We live in a world that\u2019s constantly reshaped by technological advancements and shifting consumer preferences. While technological change in itself is hardly new, the digital innovation and process automation that\u2019s part of the fourth industrial revolution presents an opportunity to transform the financial services industry and make financial advice accessible to more Canadians.<\/p>\n
The Covid-19 pandemic hastened the adoption of digital technologies at a speed none of us could have imagined, as organizations and businesses across sectors raced to digitize almost overnight. As clients increasingly embrace the digital world, they also are engaging in a more digital relationship with financial planners.<\/p>\n
While there is some debate about how permanent these behaviours are, my sense is that many of these changes are here to stay.<\/p>\n
As more and more consumers embrace and adopt digital financial services, it\u2019s incumbent on firms and industry organizations to understand how technology is changing the profession of financial planning. While recognizing that building trusted client relationships is still essential, we must also collectively strive to understand how technology can be leveraged to support the goal of enhancing financial wellness for all Canadians.<\/p>\n
Emerging technologies, such as artificial intelligence, cloud computing and process automation, complemented with the explosion of data are creating opportunities for financial planners to enhance efficiencies. This enables them to not only serve more clients but also spend more time working with clients helping to define, monitor and ultimately achieve their goals and objectives. Rather than being a disruptive force, technology is being leveraged to amplify the human elements, resulting in stronger and more effective client relationships and more positive outcomes for consumers.<\/p>\n
As we consider FP Canada\u2019s Imagine 2030 vision<\/a>\u00a0of financial wellness for all Canadians, it\u2019s impossible to ignore the significant role technology will play. The ubiquitous reach of digital and mobile technologies will make financial literacy training and tools accessible to more Canadians. This can only enhance their financial confidence and capabilities.<\/p>\n
For example, this past July the FP Canada Standards Council released two new technology rules<\/a> designed to set clear expectations for planners who use technology in their practices by ensuring they understand the assumptions underlying the technology and validate that the data generated by tech tools is reasonable and appropriate for the client.<\/p>\n