How Asset-Map Emphasizes Accessibility and Inclusion
By H. Adam Holt, CEO & Founder of Asset-Map
Software should be for everyone.
It’s a simple concept: Where you’re from or what abilities you have shouldn’t matter when you use software—every user should be able to take advantage of it in the exact same way.
But too often, software isn’t built for accessibility. In fact, there are inherent biases built into software.
Amazon, one of the largest companies in the world, proved that when it built an AI to help its team review and select resumes more efficiently—but discovered that the AI built overwhelmingly favored resumes from men over women.
At Asset-Map, we’re fully aware of how our software can be made more inclusive for people of every background.
Here’s how we’re doing that.
Non-gendered Household Structure
Financial planners should have the ability to create plans that reflect the lives of whoever they work with, and they should be able to plan without making assumptions about their clients’ personal lives.
When you build an Asset-Map, we leave household structure open and unspecified so you can work the same way with a heterosexual couple as you would with a non-binary couple. We don’t specify a “husband” or “wife” when you need to add a spouse after your initial client entry, and we don’t specify gender selections either.
Financial planning is often unknowingly biased against same-sex couples, but you can build the family structure that fits your client without having to use a workaround.
Enabling Comprehensive Financial Conversations
The financial concerns unique to different family structures require advisors who know how to approach their situations in a sensitive and differentiated way.
There is no “one size fits all” financial plan, and that sentiment becomes even more relevant when you are working with various household structures.
For example, planning after-death benefits for a couple who is not married will require a different approach than a married couple because of different federal and state laws and tax issues.
Those conversations can be nuanced and complex. But with Asset-Map, you can visually show clients which assets need to be examined, how they relate to each other, and talk about considerations for each account type in a much simpler way.
Accessibility for All
Accessible financial software goes far beyond sexual orientation or gender identity.
For example, if you work with clients with a hearing or visual impairment, then the way you communicate information to them may need to be adjusted to accommodate their needs.
We work with firms who specialize in using Asset-Map for these types of situations because they find it easier to convey financial concepts in a visual format. If there is a hearing issue, the visual concepts make communication simpler, and the ability to magnify an Asset-Map on screen is often a better way to help a client see the accounts you want to discuss than by providing a list of accounts.
Creating Greater Awareness of Financial Planning for Everyone
Serving a wider range of people, with more diverse backgrounds, will become more important as the population ages. Of all people who identify as queer, 98% are between the ages of 18 and 44.
The ability to provide unbiased financial advice should be a focus of the modern financial professional.
To do that well, you have to be aware of the inherent biases you may be surrounded by, including the technology you use.
Tech that doesn’t put limitations on your ability to serve people of every experience is the kind of tech you want to build a business on. When you select technology for your firm, be sure that it positions you for success in the future and the types of clients you will need to serve, as well as giving you the tools you need to succeed right now.