We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,343)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (427)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (809)
  • Wink's Articles (354)
  • Wink's Inside Story (276)
  • Wink's Press Releases (123)
  • Blog Archives

  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Voices You already have all the tools to beat robos. Get started. : OPINION

    June 29, 2016 by Matt Sonnen

    When meeting with advisers in their offices, I often hear, “The average age of our client base is 67 years old. We know the statistics — 90% of children fire their parent’s adviser. We are scared to death that we will lose the next generation. We need to offer a robo solution because these kids have grown up in the digital age!”

    But before advisers dive headfirst into the robo pool, the good news is that for many firms, if they have kept up in their back office, the technology they already own may be what they need to re-frame the conversation.

    The algorithms robos use to allocate assets are fairly simplistic and have actually been around for years in the form of TAMPs. The real innovation of robos is the combination of elegant user interfaces and automation that simplifies investing. However, the robo client experience is actually nowhere close to what advisers can bring online with robust CRM and portfolio management tools.

    The trick for advisers, then, is to be able to leverage the comprehensive data you already have in your systems and deliver that in a digital way to the next generation of investors.

    PERSONAL TOUCH

    As an example, consider the following scenario.

    Let’s assume your best client’s son is turning 22 today and is set to inherit substantial assets from a family trust when he turns 25. Here are two emails that can be sent to this young man, one from an automated service and one from a seasoned adviser that has his best interest at heart.

    Both emails are generated with the help of technology.

    • Robot Email

    Dear Michael,

    All of us at BetterFront want to wish you a happy birthday! Because we are on top of your account, we wanted to notify you that we are moving you from the “18 – 21” client profile segment to the “22- 25” segment. As such, we ask that you complete the short questionnaire linked at the end of this email so we can better serve your needs.

    As your automated financial adviser, we are concerned about your financial well-being. We wanted to remind you that people in their 20’s should have at least six months’ salary saved by now, in case of an emergency. You have indicated your monthly salary is $0, so you should have $0 invested in short term cash instruments. If you need help allocating those funds, please click here and our algorithm will provide you with a basket of low-cost ETFs that you can purchase with a click of a button. Isn’t that cool?

    Sincerely,

    BetterFront

    • Human Email

    Dear Michael,

    Happy 22nd birthday! This will surely be an exciting year for you as you finish up at Notre Dame! Your father was telling me last week that this semester has been tough, balancing your job at the Student Center with that rigorous Desktop Publishing class, but I’m sure you are excited to see the light at the end of the tunnel! Majoring in graphic design, I wanted to let you know that we have three clients in that field…I’d love to set up exploratory interviews for you to spend some time with them and learn more about the industry. Let me know your exam schedule, and we can set these up when you are available.

    As the son of our client, I wanted to set aside some time for you to come into our offices with your employment docs (once you’ve landed that first post-graduation job!) and we can help you select your 401(k) options and set a budget for you. We want to talk to you about the power of compounding and get you in the habit of “paying yourself first” right from your first paycheck!

    Again, congrats on such an exciting year — we’ll be in touch soon!

    Take care,

    Bob Smith
    Cell phone: 310-555-1234

    Which of these emails do you think the 22-year-old client would prefer to receive? Which of these emails will prompt him to view this adviser as a trusted ally and an important resource going forward? Which of these emails lays the foundation for a long-term relationship?

    USE YOUR TECH

    All of the data in the human email came from client notes within the CRM. After sending this email, the adviser can leverage the workflow tools in his CRM to launch follow-up tasks to his administrative assistant, to schedule the calls with the other graphic design clients, and arrange for the young man to come into the office to set up his 401(k).

    Once the 401(k) account is set up, he can use data aggregation software in his portfolio accounting software to track the outside investments in the account and report on the performance to the client through the integrated client portal that comes with his portfolio accounting system.

    Once the client turns 25 and he inherits the assets from the trust account the adviser helped his dad set up years prior, the assets can be managed within a model portfolio through the adviser’s reporting and trading software — taking into account the assets that are already in the outside 401(k) — which will rebalance the portfolio automatically on a regular basis.

    The adviser can continue to provide a high-touch, personalized experience to the client by keeping up-to-date notes within his CRM system and using the scheduling tool within the CRM.

    So yes, technology is the key to managing assets for this 22-year-old client, but the technology does not need to be placed in the hands of the client. The adviser needs to use technology to service the client and to efficiently provide a personalized, hands-on experience.

    It turns out that you don’t fight robo advisers with cutting edge technology; you leverage them and provide good old-fashioned client service!

    Originally Posted at Financial Planning on June 15, 2016 by Matt Sonnen.

    Categories: Industry Articles
    currency