Navigating the Future: Trends in Financial Advisor Dashboards

In the competitive landscape of financial advisory services, technological advancements have transformed traditional advisor dashboards into dynamic, decision-supporting hubs. Today’s modern dashboards can provide financial advisors (FAs) with strategic recommendations to not only drive additional sales, but also foster a more comprehensive approach to asset management and client/prospect engagement.

Unlocking the full potential of the modern dashboard necessitates integrating disparate systems and data pools, which, more often than not, is easier said than done. However, when integrated effectively, these systems can transform the dashboard into the FAs unified entry point for all their functional actions and information needs. In turn, this helps ensure a tailored and adaptable experience which enables advisors to work more efficiently, drive retention of existing business and support the growth of assets under management.

Why It Matters

Modern platforms allow for more pro-active and responsive relationships. Clients feel more connected to their advisor, which in turn helps grow share of wallet. In addition, workflow streamlining and the reduction in administrative overhead allows FAs to focus on their primary functions of retaining and growing their client base and assets under management (AUM).

Today’s advanced dashboard technologies (as well as assistive technology like generative AI) enable advisor scaling to increase the number of client relationships each advisor can effectively manage. In addition, these technologies also aid firms in driving advisor retention. When advisors quit, firms generally experience a reduction in relationships and assets. However, today’s modern dashboards have the potential to have a positive impact on advisor performance, efficiency and retention.

Trends in Modern Advisor Dashboards

Dashboard innovation has largely been driven by advancements in three key areas:

• Personalization
• Opportunity identification
• Actionable alerts

Taken in tandem, these trends streamline workflows, improve data availability, enhance the advisor experience (reducing advisor turnover) and enable more nimble responses to opportunities and challenges. As such, it’s worth exploring each of these trends in more detail to understand the impact they have on optimizing dashboard functionality.

Personalization

Dashboards provide FAs with consolidated views of financial, client and prospecting information. Each user creates their own custom dashboard based on their work habits and preferences. The personalization capability allows users to see the information based on how each FA manages their accounts, clients, relationships, portfolios and prospects.

These customized dashboards streamline information and the decision-making processes, emphasizing the most relevant data, especially in situations where timely decisions can have a significant impact on outcomes. Furthermore, personalized dashboards contribute to improved client engagement and can enhance the quality of the advisor-client relationship, particularly as customization leads to a higher level of portfolio management.

The modern dashboard incorporates streamlined access to the balance sheet, performance, expected cash flow, realized gain-loss, new opportunities and CRM. It also provides support for advisor processes such as client on-boarding, account opening and trade settlements, among others, as well as access to streaming information for news and market events relevant to the advisor’s clients. 

Actionable Alerts

Actionable alerts have revolutionized how FAs stay ahead of market dynamics, new and existing product offerings and changes or milestones that might impact clients and prospects. These alerts notify users of significant events and portfolio changes through advanced, real-time data processing and include the ability to take next best actions.

This reduces reaction times and empowers FAs by highlighting valuable touchpoint opportunities with their clients and helps FAs to make well-informed decisions aligned with their clients’ financial goals. For example, when the feed includes a new offering announcement, an alert can include multiple links including the marketing brochure, terms and conditions, contact email address, etc.

Dashboards continue to make improvements in processes and workflow including extensive use of messaged alerts. These alerts cover the full range of notifications — new topics to discuss with clients/prospects, expiring documentation, new opportunities, pending reviews and others ranging in importance or severity. Based on the criticality, alerts surface to FAs when appropriate. When a notification requires an urgent response from the user, actionable alerts can provide direct buttons to answer questions or take action. For example, if an account is due for review, the FA can receive an alert that includes a button to navigate to that specific account review. 

Identifying Opportunities

Opportunity identification plays a crucial role in today’s dashboards. The granularity of accessible data empowers FAs to tailor their recommendations with precision. Dashboards are now leveraging advanced data analytics, machine learning algorithms and generative AI to sift through vast datasets, providing advisors with real-time insights that not only offer revenue ideas but bring the required actions and documentation right to the FA.

Some opportunities may be triggered by the market, cash movement or the introduction of new financial products, while other events are triggered by life milestones like the birth of a child in the family. When, for example, a client welcomes a new baby, the FA can receive dashboard messages on potential next steps for the client (i.e., a trust, college savings plan and estate planning), and the appropriate forms can be prepopulated and ready to complete.

Financial advisor dashboards also possess the capability to recognize patterns and identify correlations, swiftly bringing the FA potential opportunities that might otherwise remain unnoticed. Moreover, as dashboards offer customizable views of clients' financial profiles, facilitating the identification of cross-selling opportunities continues to be at the forefront.

The seamless integration of AI into advisor dashboards dramatically improves the identification of suitable opportunities but also positions FAs at the forefront of a data-driven revolution, where strategic decision-making and proactive client engagement become paramount. As technology continues to evolve, the symbiotic relationship between financial acumen and digital prowess is reshaping the way advisors identify and capitalize on opportunities, ushering in a new era of precision and effectiveness in wealth management.

The Bottom Line

The journey toward financial advisor success requires not only expertise but also the right tools to navigate the ever-changing landscape of financial services. Modern dashboards — like EPAM’s own innovative WAVE platform — help FAs to increase customer engagement, grow AUM and to remain at the forefront of technology in a rapidly evolving landscape.

Imagine a financial ecosystem where FA responsiveness meets cutting-edge technology; where data-driven insights fuel the decision-making process; and where client satisfaction is not just a goal but an attainable outcome. The modern dashboard is more than a platform; it's a catalyst for success, helping advisors to stay ahead of the curve and deliver unparalleled value.

In a world where every second counts, a responsive FA — armed with the latest tools — can be a game changer. This responsiveness is not just an advantage, it's a must-have to remain competitive in today’s environment.