For decades, we have seen some incredible innovation occur. How about the Ford Model A? Most of us, unless we are over 100, were not affected by this innovation, but most of us experienced cassette tape, the VCR, the compact disc and most recently, the internet, streaming television, electric vehicles and even public space flight. What do all these have in common? They are/were deemed, “Disruptive Technologies”.

Disruptive Technology is an innovation that alters how people, businesses, or industries operate; a new more efficient way of doing things. It shakes up industries with ground-breaking inventions that create new opportunities. Disruptive technology is “thinking outside the box” that can quickly replace older less efficient technologies with new ones that perform similar functions, but they now offer more accessibility, efficiency, and an enhanced experience.

Look at television as an example. In 1948 a group of individuals sought to improve television reception in rural areas; signals could not penetrate high mountains and other geographic obstructions to the antenna so these individuals, unknowingly and undefined at the time, created a Disruptive Techonolgy…cable pay television. This cable, at first with an analog signal that over time became digital replaced the need for antennas. Enticing us viewers by offering more channels and superior sound and picture. Fast forward to the early 90’s (the beginning of an awareness of the internet, email and fully digital methods of digital data transmission) when the first digital streaming content began. Now we no longer need a pay cable provider. So, the radio fell to the TV and antenna’s fell to cable and cable, still to be determined, fell to streaming TV content; a more attractive and consumer efficient viewing option. We must remember though, the cable still exists but we have a variety of options of how we pay for the content we need from that cable whether it be internet connectivity or one of the hundreds of streaming services; we have more choices.

Other Disruptive Technology? Cell phones creating the Smartphone, email, ride hailing services, smartphone applications and even online, via super high speed digital data transmission, encyclopedias, dictionaries and gaming. It is truly incredible how the Entreprenurial constant here in the USA has as long as can be remembered, thought outside the box and created exciting and logical tools that have improved our quality of life that we use daily.

How does and has this allowed Legacy Wealth Planning to better service our clients over the past 17 years? Disruptive Technology has provided us and you, our valued client, with more choices of gathering information, accessing your accounts, maintaining portfolio activity, etc. Because we are no longer required to access information from one individual source or method. We here at Legacy Wealth Planning can incorporate new disruptive technologies through multiple software products, each serving a specific purpose for your and our accessibility to information. Some of the areas we utilize these innovative technologies on behalf of our clients:

• Instant access daily to client portfolio data
• Risk analysis updated in real time updates based upon the changes in your lives
• Portfolio allocation, fund, and investment information accessible at a click of the mouse.
• Automated trading and rebalancing, tax-loss management, and cash management.
• Portfolio management customizable to your specific risk preferences.
• The ability to utilize multiple technology platforms from potentially different vendors all incorporated into one centralized dashboard here at Legacy Wealth Planning.

Consider this. According to the study, “Wealth and Asset Management 2022: The Path to Digital Leadership”, firms like ours, fund managers, financial advisors and investment strategists will embrace a variety of future game-changing Disruptive Technologies improving efficiencies and potentially improving the economies of scale helping us refine all facets of our investment plans, goals and objectives. These may include blockchain, APIs, predictive analytics, online collaboration tools, artificial intelligence, and facial recognition; all but specifically the latter two hopefully with manage evolving financial and investment regulation along with cybersecurity risks, as they strive to make the information, we now store online within our systems, more secure, resilient, and adaptive.

Further, the same study predicts that disruptive technologies that will rest on Cloud platforms, will largely replace localized data storage methods supporting agile innovation, improve customer service and security, and streamline collaboration whether in person or online. Wealth and asset management firms will integrate new sources of data from within and outside their organizations and rely on sophisticated analytics to extract greater value for engaging clients, managing portfolios, and streamlining the administration of their investment portfolios.

We invite you to contact any of our Advisors here at Legacy Wealth Planning for more detailed discussion on this topic of Disruptive Technology. There are too many variables to consider in such a short piece. We want to get you thinking that all that has been innovated is not complete. There is much more Disruptive Technology ahead. Disruptive technologies can be good or bad; this depends on what it disrupts as it has the potential to impact every aspect of our life. The “good” and the “bad”? Many things may become more suitable as our technology advances, but there are bad players out there that when oppressive methodology is engaged, Disruptive Technology can be harmful.

You are at our website. Make a call or click our, “Contact Us”, page to set a time to chat. You will be enthusiastically educated and welcomed.

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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.