Behind every successful client is a committed advisor seeking to provide the best available service. In an industry where time is an invaluable resource and facetime with clients is irreplaceable, technology has become a mainstay — crucial to operational success and integral to providing the elevated service clients have come to expect. 

Just how does technology do this, though? We sat down with Addepar clients LM Advisors, Belzberg & Co. and Fairman Financial to find out. 

How do you see technology shaping the future of financial advising, particularly for newer advisors?

Leonardo Simpser, LM Advisors
Technology will enable advisors to become more efficient and spend time with clients in higher value-added functions. There are 24 hours in the day, and the more time we spend adding value, the better off our clients are, and if our clients are better off, so are we in the long run. 

Clients have varying needs, due to financial literacy, language barriers, generational complexities and more. Can technology play a role in simplifying conversations across these differences?

Alex Katchadurian, Belzberg & Co.
I think technology has a key role to play in helping across these differences. For example, when thinking about the complexities of a given family's estate, creating a visual representation is something that I’ve noticed really helps to break down the barrier. It’s a lot easier to put together these visuals with technology than doing them by hand. 

One feature Addepar offers that I find to be simple but unique is the ability to look at the entire structure of a given family in either a visual format, or in a more traditional format. Not only does this help with simplifying conversations around these topics with clients, but it also helps with educating new employees who need to get up to speed quickly.

Pat Gorgonzola and Nate Fullmer, Fairman Financial
Through conversations with clients, we can find what level of detail they need in order to visualize their financial situation. Some clients may want to dive into the details, while others may prefer a high-level overview. Using technology such as customizable dashboards and report templates, it’s possible to convey the message the advisor is trying to communicate in the way that is most appropriate for each individual client.

How do you balance the use of technology with maintaining a personal touch in client relationships, especially for clients who value face-to-face interactions?

Leonardo Simpser, LM Advisors
This is critical. There is nothing like personal interaction, and technology should not substitute what is gained by such interaction. Technology should help advisors become more efficient in tasks that are time-consuming but do not require a personal touch, like reporting.

How does technology empower you to offer a personalized client experience at scale?

Pat Gorgonzola and Nate Fullmer, Fairman Financial
Leveraging technology allows you to streamline your processes and deliverables to focus on the individual client relationship. The less time spent on compiling standard deliverables for clients, the more time that can be spent thinking about clients' financial situations and what planning strategies can best help them accomplish their goals. 

Additionally, clients ask great questions that become the genesis of a new report or analysis. With a strong technology stack in place, these reports can be made standardly available and arm advisors with valuable resources to share with other clients who have similar questions.

There is nothing like personal interaction, and technology should not substitute what is gained by such interaction.

Leonardo Simpser, LM Advisors

About the contributors

Leonardo Simpser, LM Advisors
LM Advisors (LMA) was founded in 1984 by Luis Maizel, and acting as a fixed-income shop for international clients, grew to $500M AUM. Leonardo Simpser joined LMA 15 years ago, when the firm started investing heavily in technology — aiming to manage money in multiple financial institutions for existing clients, expand to invest in equity and options, and begin to attract a younger clientele. Leonardo came to the US from Mexico and worked for Deutsche Bank doing equity research. He received an MBA from Stanford.

Alex Katchadurian, Belzberg & Co.
Established in 2021, Belzberg Investments LLC (d.b.a. Belzberg & Co.) is a family-backed investment platform. The firm provides tailored investment and wealth management solutions to the ultra-high-net-worth community, including a number of white glove services. Alex Katchadurian has been an investor on the team since 2021 and is responsible for sourcing and underwriting new investment opportunities, executing transactions, managing portfolio assets — and, business strategy and development.

Pat Gorgonzola and Nate Fullmer, Fairman Financial
Fairman Financial is a fee-only financial planning firm located in Chesterbrook, PA, offering wealth management, investment advisory, tax and personal accounting services to individuals and families. Investment advisory services are provided by The Fairman Group LLC, an independent investment advisor registered with the Securities and Exchange Commission (The Fairman Group LLC is wholly owned by Fairman Group Family Office LLP dba Fairman Financial). Fairman’s investment, tax, estate and insurance experts work together to provide integrated advice tailored to the clients’ individual needs. Pat Gorgonzola is a Senior Wealth Advisor at Fairman Financial and Nate Fullmer is an Investment Operations Specialist at Fairman Financial.

Interested in more advisor insights? Read part 1 and part 2 of the Advisor Q&A blog series.