Journal of Financial Planning: April 2016
Anthony Stich is director of global marketing at Advicent Solutions, a leading provider of SaaS technology solutions for the financial services industry, servicing the world’s largest financial institutions.
When I am at a dinner party, cocktail hour, or any event with people I don’t know, I always look for ways to break the ice and get the conversation going. For the longest time I relied on my go-to question to spark great discussions: what are your top five movies? Quite frankly, this simple question to one person in the group can be a catalyst for hours of conversation. In my experience, these conversations would break out in to subconversations, and time quickly passes. However, I recently stopped asking that question.
Why, you ask? Well, I have a far better question that not only sparks just as much, if not more, conversation but also gives excellent insight into trends, new or unseen by me: what are your top five essential apps?
Ten years ago, this question would have been absurd. Five years ago, it would have been silly. Two years ago, this question would have been good, but not quite to the level of discussing classic Nicholas Cage flicks. Today, our world is different.
The Ubiquity of Technology
Every morning, before getting out of bed, we are checking an app (or six). When we lay our heads down to sleep in the evening, the last thing we likely check is an app on our phone. Think about it; life would not be the same without apps or technology. It would be hyperbolic to say, “We cannot live without apps,” but I would gather that many prefer the convenience, simplification, and empowerment of technology.
By now you have likely listed the first few apps that are your favorites. I have to imagine everyone has their top three set, with a handful of other applications vying for the No. 4 and 5 spots. None of the applications on my list are earth-shattering or have “can’t live without” status. However, these apps have greatly impacted my personal and professional life—providing a level of convenience, personalization, and control. Here are my top five essential apps:
1. Uber (ridesharing app). This app is truly changing the world by fundamentally transforming the way people travel. Uber is incredibly simple, has eliminated the necessity for cash, created competition that ultimately improves customer service while driving down prices, and is worldwide. As someone who travels the globe for work, Uber is my go-to app. Plus, with new features including expense report integrations, split fares, and now pool options, Uber continues to stay ahead of the curve with new innovations.
2. Chase (mobile banking app). Chase, an international megabank, also managed to be one of the greatest disruptors in application development. Chase, as you might recall, introduced mobile check deposit and took one of the most painful parts of the banking experience—depositing checks (getting to the bank, remembering your account number, hoping there is an envelope at the ATM, etc.)—and eliminated it. Further, this sophisticated yet simple application allows the user to pay friends while dining, transfer funds seamlessly, pay bills, and check balances—all whenever the user wants.
3. Dropbox (file sharing/storing app). This may seem like an odd app to deem “essential,” but is still quite the disruptor—and innovator—in the world of applications. The appeal of Dropbox for me is not just its simplicity, but also its usefulness. Dropbox and its syncing functionality has eliminated one of the biggest pain points in file management. Not only can you manage documents from any location, but the sharing, revisions, and archival features are second-to-none. Have you ever sent an attachment to a friend (or client) and after the email was sent, you wanted to make revisions, but that is not an option? Well Dropbox changes that. If you simply send the shared link to the file, you can change the document at any time, ensuring that the recipient is viewing the most up-to-date, accurate file. Dropbox made my list because it is useful at a professional and personal level, and is truly one of the most convenient apps in my repertoire.
4. Pandora (streaming radio app). I am aging myself with Pandora; however, to be fair, it was the inventor of the Music Genome Project, and for that, Pandora deserves to make my list. If you add up my time using this application, it is probably my most-used app. I access Pandora on my phone, tablet, television, automobile, and computer, and my music choices change based on where I am. Pandora is, in all its simplicity, a fantastic app.
5. LinkedIn (social media app). LinkedIn has to make my top five list because the app (and the website) has been a phenomenal tool for professional development, networking, and data mining. Quite frankly, LinkedIn improved sales prospecting, recruiting, and brand awareness for companies across the globe. What I find even more fascinating about LinkedIn is they also continue to expand their offerings to stay in front of the competition, most notably the recent acquisition of Lynda.com (to promote personal development). LinkedIn is a very powerful tool that continues to improve its offering while not losing its simplicity.
So that’s my list; however, I could be persuaded. In fact, as I wrote out my selections and reasoning, I felt compelled to create a group of honorable mentions. We can discuss those (and yours) at the FPA Annual Conference—BE Baltimore 2016, Sept. 14–16.
One more thing: there are a few common denominators in my list, and likely in most lists. These common denominators are simplicity, innovation, and convenience. I have to think that in today’s world of technology options, people will naturally gravitate to the options that are innovative, provide the highest level of convenience, are sophisticated yet simplistic, and put the user in control.
Tying This Back to Your Technology Stack
Now let’s think about your clients for a moment. I would gather that my preferences—simplicity, convenience, empowerment, and innovation—are also the characteristics that your clients want in how you deliver their financial advice. So when you think about the professional technology stack that you offer your clients, does it meet those four characteristics? Are you displaying financial plans in a simplistic, convenient method? Are you empowering your clients to access this data when they want, where they want it? Are your technology offerings—including communications—innovative? If not, they should be.
Okay, so who wants to talk movies?
Learn More
Join the Business Success Knowledge Circle call on Wednesday, June 8 at 3 p.m. EDT for an in-depth discussion with the technology experts at Advicent. Go to Connect.OneFPA.org and click on “Knowledge Circles” to learn more.
Also, visit with the Advicent team at the FPA Annual Conference—BE Baltimore 2016, Sept. 14–16, in the exhibit hall and tech kiosks. Learn more at FPA-BE.org.