Tech Is Democratizing Advisories: Benefiting Clients, Society and Firms

Written by: Beverley Yeomans | deVere Group

Technology is revolutionizing the financial advisory industry, democratizing access to services that were once exclusive to wealthy individuals and institutions. 

By leveraging advances in artificial intelligence (AI), big data, blockchain, and digital platforms, financial advisories are becoming more accessible, affordable, and personalized for a broader audience. This democratization is transforming the way we help clients manage their finances, invest, and plan for their futures.

Lowering barriers to entry

One of the most significant impacts of technology on financial advisories is the reduction of barriers to entry. Traditional financial advisory services often required substantial assets to justify the cost of personalized advice. 

However, new technology-driven financial platforms offer low-cost, automated services that require minimal initial investments. This change makes financial planning accessible to individuals with smaller portfolios, allowing more people to benefit from professional financial advice.

Enhancing accessibility 

Digital platforms have played a crucial role in making financial advice more accessible. Mobile apps and online portals allow clients to access financial services anytime, anywhere. This convenience is particularly beneficial for those who may not have the time or ability to meet with advisors in person. 

These solutions often come with educational resources, interactive tools, and real-time updates, empowering clients to make informed decisions about their finances. Additionally, social media and online forums provide a space for users to share experiences and advice, further democratizing financial knowledge.


Personalization has traditionally been a hallmark of high-end financial advisory services. However, technology is enabling a similar level of customization for a wider audience. 

Big data and AI allow for the analysis of vast amounts of information, including spending habits, investment preferences, and risk tolerance. This data-driven approach enables digital platforms to tailor financial advice to individual needs. 

AI-powered tools can provide personalized recommendations, predict market trends, and offer insights that were previously available only through human advisors.


Blockchain technology is enhancing transparency and trust in financial advisories. By providing a decentralized and immutable ledger, blockchain ensures that transactions and advisory processes are transparent and tamper-proof. 

This transparency is crucial for building trust with clients, particularly those who may be sceptical of traditional financial institutions. Smart contracts, which automatically execute terms when conditions are met, further enhance trust by ensuring that agreements are honoured without the need for intermediaries.

Financial inclusion and education

Technology is also playing a pivotal role in promoting financial inclusion and education. Financial literacy is essential for effective financial planning, yet many individuals lack the necessary knowledge. Online courses, webinars, and interactive tools are making financial education more accessible. 

Fintech companies often provide resources that educate users on budgeting, saving, investing, and retirement planning. This education empowers individuals to take control of their finances and make informed decisions.

In addition, technology is reaching underserved populations, including those in remote or rural areas. Mobile banking and digital financial services provide access to banking and advisory services for individuals who may not have access to traditional financial institutions. This inclusivity is crucial for reducing financial disparities and promoting economic stability.

Human touch

While technology offers numerous benefits, the human touch remains an essential component of financial advisory services. Hybrid models, which combine automated services with human advisors, are becoming increasingly popular. 

These models offer the best of both worlds: the efficiency and affordability of automated services, along with the personalized guidance and reassurance of human advisors. Clients can interact with human advisors for complex financial planning needs while relying on digital tools for routine investment management.

With all the benefits above, it makes sense for firms to invest on tech. By staying at the forefront of technological advancements, firms can maintain a competitive edge, attract and retain clients, and streamline operations, ultimately leading to increased profitability and sustainability in a rapidly changing industry.

As technology continues to evolve, I’m confident the financial advisory landscape will likely become even more inclusive, empowering individuals from all walks of life to take control of their financial futures. This democratization is not only beneficial for clients but also for the financial industry, as it promotes greater innovation and growth.

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