Editor’s View

Ad­vi­sors who don’t of­fer dig­i­tal plan­ning tools to clients may lose them.

Financial Planning - - CONTENTS - — Chelsea Emery

I re­cently came away dis­ap­pointed from a meet­ing with a fi­nan­cial plan­ner I’d con­sid­ered hir­ing. Our con­ver­sa­tion went well un­til the end, when he told me I’d need to fill out a 14-page PDF with de­tails large and small, in­clud­ing my ad­dress, chil­dren’s in­for­ma­tion, real es­tate hold­ings, fixed ex­penses and salary de­tails. My en­thu­si­asm drained away. This plan­ner worked for a firm that al­ready had this in­for­ma­tion. Why the du­pli­ca­tion and why a PDF? I’m not alone in feel­ing frus­trated. When in­de­pen­dent ad­vi­sors are slow to catch up with the dig­i­tal revo­lu­tion, it costs them. Clients are in­creas­ingly choos­ing firms based on the dig­i­tal ex­pe­ri­ence they will have, said Kelli Keough, the global head of dig­i­tal wealth man­age­ment for Jpmor­gan Chase, speak­ing at our In|vest con­fer­ence in New York last month. “If we don’t have a fan­tas­tic ex­pe­ri­ence for our clients, we will lose our clients to those who do,” she warned. My ex­pe­ri­ence, star­ing at the 14-page form, cer­tainly wasn’t fan­tas­tic. I haven’t made any de­ci­sions yet about that plan­ner, but nei­ther have I started on all that pa­per­work.

New Voices

For­tu­nately, there are two new colum­nists for Fi­nan­cial Plan­ning who are em­brac­ing change. This month marks the inau­gu­ral col­umn of Brent Brodeski, CEO of Sa­vant Cap­i­tal Man­age­ment in Rock­ford, Illi­nois, who will write on big-pic­ture trends that are re­shap­ing ad­vi­sory prac­tices. He de­buts this month with “Are You Starv­ing Your Firm?” And Al­lan Boomer, man­ag­ing part­ner of Mo­men­tum Ad­vi­sors in New York, brings a nu­anced eye to the tough­est client co­nun­drums in “It’s Time to Mix Things Up.”

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