More advisory firms explore texting

It seems like most people are texting, and a growing number of financial advisory firms are exploring ways to allow advisors to text with clients. According to Pew Research, 98% of households with an income of $75,000 or higher use smartphones. Still, any client communications must meet guidelines set by federal regulatory agencies.

Women have more incentive to save

Women may already lag in retirement savings if they earn less than men. Understanding the wage gap could serve as an incentive for women to save more or focus on a retirement plan. The National Women’s Law Center recently reported that, based on the wage gap, the average woman who worked full-time for 40 years would still make $406,760 less than the average man. To make up the difference, a woman would have to work 10 more years than a man, the study found.

Study finds digital tools are a key to success

The use of digital tools is important for an advisor’s future success, according to a report by the Certified Financial Planner Board of Standards’ Digital Advice Working Group. While financial advisors will remain the top source of advice, consumers will expect some use of technology as part of the relationship. The report noted that advisors who use technology can create “deeper conversations and longer-lasting relationships.”