What's the next step in financial planning's evolution? Look to the Fitbit
Could clients soon receive financial advice in 30-second chunks via their wristwatch?
Not quite yet, but the potential to combine digital advice and big data is spawning an evolution in personal finance management apps that could soon upend how investment advice is delivered and consumed.
Wearable devices such as the Fitbit and Apple Watch have become increasingly seamless and nonintrusive in how they collect data, says Daniel Latimore, senior vice president of Celent's banking practice and author of a new report on how personal finance management apps are evolving. Personal finance management apps, also known as PFM apps, will follow a similar development path.