Future of Investing, Podcasts

How technology is changing the wealth management adviser/client relationship with eMoney’s Ed O’Brien

  • Much of the investment process has been automated.
  • Wealth advisers are doubling down on providing planning advice.
close

Email a Friend

How technology is changing the wealth management adviser/client relationship with eMoney’s Ed O’Brien

Today’s guest on the podcast is eMoney Advisor CEO, Ed O’Brien. eMoney is one of the largest wealth management platforms with over 2.5 million Americans on the platform. It’s used by over 50,000 CFAs and Wealth Management Professionals.

I wanted to utilize this time with Ed to learn about how the investment advisory business is changing and the role technology plays in this evolution.

We also chat about how voice assistants and AI tech are changing the way CFAs and Wealth Management pros invest money and manage their clients and their portfolios.


SubscribeiTunes I SoundCloud I Spotify
The following excerpts were edited for clarity.

The role of technology in today’s wealth management industry

Any adviser today looking to drive his business forward is embracing technology. More traditionally, technology has applied more to the back office of an adviser’s practice. It can drive efficiencies in things like performance reporting and quarterly reporting.

More and more, we’re seeing advisers use technology to drive engagement with their clients and find new clients in business development. In eMoney’s territory, technology is showing up in and around planning. How do more advisers get more financial plans to their clients? By employing technology.

Planning as a strategic differentiator

Based on what we’ve seen, our business has grown 25 percent to 30 percent year over year. A lot of that has been the move to planning-lead advice. Things like the investment management piece are becoming more automated and there’s pressure on fees in that area, so advisers turn toward planning.

One thing I can say is dramatically changing — even if you go back as recent as five years ago — many advisers thought about planning as a static deliverable, something they created, got printed, and handed over to a client.

A big driver of our new business are those advisers that are making planning collaborative with their clients. They’re using technology and the financial planning conversation as a way to drive value in the overall relationship. As a result, the adviser understands his clients better and clients get technology to go to one place to set goals and see their entire financial lives. The conversation turns more toward how am I doing as opposed to how are my investments performing?

Data aggregation is essential to the planning process

When you think about it, how can any adviser have a robust conversation about a client’s financial life unless she can see everything? This is an industry that grew up a lot focused on the investment side of things. Equally, if not more important, are the liabilities — the household balance sheet.

Some of our best advisers start a conversation with a client just creating the household balance sheet. From there, you can build on goals and how we get there. Until you use aggregation, you really can’t get all that from the client. When they can see it all in one place on one dashboard, those are some of the biggest uses of our technology among our client base.

 

0 comments on “How technology is changing the wealth management adviser/client relationship with eMoney’s Ed O’Brien”

Podcasts

‘It’s all about embedding financial solutions at a customer’s point of need’: Plaid and Accenture on the future of embedded finance

  • Embedded finance is enabling new players from outside of finance to offer financing products.
  • Plaid and Accenture have released research on embedded finance, its roots and history, and where it's headed.
Zachary Miller | July 23, 2021
Podcasts

‘My mandate is to find great partners that can reach millions of consumers’: Green Dot’s Amit Parikh

  • Hailing from Apple and Discover, Amit Parikh recently joined Green Dot to run its banking as a service platform.
  • The executive joins the Tearsheet Podcast to discuss opportunities in platform banking and how to service top brands' financial offerings.
Zachary Miller | July 14, 2021
Podcasts

‘A real underdog mentality permeates this place’: Chase’s chief product officer, Allison Beer

  • With 56 million users, Chase is an at-scale digital bank.
  • Chief Product Officer Allison Beer joins us on the podcast to discuss UX design, payments trends, and the bank's product pipeline.
Zachary Miller | July 12, 2021
Podcasts

‘Solving corporate payments is about context, not about who pays’: Mesh Payments’ Oded Zehavi

  • Mesh Payments uses a foothold in SaaS payments to help corporates with their spend.
  • CEO Oded Zehavi joins the Tearsheet Podcast to discuss the genesis of the firm and why the market for corporate payments is so interesting.
Zachary Miller | July 08, 2021
Podcasts

‘Sitting in the back of an Uber, we understood drivers have a pain point’: Payfare’s Marco Margiotta

  • Gig workers increasingly want access to the wages as they earn them.
  • Payfare works with firms like Uber and DoorDash to help their workers get paid more frequently.
Zachary Miller | June 28, 2021
More Articles