The 4 Different Types of IFA Technology

Amar Pandit , CFA , CFP

Amar Pandit

A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.

As you can see in the Sketch above, there are 4 Types of Technology that an IFA can implement. Most have focused on Technology for Operations, Client Servicing and Practice Management. These are the basic blocks that are necessary for you to drive efficiency in your work. This means doing your work faster, cheaper and with fewer errors.

However, these technologies do not deliver any competitive advantage or help your firm grow faster. They do not even help your clients understand your real value proposition, give you 100% of their assets or make them feel that their time was very well spent. The Technology that will drive growth and enable a wow client experience are the ones that you should be investing in. They will not only help you become more valuable to your clients, but help clarify the value you bring in their life (it’s got nothing to do with the markets or the economy) and help you get them on board in just 1-2 hours.

The IFA of the Future will focus on Technology for Growth & Client Experience.

One warning though “Technology by itself will not provide value. The real value will come from technology helping you to do business differently. So, it’s ultimately YOU and the way you deliver your Client Experience that will make all the difference.”

This Nano has got a little stretched, but I have to end it with a wonderful quote by Elbert Hubbard “One machine can do the work of fifty ordinary men/women. No machine can do the work of one extraordinary man/woman.

Thus, you should “Chase Excellence and Be Special in your Client’s Life.”


PS. Check out this Nano again Digital Strategy versus Strategy Enabled by Digital