The recent acquisition of MoneyGuide Pro by Envestnet deserves our attention and an analysis
on how technology can make us better advisors. We will try and answer that question and consider how past technology solutions worked. Our life outside of wealth management has definitely been improved by technology, thank you Steve Jobs. Wealth management is different. We will try to explain why. 

Wealth management is multifaceted which creates challenges for technology solutions. We will look at three main areas of wealth management and discuss how technology can help our transition to the future. 


Technology and the availability of data have improved dramatically.  What we do with all of this new data can be overwhelming. Do any of us actually read the footnotes in financial statements?  Better yet do we understand how to evaluate the footnotes?  If your answers are yes then you won’t need a guide. If your answer is yes and you are male you might need some help so you don’t get lost. Technology can provide us with a false sense of comfort that should be double checked before we make any final decisions. Robo Advisors AUM confirm our thoughts. 

Financial Planning 

Financial Planning is an enduring service provided by most wealth managers.  The service is embraced by all clients because they know that they need it and that support through a professional is essential.   DIY falls short but many advisors can fall shot too. Technology has a catch phrase of Garbage - In - Garbage out. Wealth advisors and MoneyGuide Pro users should post this reminder on their office white board and their social media signatures. There is not a final answer to financial planning problems.  Technology can help us improve and encourage us to act. We shouldn’t make the assumption that Ultra High Net-worth don’t need financial planning support. They have FOMO too. 

Business Strategy 

Numerous firms and custodians’ divisions have appeared positioning themselves as best practices experts to aid the new independent business owners. My friend and business partner reminded our clients that they needed to decide what hat to wear. Employee or Entrepreneur? Polls using technology at conferences are an honest answer to this and other important questions. We will need experienced professionals to define the questions and evaluate the polls. Looks like we still need human relationship managers. 

Technology is a facilitator but stops short of solving all of your business and personal challenges. Call me a Luddite but technology isn’t a $500 million panacea. 


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