4 Myths About Financial Planning Technology Debunked

Financial advice has lived through decades without integrating technology into its roots, but with the digital age expanding, technology integration is inevitable. While we understand the skepticism of entering technology into a relationship-focused industry, you shouldn’t fall prey to the myths surrounding financial planning technology and implementation.

Myth: Integrating technology into our practice will eliminate client-advisor relationships.

Interestingly enough, implementing technology can actually strengthen your client-advisor relationships. Automation decreases the amount of time you need to spend on repetitive processes. With the time free from small tasks, you’re able to deepen your current relationships with clients, focusing more on their needs and wants.

Myth: Implementing technology in my business isn’t necessary.

Integrating technology within your practice is vital to the success of your business for two reasons. First, without using technology, you’re falling behind your competitors. The digital era is expanding, and if you do not adapt, natural selection will take its course. Second, integration is fundamental to customer satisfaction. Customers prefer to interact with their financial plans. With technology, they’re now able to do so through the use of tools given to them by their advisors.

Myth: Technology is going to take over our practice.

This myth does hold a little truth. But not in the way that you might think. Technology is not going to replace the need or desire for human-to-human interaction in financial planning. Rather, a human-plus-technology model will emerge. Implementing technology into financial planning makes daily activities and organization easier so that clients are receiving the best work from their advisors.

Myth: Nobody will notice if we do or don’t implement new technology.

What draws consumers into wealth management services is the personal relationships and insights that someone who is experienced can offer. However, the expectation of consumers today is that they will receive a level of technical sophistication for managing their finances, that they do for everyday conveniences like Netflix and Amazon. Especially with the millennial and Gen X generations, technology relevance is particularly important.


Embracing change can be hard, but at Wela, we’ve worked hard to develop a tool that makes technology integration easy. With Benjamin, you’ll be able to enhance your client-relationships without losing the human aspect. Interested in finding out more? Reach out to us here.