For many firms that specialize in financial advice, COVID-19 turned the business model upside down. Now, more advisors than ever are opting for virtual communication strategies and contactless transactions. And while consumers lean toward Skype or FaceTime to connect, these less-than-private tools are not appropriate for businesses that handle confidential financial and personal information. That is why there is a growing market of 42 million households across the globe that are estimated to be prime candidates for advising services offered virtually.
Asset and wealth management firms control a lot of documents and personal records during their daily workflows. Managing a customer’s portfolio requires quick access to information and the fast and accurate resolution of any queries. As the entire industry is subject to financial and data security regulations, the cost of compliance remains a significant overhead for financial advisors. In this climate, firms need access to solutions that improve their workflows and drives down the costs by leveraging the latest technologies.