The Newest Advisor Value-Add - Helping Clients With Their Digital Assets: Financial Advisors' Daily Digest

by: SA Gil Weinreich


Just as FAs are the ones to press clients to update beneficiary designations, they may be the only ones thinking of clients’ digital assets.

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One of the stock-in-trade methods financial advisors employ to provide an extra measure of value to their clients is to be sure that the investor's beneficiary designations are up to date. Life is such that as the years roll by, a form that will be instrumental in passing assets to beneficiaries very often causes avoidable, time-consuming headaches to clients and heirs because no one thought to update it at crucial turning points.

While advisors are generally familiar with the above, new SA contributor Evan Powers discusses a modern equivalent of this sort of value-add: namely, helping clients manage their "digital estate."

"Increasingly, we're storing many of our most important files and keepsakes 'in the cloud,' and if we don't let anyone know that we're keeping them there, then nobody will know how to find them. Don't let your laptop (or your smartphone) become a locked safe that nobody can crack; chances are that you've got too much stored there not to pass it along to your loved ones," Powers writes.

Separately, CapGemini's wealth report also presses advisors to employ digital tools.

And here's some news as advisors begin their workweeks: