The landscape is shifting for financial planners and advisors: Rules are constantly changing and so is the way people do business. In a whirlwind climate, set yourself apart using two factors: the best service and the right technology.


Dedication to Service

Successful advisors will be those who guide their clients through worlds of uncertainty. “Once they identify a target market, advisors often head off competitive threats by emphasizing their commitment to comprehensive financial planning,” wrote Morey Sterner for Investor’s Business Daily. One way advisors can do this is by seeing themselves as leading clients through life’s big events, Sterner wrote. “Promising to deliver more personal service, from helping newly married couples set household budgets to coaching mid-career professionals to ask for a pay raise, enables advisors to add value above and beyond investment management.”


Harnessing the Right Tech

Technology can make all the difference for advisors. “A study conducted by Fidelity Investments shows that financial advisors who make use of modern technology in their businesses to serve their clients have on average of 40 percent more assets under management than those who do not,” wrote Britney Pay for eFileCabinet.


The trick is choosing the right solutions for your business and customers, wrote Lawrence Carrel for Investor’s Business Daily. “Common mistakes include advisors not realizing that a review of a technology product might not apply to their situation, and that there is no … ‘best’ technology,” he wrote. “It all depends on your needs, what technology you’re currently using, and which custodians you’re using.”


When seeking solutions, you should look at a tech company’s history and how it’s innovated over the years. According to Carrel, there are three key questions: “[First], does it improve operational efficiency? Second, will it assist in business development? That is, will it generate more referrals, increase conversions and increase retentions? Third, will it reduce compliance risk?” You should also consider the cost to implement it when considering a big purchase, he wrote. “Will this new technology be worth the anticipated revenue,” he wrote, “and be more cost effective than alternatives?”