The Future of Financial Advice: The Rise of Digital RIAs
Digital RIAs, or registered investment advisers that offer financial advisory services through online platforms, are gaining popularity due to their affordability, low investment requirements, and user-friendly interfaces. While traditional in-person RIAs offer a more personalized approach to financial planning, digital RIAs cater to the needs and preferences of younger tech-savvy clients seeking accessible and convenient financial advice. The rise of digital RIAs signifies a fundamental shift towards a more accessible, affordable, and technologically-driven approach to financial advice.
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As seen in the New York Times Wealth Matters Section
Sitting back, glass of wine in hand, John Kapon, the bespectacled chairman of Acker Merrall & Condit, a 200-year-old shop for fine and rare wines, leads scores of wine lovers in twice-weekly tastings.
Taking social-distancing mandates to heart, Mr. Kapon conducts the tastings using the teleconferencing platform Zoom as an extension of his business, a virtual function that he and other small-business owners had never contemplated before the pandemic wreaked havoc on the U.S. economy.
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Mr. Kapon has set up a system in which wine aficionados can order ahead to have the bottles delivered before the tasting. The hourlong sessions are followed by continued discussions on Instagram Live with prominent wine figures who take questions from people at home.
“The backbone of our company is to drink and share great wines with our clients,” Mr. Kapon said. “Wine is meant to be shared. The Zoom format allows you to be with 50 or 60 people.”