Wealthtech Insider

Daniel Crosby, Chief Behavioral Officer for Orion, points out that people spend money in accordance with a psychological hierarchy of needs, prioritizing safety and security first.

Technology has evolved in tandem with the RIA space, Ten years ago, technology was acquired by firms in an a la carte manner, with the firms looking for specific solutions to specific problems.

While the recent Russia invasion of Ukraine is unsettling, historically, these major geopolitical events have not significantly moved capital markets unless a recession develops globally or in the U.S.

More than a third of advisors want more control over their business when going independent or switching their broker dealer, but one wrong step, could cause significant legal issue to arise. 

Even before the pandemic upended traditional prospecting channels, many advisors saw the potential advantages of embracing social media. Facebook alone had more than 2.7 billion monthly active users in 2020. But it hasn’t always been obvious to our industry what could - and should - be done with social media.

As we approach the one-year mark since the onset of COVID-19, it's an opportune time to reflect on all that has changed in the financial advice industry and more importantly, what comes next.

In an industry where personal relationships are the backbone of how advisors interact with many clients, the value of a CRM is central to the service provided by an advisor and their team. Forrester Research found that of companies who use a CRM, 74% of them report better customer relationships. You can draw your own conclusions, but the evidence supports that a good CRM plays a pivotal role in growth and building long lasting relationships with clients.

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.

Advances in technology and industry consolidation are blurring the once-tidy lines between different players in the financial services world. Broker-dealers moving beyond commission-based service adopt tech and more.

In the weeks ahead, I’ll be conducting a series of Q&As with Orion’s subject matter experts around the four pillars of our tech-enabled fiduciary process: Prospect – Plan – Invest – Achieve. For the first installment, I spoke with Dr. Daniel Crosby about the role behavioral psychology plays...