If some financial advisors seem to know clients’ needs before they do, there’s a good chance software is part of the reason.
Financial technology — or fintech, for short — has increased competition in the advice business via automated online platforms. Yet at the same time, advisors have found that those digital advances have bolstered their ability to serve clients, both by freeing up their time and helping their businesses run more efficiently.
“It allows us to better advise our clients, quite frankly,” said Lisa Casciaro, a certified financial planner based in Sparta, New Jersey, and president of the state’s Financial Planning Association chapter.
“It’s been good for advisors, but also for consumers,” Casciaro said, adding that she has expanded her client base from the wealthy to the so-called mass affluent due to the evolution of fintech and the extra time it’s given her.
The term fintech generally refers to technology that enables parts of the financial services world to be…