Technology’s Role in Wealth Building and Management


Since the Industrial Revolution, new technologies emerge every 20 years or so that change the course of industries. Since time immemorial, these technologies have ushered in opportunities to build and manage one’s wealth. It has always focused on supporting the internal needs of accounting and wealth management firms. But over the last decade, technology has become so flexible, advanced, and evolved that it began touching the lives of the clients.

The application of technology right now is not imprisoned in the internal needs of a company or an individual. Instead, they use technology itself to achieve great wealth. Whether it’s by direct investments or consultations, technology is at the core of every wealth-building strategy. Think about it. Do you still call a stockbroker over the phone? Do you even know your broker’s name? Or, do you depend on the savvy apps that online platforms now have for stock trading?

It has been a long time coming, of course. The advent of technology promised a more convenient way of living, and that includes building and managing one’s wealth. For the clients, most especially, the way they access their wealth has drastically changed. In fact, technology opened the doors for many, enabling a wealth-management-for-all model.

Access to Financial Advice

woman using laptop

In the past, financial advice wasn’t as accessible to ordinary people. Only businessmen, hedge fund managers, and trust fund owners have access to a certified financial advisor. Those days are long gone. Today, people can log in on the internet and find the right financial advice for them. They can consult with advisors via safe platforms and apps. They can hold teleconferences with stockbrokers and investment planners. This access to knowledge opened avenues for a lot of people. With this kind of information at their fingertips, they can make the right decisions on where to put their money.

The Emergence of Online Stockbroker

Since the mid-1990s, online stockbrokers have been a thing, but more so now as the world ushers in the 21st century. Anyone with a valid bank account can invest in the stock market now. Financial-savvy individuals who invested money in the mid-1990s through online stockbrokers saw their wealth grow through the platform. People were naturally afraid of putting money in intangible things such as the stock market, but those who have the right information then made the right call.

It is now easier to understand the benefits of trading stocks online. Young kids are being exposed by their parents to the stock market through these online platforms. They start investing as soon as they understand how to work a computer. Financial literacy is not merely a subject in college. Parents are teaching their kids about it, and these kids (sometimes as young as seven to nine years old) put that knowledge to good use by investing.

Generating Full Reports on Investments

investment reports

To achieve a full view of your savings account, investment portfolios, debts, pension funds, and business income, you only have to log in on a singular platform. You don’t have to wait for months for the report to come in. You don’t even have to go to the bank to have your bank statement printed. With everything accessible through the internet (and the cloud), it became easier for people to track their money and make the necessary adjustments when needed.

Access to one’s full financial report empowers the individual to manage his wealth better. Do you need your credit report and history because you think it might have some erroneous entries and you need to correct them? Technology made access to these documents possible, putting the power back on the clients’ hands. When you know where you stand financially, it’s easier to take risks on your wealth.

Customization of Products and Investment Ideas

Financial advisors tailor-fit products to the clients’ needs. It hasn’t always been that way. Today, you can add, deduct, and multiply the inclusions in your insurance policy. You only need your login credentials to see how your money is faring with the insurance company. You can also customize your insurance policy: add beneficiaries, choose the stock option, and opt for riskier investments.

For clients, modern technology is enabling them to better manage and build their wealth. There are more options for them than ever before. These platforms also made wealth management more transparent, more personalized, more effective, and more client-centric. The evolution of technology in wealth building and management will continue but with the way it delivered its promises in the past decades, one can only surmise how impactful future technologies will be.

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