Paul Kornfeld, CFA, President, SIACharts spends an enormous amount of time talking to advisors, on a daily basis, about their businesses to discover how his company can sustain its objective of helping them to systematize and technologize the most time consuming aspects of their wealth management practice.
We caught up with Paul at the inaugural Inside ETFs Canada conference in Montreal.
"Dave Nadig and Matt Hougan presented that, on average, advisors (in the U.S.) spend around $10,000 per year on technology, [with some advisors spending nothing, to the other extreme, of advisors spending hundreds of thousands of dollars annually]," said Kornfeld. "What I took was, in other industries, if you think of outside of finance, outside of the investment advisory industry, people are spending a large amount of their business on technology, for efficiency, for production, or whatever area of their business that maybe they're lacking on or can improve on."
"One of the things that I see constantly working with advisors, is that ratio has not made its way to finance, to the investment advisory industry," added Kornfeld. "Fintech is one of the [fastest] growing areas in the U.S.. In Canada, we're seeing more and more of that, of that investment in terms of companies, robo-advisors, but you haven't seen that take hold with advisors."
"There's actually a huge opportunity for advisors in my opinion, to take it to the next level, and invest more in technology that can help them and help their business, really as a competitive advantage."
We talked in greater depth about two very important ways advisors can set themselves apart using fintech, in particular, to align themselves more objectively with their clients on investment selection, and the value of accurate reporting.
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