Advisors who serve wealthy families often ask us how technology can make estate planning practical to offer as a standard service rather than a costly exception. This article covers six areas where a digital platform helps: document management, understanding assets, communication with families, remote support, security and efficiency. It helps your firm see which parts of its estate planning process still depend on paper and manual sorting, and where to start modernizing.
We used AI tools to help gather research and speed up the first draft. That left more of our time for checking each figure against its original report and adding what we see in client conversations. A Masttro editor reviewed every claim, and members of our team read the article before it was published.
Key Takeaways
In the past, estate planning was reserved for only the wealthiest families. Because estate planning required a major investment, it was rarely practical for wealth managers to make it a standard part of their services. However, new technology is making estate planning less complicated, more efficient, and more affordable. This has opened the door for more families to reap the rewards of estate planning.
Here are some of the ways that modern wealth management tech can help streamline the estate planning process.
1. Managing Documents
Estate planning requires countless forms and records. Traditionally, wealth managers had to sort and organize these documents manually, then find a place to store them securely. Any time a document was needed, they would have to sift through endless papers to find the right one.
Now, documents can be uploaded to a wealth management platform and stored digitally. This keeps every document safe in one place and allows wealth managers to access the information they need from anywhere in the world. Digitizing documents also reduces the risk of losing or destroying essential records.
2. Understanding Assets
Another necessity of estate planning is understanding the full breadth of a family’s assets. With the growing complexity of financial portfolios, that can be a challenge. However, wealth management tech simplifies the whole process.
Most wealth management platforms provide a consolidated view of a family’s complete net worth. This helps financial advisors gain a better understanding of what assets are available, making it easier to make informed decisions for the estate plan.
3. Communication
When it comes to estate planning, communication is key. Wealth managers must be able to communicate clearly with the families they serve. Wealth management tech has made that easier than ever.
Any worthwhile wealth management platform will foster better communication and collaboration. For example, most platforms will allow financial advisors to send important financial information to their clients, complete with important context and commentary. Then, the client can review the data to make informed decisions. In many cases, the client can even sign documents electronically, reducing the time needed to authorize changes.
By emphasizing clear communication, financial advisors can work more efficiently, decrease paperwork, and avoid misunderstandings—all of which will help improve their services.
“Masttro allows us to consolidate all custodians and set up the entire legal structure to offer our clients a true holistic vision of their assets.”
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4. Remote Help
Wealth management technology also facilitates long-distance collaboration. Because data can be consolidated and shared digitally, family offices can build teams made up of professionals from around the world. This helps wealth managers connect with experts who are best suited to help a given family, regardless of where they live.
As a result, family offices are no longer limited to the talent pool of any given area. If a promising candidate is based several states away, no problem. Modern tech can erase that distance and bring the right people together.
5. Security
Estate planning often means handling—and sharing—sensitive financial data. Wealth management platforms incorporate state-of-the-art security protocols to protect that data from prying eyes. Secure cloud databases, end-to-end encryption, and other features ensure that wealth managers are free to serve their clients without the risk of unauthorized access or identity theft.
6. Efficiency
By streamlining and automating various tasks, modern wealth management tech helps family offices to work more efficiently than ever before. This frees up additional time for optimizing strategies and planning for the future. And with technology doing so much of the heavy lifting, financial advisors can afford to take on multiple clients—making estate planning accessible to a broader audience.
In short, when family offices make use of modern wealth management tech, everyone wins.
Wealth Management Tech: The Future of Estate Planning
Technology is revolutionizing the field of estate planning, making it more efficient and accessible for all. By taking advantage of the many tools available, wealth managers can give their clients superior service and better peace of mind.
If you’re ready to upgrade your estate planning services through cutting-edge technology, Masttro can help.
Masttro is a groundbreaking wealth tech platform that offers users a complete view of their wealth. With Masttro, you can give yourself the transparency and control you need to make informed, data-backed decisions in real time. Covering everything from liquid and illiquid investments to liabilities and passion assets, Masttro offers a big-picture look at a family’s net worth.
Best of all, Masttro safeguards your data through top-tier cybersecurity measures and data security protocols.
The company was founded in 2010 by a group of wealth experts who recognized the need for a better tool to visualize total net worth. Today, Masttro is a crucial tech partner for hundreds of family offices, professional service firms, and large financial institutions around the world.
Want to learn how Masttro can provide you with the best tech setup for managing your clients' estate plans? Schedule time with one of our wealth tech experts today.
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