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Getting the Most Out of Technology Today

New technology can make interacting with financial institutions and advisors more seamless. Here's what that might mean for you.

A woman uses her laptop to discuss her finances with an advisor.

Although it may be hard to believe, 2019 marks the 30th anniversary of the public-facing version of the internet. Using technology is something that most of us now take for granted. So how might the interaction between technology and wealth potentially add convenience, immediacy, and accessibility to your relationships with your advisors?

Developments in technology have made interacting with a financial institution more seamless than ever. “Technology expectations are being set outside financial services by companies such as Apple and Amazon,” says Julia Carreon, Managing Director of Digital and Fiduciary Operations, Wells Fargo Wealth Management. “Today, you expect us to know who you are, however you decide to engage with us.”

Technology can remove barriers

So how can technology be used to simplify your financial life? Rod J. Sayegh, Senior Vice President–Digital Manager, Wealth Digital, Desktop, and Innovation at Wells Fargo Wealth Management, says that today’s technology can be leveraged to remove some of the barriers you may have encountered in traditional banking in the past.

“When you’re opening a number of new accounts, it’s easy to feel frustrated if you keep being asked for the same document over and over,” he says. “If your financial institution does not use modern ways to speed up this process, it may not be thinking about the repetitive pain it’s causing.”

It boils down to understanding someone’s needs by recognizing areas where a process can be simplified.

This common-sense approach can also be used when communicating with your wealth advisor, whether that means connecting via video chat or leveraging digital ecosystems such as a secure cloud.

“Today’s technology can be leveraged to remove some of the barriers you may have encountered in traditional banking in the past.” —Rod J. Sayegh, Senior Vice President–Digital Manager, Wealth Digital, Desktop, and Innovation at Wells Fargo Wealth Management

Neil Zellick, Senior Vice President-Wealth Advisor at Wells Fargo Private Bank, uses all the digital tools at his disposal to help ensure he can connect with his clients at their convenience.

“I have clients who live in rather remote areas, so we use video chat to connect on a more regular basis than if we could only meet in person,” Zellick says. “It’s better than a conference call because it’s much closer to an in-person meeting.”

He adds that having secure online communications is an important part of those interactions. Capabilities such as encrypted email, for example, can also help regarding follow-up document exchanges.

An enhancement, not a replacement

A world filled with perpetual data and more access to information can lead to more questions. Zellick firmly believes that technology is best used to streamline, rather than replace, personal interactions with your advisors.

“Artificial intelligence is a useful tool in some areas,” he says, “but in our business, the value of tailored advice from someone who can see both the quantitative and qualitative sides of wealth management may be better positioned to serve client needs.

What can Wells Fargo do for you?

Talk to us about crafting strategies for managing both sides of your balance sheet.

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