Who is the Next Generation Going to Trust with Their Finances?


Recorded at the T3 Advisor Conference 2022.  Presented by:

Advisorpedia Justin Boatman, Chief Product Officer at Riskalyze, at the T3 Advisor Conference in May, 2022

Recources: Riskalyze

Related: The Biggest Evolution Point in Our Industry


When it comes to the next generation, gosh, the next generation is thinking this investing thing is like an all play, right? There's not this, like investors class and the rest of us, this is something, you know, my peers are all dipping their toes into, I think I need to be doing this. And I need to know exactly what I'm doing like yesterday, right? You're all starting, self directed. And when you're self directed, you know, you got to be doing your research. . .

And if you're not doing your research, you're gonna be uninformed. But if you are out there on the internet, doing your research, you're probably misinformed. Right. And so the next generation is investing. But they're learning lessons the hard way, right. They're investing, but they're investing fearfully. So I think it's going to be really interesting to see, in the coming years, the sort of behavioral finance behavioral psychology of this next generation as they have to navigate all this themselves. Technology can certainly help, right, and it's especially easy when things are good. You know, if I just need an interface to give me good news, that's actually not that hard. You know, it's where I think there's probably two areas where technology can't quite stand on its own.

One is when things get really difficult, right. And it's hard to like, perfectly harness behavioral finance, to guide somebody through a really fearful time and help them make fearless decisions. You know, when things are hard and do that just with an interface, right. And the second thing I would say, is, you know, not just when things are hard, but when things get complicated. You know, I think the next generation, they're not going to be playing with play money in Robin Hood forever, right. And so in the great wealth transfer, they're going to look for somebody that they can trust to help them guide through situations when they get complicated. And by the way, that person that they trust doesn't have to be in the same neighborhood as them. Right. I think Michael Kitsis put it best when he said that geography is not a niche, right. And I think technology can help the next generation of clients connect with their advisor no matter where they are, right, and make sure that they're connecting with somebody that they can trust.

Well, gosh, yeah, Riskalyze we're thinking a lot about this, right? You know, Riskalyze, our core technology sits at where advisors and clients engage right in the next generation is full of expectations for how a platform can help them see and understand what's going on. Right. And so we designed with that in mind, we like to say that, that Riskalyze we make technology that helps the brilliance of the advisors work shine through so we can help create those aha moments. So we designed to, you know, a help make the advisor look good, right, especially with those who have high expectations about what technology can do for them, be helped them grow their business, right, whether that's taking on the, you know, children of a client or something like that, or anybody just looking for an advisor they can trust. And then you know, see, it really helps reduce those talked me off the ledge phone calls. And so you can have a framework where you can more efficiently help people and then when you're efficiently helping people you can ultimately serve more of them. And that's what it's all about.