The recent demonstration of VRGL by Josh Smith showcased a significant advancement in wealth management technology, emphasizing the importance of transparency regarding taxes, fees, and investment decisions. Smith highlighted that VRGL has already been utilized for nearly a year in client presentations, marking a substantial leap forward in the industry.
The emergence of VRGL reflects a broader trend of new technologies entering the wealth management sector. However, many financial advisors may not be prepared for this rapid wave of innovation, raising concerns about the implications of adopting such complex tools. Past experiences with direct indexing and custom indexing underscore the operational upgrades required for advisors to fully leverage these new systems.
During the presentation, which involved a panel of experienced judges, Smith demonstrated VRGL’s capabilities and fielded numerous questions, generating considerable interest among attendees from various firms. This success underscored the necessity for financial advisors to familiarize themselves with advanced technologies to maintain a competitive edge in the industry.
As technological advancements in financial advice accelerate, remaining informed and adaptable becomes crucial. An upcoming episode of The Smoke Show will feature Ben Cruik of Flourish Cash, another tool that financial advisors need to understand in order to meet client expectations. For those interested in learning about new tech developments, registration for live pitches is encouraged, highlighting the importance of staying current in an increasingly digital landscape.
Key points:
- Why this story matters: Highlights the critical need for financial advisors to adapt to technological advancements in an evolving industry.
- Key takeaway: Continuous education on new technologies, like VRGL, is essential for advisors to remain competitive.
- Opposing viewpoint: Some may argue that rapidly emerging technologies could overwhelm advisors who are not prepared for such changes.
