The concept may seem far-fetched, but financial planning technology that predicts future behaviors and anticipates life-planning events is already built for advisers.
Technology giant IBM has created Client Insights for Wealth Management, a dashboard where with some clicks, advisers at large institutions can log on to a program that pulls data from adviser software and cross-references that information with market data, news events and clients‘ social media accounts and other interests.
Client Insights will then provide suggestions and a list of priorities for the adviser to consider.
IBM’s offering is aimed mostly for larger institutions, but the company expects to reach registered investment advisers with its partners, said Rob Stanich, wealth management offering manager at IBM. When it does, advisers will no longer have to sift through their own client information searching for trends or insights into building better client relationships.
“We are going to shift those burdens onto the analytics,” Mr. Stanich said during a visit at the IBM offices in downtown New York.By the end of June, IBM plans to release its cloud offering along with additional features such as a wider range of life-event detection from social media accounts and emails along with client profiling – where “Needs,” “Traits” and “Values” are assigned to clients.
DBS Bank in Singapore currently uses IBM technology, which has freed up about 20-25% of a typical adviser’s day so far, Mr. Stanich said.
Eventually, IBM plans to expand the offering to analyze advisory firms, with an eye on predicting which advisers are preparing to leave the firm.