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[Digital Vaults continue to rapidly evolve from a “nice-to-have” virtual equivalent of a safety deposit box for critical advisor and client-facing documents into a “must-have” technology to power a more engaging and competitive advisor and enterprise-wide service model. Such is the nature of technology that requires the ongoing development of robust applications which are driving advisor and wealth management tools and capabilities, ultimately changing the face of the industry for the better.

Digital Vaults are a good example to explore as to how they have developed from simple storage and basic functionality to enterprise solutions built for compliance and operations efficiency, and now, with the advancements of Artificial Intelligence (AI) and Large Language Model (LLM) technology, to quickly summarize documents, extract critical information, provide contextualized action items, offer actionable insights and analytics, and much more. This evolution is materializing into a more comprehensive servicing and enterprise engagement strategy that can transform financial institutions and wealth management firms into delivering modern, high-touch wealth and advisory relationships by providing better insights, deeper engagement, and more value across all stakeholders and family members in the client relationship.

To better explore this advisor technology evolution and AI-powered Digital Vaults, we reached out to Institute members Daniel Kenny, Chief Executive Officer, and Kristian Borghesan, Chief Marketing Officer, of FutureVault – a category and industry leader of Digital Vaults and pioneer of the Client Life Management Vault™. Having developed their Digital Vault technology platform into a best-of-breed solution for the wealth management industry, we asked questions to better understand how they developed their Digital Vault technology and where they see this technology going to power deeper advisor–client relationships and enable better holistic family financial outcomes.]

Hortz: Can you share with us your experiences in how Digital Vaults have been evolving in their development and benefits for the financial services industry? How did they go from a “nice-to-have” to a “must-have” in the industry?

Borghesan: There are quite a number of factors and reasons that have contributed to the evolution of Digital Vaults, namely Digital Vaults-as-a-Service like FutureVault, moving from a “nice-to-have” into an absolute must-have component and critical piece of the everyday technology stack.

In today's fast-paced and competitive marketplace, life insurance agencies need to stay ahead of the game. Embracing technology, such as insurance CRM software, is a powerful way to achieve this. By adopting the right tools and platforms, agencies can streamline operations, increase productivity, and enhance customer satisfaction.

 This guide will explore how life insurance software can empower agencies to achieve their goals, whether they are startups or well-established.

In the highly competitive insurance industry, brokers and agencies are constantly seeking new ways to drive growth. Agents must reach sales targets, and agencies must attract and retain high-performing talent. Fortunately, recent innovations in digital sales platforms are making these goals achievable.

John Boothman of NAIFA partner iLife Technologies will give you actionable tips on how to incorporate more digital solutions into your business to drive growth and keep up in today's ever-changing market.

As a financial advisor, generating leads is a crucial aspect of growing your business. However, nurturing those leads and converting them into loyal clients requires time, effort, and personalized attention. This is where artificial intelligence (AI) can be a game-changer for financial advisors. 

Technology might not seem like a likely tool a financial advisor can use to build client relationships. It almost goes without saying that older generations prefer human interaction versus digital services when it comes to their finances. And surveys have found that even tech-savvy millennials are more likely to get help with their finances from real-life advisors than from robo-advisors. 

So how can technology help financial advisors strengthen and add value to their relationships with clients—especially older clients—when it lacks the human touch? After all, a computer can’t hold your hand during a market downturn. 

But there is new technology that can enable advisors to build their businesses by giving them the ability to better assist aging clients and clients taking care of aging parents at the stage of their financial lives where they need the most help. That new technology is Carefull.

From the 1980s through the early 2000s, many advisors and brokers dreamed of having more help with critical yet time-consuming tasks like proof of insurance and minor claims processing. We mused, “If only I had help with those tasks, I could spend more time focusing on high-touch customer service and sales.”

Today, digital innovations are streamlining much of the way carriers and their representatives conduct and generate business. These innovations are precisely the help we wished for.

So why do many in our industry resist digital advances like customer self-service and apps?