Wealthtech Insider

The past year has shown investors the value of working with a seasoned financial professional, but how do you quantify the benefits of planning, guidance, and behavioral finance?

Technology is causing a convergence in industries – even in the financial industry, products are relatively similar and the same services are offered at scores of advisory and wealth management firms.

All too often, client onboarding can be an unpleasant experience. There’s paperwork to sign, wait times to endure, and general uncertainty that can creep in.

Behavioral finance has discovered a tendency in humans to create “mental accounts” or “buckets” and having a bucket earmarked for safety can go a long way toward calming the nerves of rattled investors.

Behavioral finance is at the heart of financial advice & wealth management, according to Orion Advisor Solutions, which has embedded an asset bucketing functionality - Protect Live Dream - into its software.

Our goals, whether they are financial or otherwise, should have two foundational elements: (a) they are specific to you, meaning they have personal value for you, and (b) they are aspirational.

The world is awash with personal finance advice online and in books, but much of it is not helpful to individuals and families, and some of it is harmful.

Orion deemed 2021 “the year of the breakaway advisor” in a recent announcement, noting that it is investing in events, practical guides, pricing deals and a network of firms for advisors to “tuck into” while retaining independence.

Winning the day means knowing what is controllable, working to control those things, and leaving the rest alone. It’s a mindset that can benefit you and your clients through good times and bad.

Data security breaches grab headlines every day, exposing businesses & their clients to grievous costs & potential liabilities. In the first half of 2021, more than 1,700 data breaches have exposed about 18.8 billion records.