Maslow came up with his hierarchy of needs about 60 or 70 years ago. What he found was human beings all have the same desire for certain things. The very foundation is physiological; they need food, water, and rest. Moving up the hierarchy, they want safety, security, and having a roof over their head. Once they’ve gotten into this stability of life, they want to have relationships with other individuals: close friends, loved ones, family. Once you move beyond that, they want to start accomplishing things personally; they want to have a personal sense of self-esteem.

For many financial advisors, the traditional way of doing business has generally been based on a transaction-based service model involving functional solutions to clients' practical problems. In more recent years, though, advisors have begun to focus on developing stronger and more meaningful relationships, recognizing the advantage of better understanding clients' values and priorities when it comes to solving for their long-term goals. And with this growing realization, many advisors are also recognizing the profound impact they have on their clients' lives beyond solving their everyday financial challenges. Which begs the question: Is there a missed opportunity for advisors to market themselves as providing value that transcends solving just their clients' functional goal-based needs and that addresses their emotional, social, and even aspirational needs as well?

The Kitces AdvisorTech Map is a visual guide to technology solutions for financial advisors in financial planning, portfolio management, and CRM systems, helping them select the right tools to enhance their efficiency and client service.