2 out of 3 consumers, regardless of age, prefer entering personal data and discussing their goals at home before meeting with a financial advisor.
POWHATAN, VA (PRWEB) October 16, 2017
Wednesday, October 11th, in New York City PIEtech℠, the creator of MoneyGuidePro®, won the WealthManagement.com Technology Provider Thought Leadership Award for their groundbreaking biometric research which measures stress levels throughout the financial planning process. PIEtech℠ undertook this research to help advisors understand how they can make the financial planning process better for their clients and thereby help more Americans engage in planning.
By measuring individuals’ stress levels throughout the planning process, PIEtech℠ found that clients’ stress varies according to the stage and method of financial planning. The importance of that finding is that the clients’ stress impacts how they engage with the advisor, the information that they provide and how they implement their plan. All of the participating consumers unequivocally felt that the financial planning process was valuable. The research showed that while the majority of Americans do not have a financial plan, when provided the opportunity and guidance, it was greatly appreciated and judged worthwhile. In fact, 95% of the research participants recommended creating a financial plan as a result of their experience.
Wearing portable fit-bit like devices that measure stress indicators, e.g., heart rate, skin conductance (or sweat) and skin temperature, couples were asked to work together to create a financial plan using MoneyGuidePro®. There were several data gathering scenarios including traditional data gathering using a paper questionnaire and online data gathering. Some consumers completed myMoneyGuide® which is the online guided experience through which they complete their data gathering and create a customized financial plan. In all cases, the couples then met with a CERTIFIED FINANCIAL PLANNER®, either in person or virtually, to review their data, complete, review and improve their plans. This meeting was a critical step in the research since PIEtech℠ firmly believes that the advisors’ ability to add human value in the planning process is essential and irreplaceable. The different scenarios highlighted the importance of giving advisors the right tools to streamline their processes and help them focus on providing advice.
Kevin Hughes, EVP, Head of Enterprise Sales of PIEtech℠ said, “PIEtech’s findings challenge the way our industry thinks about client interaction. Ultimately, the research can help provide a better experience for consumers and advisors.” For example, while advisors may be most comfortable with traditional data gathering, the research showed that clients experience lower stress using online data gathering and lowest stress with guided online data gathering through myMoneyGuide®. For the full financial planning experience, stress levels were lowest when consumers went through myMoneyGuide® and then met with the advisor in a virtual format.
Based on the research, PIEtech℠ has developed several new consumer engagement solutions that will be available in the coming weeks to give advisors a choice of how to engage consumers and for consumers to engage how they want, when they want. Research findings showed that two out of three consumers, regardless of age, prefer entering personal data and discussing their goals at home before meeting with a financial advisor. It’s critical to note that they all felt it was important to meet with the advisor and said that it was an informative and interesting experience. Even during the money section which may typically be considered more stressful, the advisor was able to quickly lower the clients’ stress level. The change in stress levels throughout the planning process reinforces the fact that the software brings the clients’ data together in a meaningful way, providing “an answer” but it’s the advisor that helps them do something with that data.
PIEtech℠ was one of 43 firms recognized from a list of 127 finalist companies. “We are proud to be amongst the distinguished list of companies that were recognized by WealthManagement.com,” said Hughes. “PIEtech℠ is committed to helping advisors add value for their clients. These research findings shed light on the greater need for human advisors and expert guidance. It can help advisors determine how to best gather data – electronically or on paper – to improve the effectiveness of their client meetings and evaluate the benefits of meeting with clients in person or virtually. We’ve entered into an era where age has little to do with technology willingness and digital attention span. Our new solutions give clients and advisors, regardless of age, more choice for how they engage.”
About PIEtech, Inc.
PIEtech's vision is that Everyone Needs and Deserves a Quality Financial Plan. PIEtech℠ is the creator of MoneyGuidePro®, the industry’s leading financial planning software and myMoneyGuide®, an online guided planning solution. For more information on PIEtech’s powerful financial planning solutions, please visit http://www.moneyguidepro.com.