The CEO of the firm talks to this publication about its recently-unveiled collaboration with a digital business.

US-based Fiduciary Trust Company International reckons that a new digital step it has taken puts clients more in charge of their financial health and arms advisors with new tools at the same time. 

The firm, which is owned by Franklin Templeton Investments and has more than $77 billion of assets under management and administration, announced a few days ago that it is collaborating with Advizr, which provides profiling, advisory, and financial planning, to roll out these solutions. Franklin Templeton invested into Advizr in June last year; the service rollout is taking place after a pilot project was held to test its offerings.

“The tool will allow us to provide dynamic wealth projections and ‘what if’ analysis in real time that the client and our advisors can change ‘on the fly’ during their discussions. This allows for more dynamic and proactive advice. This will also provide clients with greater transparency to help them engage more meaningfully with their advisors,” John Dowd, chief executive, Fiduciary Trust Company International, told Family Wealth Report.

The development is among a slew of announcements from wealth management firms in North America and elsewhere about how firms are using digital technology in various ways to enhance client experience and raise advisor productivity. One debate is about to what extent the automation of some functions cuts human advisors out of the equation, or whether it frees them up to focus on business development and eliminates chores of paperwork. Almost daily, this publication tracks innovations and product launches - see our regular "digital digest" for examples.

“We believe this tool will allow us to better understand clients’ overall financial picture and specific circumstances to provide stronger advice-driven planning with asset allocation selection and wealth projections that align more precisely with client-specific goals. We also believe this capability will allow us to better engage with our clients to provide recommendations through dynamic visuals and reporting. Advizr’s capabilities will help our firm retain clients as well as attract new ones,” Dowd continued. 

The rise of AI and related technologies has helped power the rise of so-called robo advisors, potentially challenging incumbent wealth managers to step up their digital act. With regulators scrutinizing whether investments and solutions pitched to clients suit their true needs, a sharper read on what clients’ goals are, and how to meet them, becomes more pressing.

Dowd agreed that in today’s increasingly tech-driven wealth space, such innovations are “must-haves” rather than fancy optional extras. 

“We believe that arming our advisors and relationship managers with digital advisory and planning tools during client meetings will allow for enhanced client discussions and enable us to better meet our clients' end goals and objectives,” he said.