When it comes to emerging financial planning trends for the coming year, the need for holistic planning tops the list. Clients are increasingly demanding the convenience and efficiency of aggregating personalized services under a single trusted provider. To meet this demand, financial planner roles will require new wealth management tools that optimize their time and resources and help them keep up with industry trends. Here's a closer look at the top wealth management trends for 2019 and how planners can use communications technology to edge out the competition in an evolving industry.
1. Migrating Toward Holistic Financial Planning
More and more, clients are looking for individualized, comprehensive financial planning that transcends market advice to provide goal-based wealth management. For example, families may require estate and tax planning along with their typical financial planning needs. Financial planners should consider using turnkey asset management platforms (TAMPs), which use sophisticated algorithms to develop risk outcome scenarios with hedging models and strategies, among other services. These platforms provide a more holistic look at a client's wealth and risk management, and free up financial planners' time so they can focus on better serving clients.
2. Transforming Engagement With Omnichannel
One of the major finance trends for 2019 is the continued demand for flexible communication channels. New wealth management tools and omnichannel capabilities can make all the difference for financial planners looking to enhance their client interactions.
While some clients may prefer communicating through social media, SMS messages, or online chats, others may want to speak directly on the phone or through video conferencing. Omnichannel communication platforms are designed to accommodate clients' communication preferences, allowing them to contact their planners through any device. This capability does more than just meet client demands; it enables financial planning organizations to provide seamless interactions, ultimately cutting down on time and resources. Given these benefits, it's no wonder why omnichannel is a rapidly emerging tool.
3. Unifying Communications Through UCaaS
A unified communications-as-a-service (UCaaS) platform opens up a world of new applications for effective communication between support teams, prospects, and clients. UCaaS enables the integration of developer-friendly application program interfaces (APIs), which allows multiple applications to communicate together. Since applications are all integrated in a centralized UCaaS platform, financial planners can easily access aggregate data and use these real-time analytics to improve personalization and communication. With streamlined workflows and automation, APIs and UCaaS platforms are one of the top 2019 trends in finance.
Providing seamless, personalized interactions through the channels clients prefer makes every engagement meaningful.
4. Enhancing Applications With AI
Financial planners are always trying to best accommodate client expectations and meet the needs of their business. As we head into 2019, we'll no doubt see more artificial intelligence-powered tools for financial planners who require smoother workflows and better client interactions. From virtual voice-activated assistants that schedule appointments to robo-advisers that optimize portfolio allocations, AI technology will continue to improve and thrive in 2019.
5. Strengthening Communications With Conferencing
Video has been a dominating trend in recent years, and it will continue to expand into 2019. Interactive video conferencing enables financial planners to have one-on-one virtual meetings with high-touch clients from anywhere and at any time. It also enables financial planners to give virtual presentations to multiple clients and prospects at once, improving retention by meeting clients where they are through their preferred device.
This kind of capability also helps internal communications. One-click mobile video, audio, and web conferencing, for example, allows team members to discuss forecasting or client needs remotely and in real time. These tools for financial planners will be critical for the industry in 2019, as more clients and employees look for on-demand communication.
A Changing Financial Industry
These emerging trends are part of a rapidly changing financial industry. The Standard & Poor's benchmark index experienced the first negative annual performance since 2008, down 6.24 percent for 2018, according to the Washington Post. This, along with changing tariffs and monetary policies, has stoked a shifting landscape where financial planners face several uncertainties.
Though the market is unknown for the coming year, one thing is certain — having the right tools and communications technologies in place is crucial. Providing seamless, personalized interactions through the channels clients prefer makes every engagement meaningful — and this could mean the difference between falling prey to an evolving industry or edging out the competition. For financial planners in 2019, it all comes down to the tools.