All-in-one desktops, low-code products bolstering advisor capabilities says innovation director
Since AI burst into the wealth management world in 2022, it has become nearly inseparable from any discussion surrounding technology. But while AI has rapidly become an invaluable tool for advisors, a wide range of tech development, such as low-code development and all-in-one advisor desktops have largely flown under the radar.
While AI has proven extremely useful to wealth management, Georgios Lekkas, innovation director at Objectway, says that combining AI with less headline-producing technologies is the best way forward for firms. Lekkas suggests that not all advisor-related challenges can be addressed by AI, emphasizing the need for advisors to be flexible with their technology implementation.
“We don’t view AI in isolation but as one of many tools in our innovation toolbox. We adopt a solution design approach that prioritizes our clients' business goals over the hype of individual technologies,” Lekkas said in an emailed statement. “Sometimes AI is the right fit; other times, it's a combination of advanced analytics, automation, or platform enhancements. The key is flexibility and purpose-driven innovation that we pursue through our solution design approach, not only tech for tech’s sake.”
The addition of all-in-one desktops has allowed advisors to skirt menial administrative tasks according to Lekkas, who suggests the desktops free advisors’ time to focus on working with clients, adding to their productivity.
“Unlike a standard advisor desktop, an all-in-one advisor desktop platform provides a comprehensive view of client data and engagement,” Lekkas said. “Most importantly, it reduces advisors’ participation in mundane, low-value activities and enables them to focus on higher-value-added work such as client relationships.”
While traditional CRM software is still a key aspect of maintaining close relationships with clients, Lekkas says the all-in-one desktop also streamlines the workflows of advisors.
“Today, increasing advisor productivity alone is not enough to meet client demand for personalized service,” he said. “Increasing advisors' capacity to serve more clients and develop a deeper understanding of existing clients' needs is critical to sustaining profitable growth.”
Low-code platforms has been another key addition to advisors’ repository according to Lekkas, who emphasizes the simplicity of the product and its ability to extract client information from documents which would take hours to scan through manually.
“We've developed a project for a client where we used low-code to orchestrate a workflow on top of the client's existing platforms to provide a comprehensive view of the client's portfolio by analyzing a variety of documents and extracting useful information about the portfolio from them.”
Lekkas says he has seen plenty of success from a hybrid digital advice model, where AI services is used in tandem with human expertise. Employing hybrid digital advice provides flexibility for a wide variety of client needs according to Lekkas, with some clients looking for lighter advisor involvement and others seeking a more hands-on approach. He specifically identifies younger clients as a group that benefits from the hybrid model, as they are often more attracted to the self-service resource.
“Hybrid digital advice tools offer clients alternative ways to engage with advisors, creating personalized financial plans and investment management solutions. These tools can be client-directed, advisor-assisted, or fully advisor-led, depending on client needs,” he said. “This flexibility also meets the growing demand for hybrid engagement, particularly among younger clients who prefer a blend of self-service and advisor support.”
