There’s no getting around it. Being a wealth manager is a high-touch, always-on job that often requires multiple devices to stay connected and meet clients’ needs. But when does the right amount become too much? Wealth managers can easily fall into device overload, compromising their efficiency and putting their clients’ data at risk.
At a baseline, a wealth manager might have a home-office desktop, two mobile phones, a tablet for client presentations, a laptop and more. Juggling these devices can cause distractions and make it harder to maintain a clear, unified view of client information.
Wealth managers are pressed for time
Financial advisors are always on the go, spending their day engaging with their customers, managing investments and prospecting for new business. Among the most time stretched are wealth managers who serve demanding, high- net-worth clients. Overall, nearly one-third (28%) of financial advisors say they don’t have enough time to spend with clients, according to a J.D. Power survey.
Meanwhile, a study by Natixis found that financial advisors spend as much as 10% of their time on administrative tasks, such as managing technology—hours that could be better spent marketing themselves or learning about new investment opportunities.
Even more troubling, deploying multiple devices increases security and compliance concerns at a time when the financial industry is already facing serious security concerns. As much as 25% of all malware attacks target financial services organizations, more than any other industry. The more devices wealth managers use, the more places where sensitive client data could become vulnerable or even compromised. Managing security across multiple devices often increases risk.
The solution: Fewer devices, more time on clients
Wealth managers should rely on a streamlined set of high-performing devices that work seamlessly together to support multitasking, mobility and secure client engagement. Consider a wealth manager’s activities over the course of their day and choose devices that match their needs.
For instance, on the way to the office a wealth manager might want to review complex documents, view two screens side by side, or maybe draft AI-assisted summaries of the latest financial headlines—tasks not easily accomplished on a standard smartphone. A better option might be a foldable smartphone that does double duty as a multi-featured mini tablet when unfolded. It’s more efficient and convenient.
Later in the day, whether meeting with clients or sitting in staff meetings, a wealth manager might want a larger screen for tasks like drafting detailed financial plans or hosting video calls with clients. Here, a high-performance tablet that makes multitasking easier with a stylus or the ability to work with an external screen is a smart option because multiple types of information can be stored and presented on a single, versatile, secure device.
Either way, all devices used by wealth managers should incorporate defense-grade protections that start at the hardware level and continue to protect against the most advanced security threats.
One of the best ways to avoid device overload is to look for products designed for doing more with less. Let’s say a wealth manager needed an in-office presentation experience. With the right desktop experience built into a smartphone or tablet, a wealth manager could connect their mobile device to a monitor, even wirelessly. Once connected, it’s possible to work across multiple apps simultaneously just as one would on a desktop, eliminating the need to carry around a laptop or access an office PC.
For organizations that offer their wealth managers a streamlined set of powerful mobile devices there are many benefits. Advisors will avoid the hassle of logging on to multiple systems, transferring files between devices, and carrying around too many gadgets. The upshot: wealth managers will have more time to focus on what matters most, helping their clients achieve financial success.
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