Rising demands on the financial advisor speak to trends that are reshaping the industry today. These include the democratization of access to investments and a parallel need for personalization, as well as the commoditization of portfolio manufacturing and maintenance, which has made the client experience the real differentiator among wealth management propositions.

The importance of the client experience, in turn, has raised the stakes for advisors, who find it challenging to deliver engagement at scale. Meeting with clients takes time, as does documenting the cost and the value of advice. Collaborative tools embedded in financial planning software support efficiency but can be a mixed blessing for advisors used to hand-holding their clients. Secular trends—among them economic and market volatility, increased regulation, and the shift to a remote working environment post-COVID-19—are compounding the strategic and operational challenges facing the advisor. Technology will be the great leveler: a means to boost efficiency, attract and retain more clients, and stay on the right side of the regulator.