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Financial Planning Research Roundup: January 2021

Cara Woodland February 2, 2021

January 2021 Financial Planning Research Roundup

While COVID-19 continues to impact operations on a daily basis, solutions are in motion, and the headline of 2021 is technology disruption. From personal finance to artificial intelligence (AI) and digital office technologies, firms are pushing into new territory. Plus, 2021 brings huge marketing changes for financial firms.

Here’s a roundup of the biggest research stories in the past month:

1. SEC Adopts Modernized Marketing Rule for Investment Advisors – SEC

The Securities and Exchange Commission (SEC) recently enacted major change in regards to the marketing of financial services. Recognizing that since the Investment Advisers Act of 1940, the profession of financial advice, along with the technology and advertising methods, have changed greatly and require a new rule to accommodate evolving needs. Chief among these changes is the ability for financial professionals to use client testimonials in their marketing materials. You can learn more about the ruling here.

2. Personal Finance Management Disruptors – Business Insider Intelligence

New research shows that personal financial management (PFM) tools from banks are falling short of consumer expectations. However, demand for PFM tools with an intuitive UX and features to encourage positive change is strong. Plus, bank customers who use these tools tend to be wealthier and use every major financial product. You can read about how banks can learn from disruptors in the PFM space to improve their own tools here.

3. AI in Wealth Management: Built to Scale – Accenture

Eighty-four percent of financial professionals believe that artificial intelligence (AI) will transform their industry in the next five years. At the same time, less than a third are actively scaling it across their organization. Despite the enormous potential of AI in wealth management, firms are primarily deploying it experimentally or in targeted business groups. Read more about AI from Accenture here.

4. A Watershed Year for Wealthtech Adoption – InvestmentNews

COVID-19 was an all-pervasive force in 2020. The pandemic accelerated adoption of digital technology amongst wealth management firms. Zoom, for example, reached 200 million daily users—up from 10 million daily users pre-pandemic. But financial firms and institutions have done far more than use video conferencing software. They’ve adopted technology of all kinds. Read about wealth management technology adoption here.

5. The Financial Advisor’s Marketing Guide to Digital Content and Campaigns – eMoney

Did you know that 84 percent of Americans feel that personalized content is very important when working with an advisor? Additionally, 63 percent said insightful and educational content, along with personalization, would make an advisor’s marketing stand out. Digital and content marketing can have a profound impact on a firm’s acquisition capabilities. Learn everything you need to know about digital content and campaigns here.

Stay tuned for next month’s research roundup for the latest financial planning insights!

About the Author

Cara Woodland is the Director of User Experience Research at eMoney. She helps the organization understand the wealth, financial advisor and financial technology marketplace in order help them be more customer centric in their decision making. She focuses on research related to customer experience, marketing, branding, new products and competitive intelligence. Prior to joining eMoney Advisor, Cara spent over 10 years consulting with Fortune 500 companies in market research, innovation and product development. In addition, she also has practical client-side experience within the finance and banking industry in developing marketing, front-end innovation and customer engagement programs. Cara graduated with a degree in Marketing Management from Virginia Tech and is a Certified Financial Marketing Professional. In addition, she is a frequent speaker and author on the topics of innovation, market research, creativity, communication and marketing strategy for colleges, professional associations and corporations.

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Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.