Rising DIY Trend in Wealth Management

 Earlier this week, another mobile application was introduced to help clients gain control over their financial lives.  The app is called Lifetime Financial Planning and it demonstrates a new way to meet shifting consumer preferences.

The Lifetime Financial Planning app has a calculator that suggests a spend-rate, savings level, and amount of insurance needed each year to achieve a stable living standard.  It features a live stream of retirement newsfeeds and contains advertisement, tips and educational content.

The subtle message is this:  consumers are on their own to play around with the technology, but if they want advice they can turn to the app’s sponsor, Northwestern Mutual.

While technology increases the Do-it-Yourself appeal, financial companies and advisors need to find new and different ways to stay top of mind.

You are probably not in a position to develop competitive technology yourself.  Instead, you may consider following the lead set by Northwestern Mutual and partner with a technology provider.  You build brand awareness and maintain your status as the trusted financial professional, while client gets the latest tools to help them gain financial control and make better decisions.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s