Taking the Measure of Advice
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Moreover, as advisors evolve their practices to incorporate financial wellness concepts,
they (or their employers) will need to ensure that the wealth platforms they use
possess the capabilities required to deliver financial wellness. Does their platform
integrate banking and insurance products? Does the reporting system generate a
combined view of clients' assets and liabilities? Are the account management system
and onboarding workflow well-designed, so client paperwork is minimized and
administrative tasks are not overly burdensome? Do advisors have the product and
advisory support needed to deliver the promised solutions and advice? Advisors who
can't answer yes to these questions will struggle to deliver better financial wellness
outcomes to their clients.
