Everything You Need to Know About Fintech Wealth Management

The fields of ‘Finance’ and ‘Technology’ are two of the areas that evolved and changed the most in the last few years. New terms and concepts appear every day, and most people are left behind because they can no longer keep up with the changes. But not you! This article is a journey which has ‘fintech wealth management’ knowledge as the goal. A better understanding of independent financial advisor platforms, and everything fintech, is here!

What Does ‘Fintech Wealth Management’ Means?

Everyone knows that taking a problem step by step is the best solution. Therefore, explaining this concept word by word will give you the best interpretation of its meaning.

• Fintech – This word is a combination of two other words that you know very well: ‘financial’, and ‘technology’. And it refers to the use of technology in financial-related business (banking, investing, payment services).
• Wealth – This is simply about the amount of valuable possessions one has. But, you can find more extensive explanation on the subject of ‘wealth’.
• Management – Although it seems like a self-evident word, it’s important to be sure we understand its meaning. In business, management is the way the workflow, employees, and all operations within the company are being carried out.

So, in conclusion, fintech wealth management refers to the usage of technology when it comes to managing and enhancing wealth. This allows you to plan your finances (also invest, or save) through digital platforms. In this way, everything you need to do is streamlined, more affordable, and accessible. 

Which are The Used Technologies?

Understanding is knowing. So, knowing exactly how fintech wealth management platforms work, helps you better understand what independent financial advisor platforms can do for you, and your business.

• Artificial Intelligence/Machine Learning – Even if it’s a relatively new system, it quickly found its purpose in fintech. Besides the fact that it can help you with investment strategies, and customer support chatbots, AI can detect fraudulent behavior.
• API – Stands for ‘Application Programming Interface’, and it’s a tool that allows two software components to communicate with each other. Thus, it incorporates financial services, for an effortless experience.
• Blockchain – A system that keeps records of transactions (especially cryptocurrency ones). It’s a database, and it’s maintained across computers that are associated with a network. The blockchain ensures transparent and safe transactions.
• Big Data Analytics – This is about collecting, processing, and determining valuable insights.
• Cloud Computing – It’s the provision of computing services, such as software, storage, servers, and databases over the internet.

These are some of the tools usually used in the industry, but some might be missing depending on the platform you choose. Check each advisor’s list to see what technology they use, and make sure it’s the one you need.

Thinking of It, but Not Sure: What are The Benefits?

The thought of researching some independent financial advisor platforms might be in your mind for a while now. But, something is holding you back, because you are not sure yet. So, what exactly would be the benefits of fintech wealth management? 

• Accessibility – Everything is in one place, and you can access it at any time, from anywhere.
• Efficiency – Every process is simpler and quicker (account updates, rapid responses, reduction of errors). You don’t have to waste your time on such small problems; you can focus on more important things.
• Cost – Automated processes reduce management fees. 
• Security – Multi-factor authorization, end-to-end encryption, cybersecurity, and distributed ledger technology, are what makes fintech wealth management safer.

All of these benefits can be topped by unbiased, and most importantly, personalized financial advice, mostly offered by IFA platforms. If it’s important to you that your advisor is working on your services, choose an IFA.

What are ‘Independent Financial Advisor Platforms’?

Independent financial advisor platforms, or IFA platforms, are exactly what the name says, financial advisors that do not work for a bank, insurance company, or anything else related. This is why they can offer you impartial and custom advice.

Independent financial advisor platforms can help you with a lot of things, like compliance, investment management, client portals, or market analysis. But, choosing an independent advisor is what will give you the niche answers that you need. Your business will not be treated just like one of the many businesses out there, but it will be rather treated with great importance.

Also, their fees are usually explained upfront and are more affordable than those of other types of advisors.

What to Look for When Choosing an Independent Financial Advisor?

It’s hard to make a decision with all the choices out there. But, remember that you need someone that can, and will, care for your business. Choose someone that lines up with your work ethic, values, and financial ambition.

Scalability and customizability are two important qualities. Choose an advisor that offers white-labeled platforms (allowing you to create a branded version of a product, without creating it from scratch by yourself). Then, don’t forget about risk management, or regulatory compliances. And, last but not least, sustainability.

Additionally, look at their: accreditations/qualifications, fees, relationship with clients, and tools available. If you have any questions, don’t be shy to ask them; communication, understanding, and transparency are very important when it comes to this kind of thing! The way your questions are answered will tell you how your needs will be meet in the future.

Conclusion

Fintech wealth management gives you an easier and safer way to take care of your business! It combines the traditional way of investing, with last-generation technology, creating a seamless experience for all its users. It’s a game-changer when it comes to how people manage their wealth, and that’s exactly why you need it! Look at the independent financial advisor platforms pool, and catch the biggest fish. Let an expert offer your business the makeover it deserves. Navigate the market, financial complexities, and payments with ease. Everything can be easier, quicker, and better.