Digitizing the Wealth Management Industry: Q&A with Advisor360° CEO Mike Fanning 

Client communication, client attraction, and retention strategies are paramount to the long-term viability of wealth management firms. When clients are apprehensive, advisors must ensure that they are well-informed and confident in the advice for which they have paid a premium.   

This service requires prioritizing the delivery of advanced digital communication technologies and tools that ensure continual communication with the advisory team and real-time access to financial information. 

We asked Mike Fanning, the newly appointed CEO of Advisor360°, a digital wealth management platform, about the ongoing digital transformation and what may be preventing some wealth managers from digitizing, the use of AI in the digital world, what trends he sees in the industry going forward, and more. 

CM: The market for financial advisor and firm-specific technology and software appears to be crowded. What does Advisor360° bring to the table that does not exist already? 

MF: Advisor360° does several important things better than anyone in the industry. The first is integration. Our flexible solutions easily integrate with an enterprise wealth firm’s existing tech stack regardless of their affiliation, fee structure, or custody and clearing arrangements. This seamless experience results in operational efficiencies for advisors, their clients, and the home office.  

Next, our industry-leading data solution lays the foundation for fast, straight-through processing that leads to dramatically increased productivity and growth for our customers. Lastly, but certainly not least, Advisor360°’s Digital Onboarding and Advisor Transition tools are truly the industry’s gold standard. Our award-wining technology enables advisors to open accounts—individually or in bulk—intuitively and in under 90 seconds.  

It’s a real game-changer for advisors and their clients. All these things reinforce each other: Our data and integration strength enable a superior platform and a more streamlined experience for our customers and their client households. 

CM: How can wealth managers leverage your offerings to increase business efficiency? 

MF: Efficiency is central to Advisor360°’s mission. Our solutions are designed to help advisors streamline their workflows—dramatically reducing the time spent on administrative tasks so they can focus on client engagement and financial planning. 

The increased efficiency starts with our unified data layer, which uses automation to simplify routine tasks, including account opening, report generation, compliance monitoring, and client communications. After that, our AI-enabled solutions save advisors, their back office, and clients time and effort—and ensure consistency and accuracy.  

Our CRM capabilities, too, give advisors a holistic view of each client’s accounts, preferences, and goals. Advisors can track all client interactions and related activities tied to a single household in one place on our dashboard, making it easier for them to stay engaged with their clients and cultivate stronger relationships. 

CM: What’s preventing some wealth management firms from digitizing? 

MF: It’s interesting, because while legacy systems and the cost to replace them are still barriers, they are not the immovable roadblocks that historically stymied innovation at wealth management firms. In fact, innovation, data privacy, and regulatory compliance issues are now so integral to thriving in this industry that firms recognize the need to keep their systems updated.  

The bigger challenge is the speed at which disruptive innovation is taking place. This is not your dad’s wealth management industry. Failing to invest in technology is an expensive mistake, because advisors and their clients demand tools and features that meet their sophisticated expectations. Both will leave if the technology is subpar and not making their lives easier. The pace of change makes it more important than ever for firms to partner with a WealthTech provider, like Advisor360°, with a proven development engine to remain ahead of the curve.  

CM: How can wealth management firms speed up digital adoption now? 

MF: The most important thing is for firms to change how they think about change management…and that starts at the top. It’s a mindset shift. Overcoming resistance to new technology happens with a culture that supports adequate training and resources so staff at all levels can build confidence in using new tools and platforms. Ongoing training ensures that everyone stays up to date on the latest advancements and best practices. 

To make this work, firms can lean on experienced technology providers that have the know-how, integration experience, and support mechanism to streamline the transition for advisors.  

CM: How does Advisor360° integrate AI into its services? 

MF: We’re constantly doing the research and development to land on the best and most appropriate use cases for AI in our offering. Today, we’re leveraging AI to automate dozens of routine tasks such as data entry, report generation, client communication, and compliance checks. Automation reduces the administrative burden on advisors, allowing them to focus on client relationships and planning.  

Our next phase—which we are in the middle of now—is all about leveraging data to provide insights and add business value. For instance, we are rolling out our next-gen virtual digital assistant to support advisors in new and better ways, including acting on an advisor’s or client’s behalf in defined cases and sending alerts so they know what actions have been taken.  

Our more advanced use cases will have greater impact on firm operations and client engagement, including using AI to actively resolve case queries, recommend next best actions, initiate home-office actions, build custom workflows, and gain insights into portfolio performance.    

CM: As the newly appointed CEO, what is your vision for the company, and are there any strategic initiatives in the works?  

MF: My vision is for Advisor360° is to be the platform of choice for every advisor and wealth management firm in the United States. To get there, we’re developing several innovative solutions that solve the efficiency and productivity needs of wealth firms, financial advisors, and their clients. We’re conducting research and continuing to create intuitive, industry-leading tools to enhance the advisory experience and drive better financial outcomes for customers.  

We are also streamlining the customer onboarding and integration process to make change easier for firms. As we look toward the future, we’ll continue to forge strong partnerships with other technology providers, financial institutions, and regulatory bodies to enhance our offerings and expand our reach. Stay tuned for exciting news in the future about new products and solutions. 

CM: Looking ahead, what trends do you see for Advisor360° and the digital wealth management industry? 

MF: Automation and generative AI will continue to have a profound impact on practically every tech tool, making them more intuitive and efficient. I think the industry should expect some bumps along the way as we all navigate the best ways to use these technologies. But ultimately, advancements will coalesce around enhanced predictive analytics, data solutions, risk management, personalized client services, portfolio management, client acquisition and more. In fact, you name the front-, mid- or back-office function, and AI will play a significant role in its advancement in the not-so distant future.   

Case in point: as regulatory environments become increasingly complex, compliance tools—like the suite of tools Advisor360° already offers—are helping firms automate compliance processes, monitor regulatory changes, and reducing the enterprise risk of non-compliance.