize potential outcomes for the options they might be considering while allowing us to make recommendations that are tailored to our clients' needs and wants.

A sneak peek into the financial projection software Servet Wealth Management uses: This snapshot reveals a client's likelihood of achieving their financial goals based on different options they're considering.

These visual elements within the software often add clarity for our clients, particularly those who are visual learners.

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3. Personalized Analysis and Insights

Financial planning and wealth management are no longer just about managing money and making investment decisions. Today, robust financial planning takes your human emotions and behaviors into account as well. (As it should!)

Beyond financial models and projections, most financial technology includes robust reporting capabilities that dive into specific areas like spending patterns, investment performance, and net worth. These insights are invaluable for identifying areas for improvement or simply tracking progress in a particular area of interest.

By effectively leveraging financial technology to help you understand your spending patterns or identify hidden opportunities, your advisor can more easily create a personalized plan that’s based on your detailed data and preferences. This is powerful, as it puts you in greater control of money decisions that may have a significant impact on your financial future.

4. Integration of Your Accounts

In this day and age, it’s incredibly common to have banking and investment accounts at multiple financial institutions. Many of my clients are Millennials, who are known for their inclination to change jobs and even careers many times throughout their working years. This job-hopping often results in multiple 401(k) or similar retirement accounts scattered across institutions.

While it’s often advantageous to roll over old employer-sponsored plans into a single Rollover IRA, there are still a number of reasons why you may have accounts in multiple institutions. Logging into each account individually — not to mention keeping track of different usernames and passwords — can be a hassle.

Fortunately, the technology we use in financial planning can easily integrate the accounts you have at different financial institutions into a single dashboard. This makes it much easier for both you and your advisor to get up-to-date snapshots of your full financial picture in one place.

5. Accessibility and Security

It's become second nature to have a device like a smartphone, tablet, or computer constantly within reach or nearby. It's understandable, then, that these tools have naturally become our primary means of accessing information.

Having your financial plan readily available at your fingertips offers unparalleled convenience compared to sifting through and storing stacks of paper. When your advisor stores your financial plan online, you can effortlessly monitor your finances from anywhere, anytime, and make adjustments on the go.

Plus, you can securely store other important documents like tax returns or legal documents, keeping everything conveniently accessible in one secure location.

Of course, your financial data is sensitive. If it’s being stored online, you’ll want to be sure that it’s secure. The financial software we use at Servet Wealth has robust security measures including encryption, secure data storage, and authentication protocols to make sure your information is protected.

6. Enhanced Collaboration

The online financial software designed for advisors to use with clients simplifies collaboration through document sharing and real-time data accessibility for both parties. This means that when we meet together, we spend less time searching for data and documents, and more time talking about the goals, decisions, and strategies that will move the needle forward.

Rather than detracting from our relationship, financial technology can actually improve our communication, make space for more meaningful conversations during meetings, and strengthen our client-advisor relationship.

7. Education and Empowerment

Lastly — but certainly not least — financial technology can make it easier for you to fully understand the tactics and strategies your advisor recommends. Client education is one of our core values at Servet Wealth, but we recognize that it can still be difficult to know what questions to ask to ensure you fully understand our recommendations.

Having visual resources, such as projection and forecasting models, makes this easier for many clients. When you better understand your financial situation and financial plan, you’re more empowered to play an active role in your financial planning — something we highly encourage!

Balancing Human Interaction with Technological Innovation

Here's the reality: Financial technology is increasingly becoming the norm in modern wealth management and financial planning. Advisors who aren’t taking advantage of it risk providing less valuable services to their clients.

While technology can’t — and shouldn’t — replace the personal touch of human advisors, it does empower them to provide more tailored, data-driven, and efficient financial planning. At Servet Wealth Management, we embrace this blend of human connection and technological innovation.

We cherish the personal conversations we get to have about your dreams, goals, and challenges. We love celebrating your milestones and successes alongside you. And we believe

that innovative technology only deepens those conversations, while also allowing us to pursue the best possible outcomes for your situation.

If you're looking for a blend of personal connection and modern financial planning technology, we'd love to chat with you to see if we're a good fit for working together. To see if we can help you reach your goals with technology-driven financial planning, click here to schedule a conversation today.

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