By Frank Parker via Iris.xyz
There’s a misnomer in the industry that only Millennials want the technology to deliver what they demand as investors. We believe this is pushback by those advisors (and companies) that are resistant to change, set in their ways, and want to keep the investing public in the dark. However, we believe that technology has–among other things–made portfolio management more effective and efficient.
Just the same, clients value real-time information in their portfolios. And while it’s true that Millennials came of age in the midst of the Tech bubble and the Financial Crisis, and therefore insist upon transparency, we don’t see other generations shunning transparency either.
Daniel Eberhard, CEO of Koho, recently stated, “complexity in finance is often manufactured because it’s profitable for banks to do so.” However, financial firms and banks are realizing the game is up and are now funding many of the financial technology (fintech) companies to remain relevant in an otherwise archaic industry.
We actually think there is much to thank Millennials for; they are developing apps, software, and solving problems for the financial services industry, which had been unwilling or unable to solve these problems previously. In the end, we all stand to benefit from the greater simplicity, efficiency and, transparency that is growing more ubiquitous.
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