Will the iWatch Change Financial Advisor Technology?

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iwatch 300x300Back when the smartphone (iPhone et al.) came out, various apps revolutionized how users managed their money. They were able to move away from the computer or visiting a bank, and manage their financial lives from a mobile device. With the introduction of the Apple iWatch to accompany the iPhone, apps that are on an iPhone can now also be used from the iWatch. This new innovation has the potential to reshape the financial advisor technology landscape, but how will it be done?

Mint.com: Users can now access their budget on their wrist. No more searching for a phone to check categories in a budget – just look at the watch and scroll through the items. Alerts from the app about overspending will also sync with the watch so they are instantaneously available during Black Friday / Weekend shopping trips.

BillGuard: But what happens when you’re shopping and someone else swipes your card to go on a spree. BillGuard sends you a notification to your phone of all the recent spending so you can review if anything is suspicious. If your phone is in your bag, this won’t help – so notifications are also sent to the iWatch for instantaneous tracking.

iBank: While using Mint.com to get notifications about your budget is helpful, knowing what accounts have funds available is a must. No more logging into separate bank websites to check your balances – this service will pull them all into one place (sound familiar Blueleaf users?) and allow them to all be viewed on the watch interface.

Valpack You know the padded envelopes that come in the mail filled with coupons? They’re a hassle to filter through and remember to take when you shop. Now these coupons are available on the iWatch. Users can search for coupons while they are out shopping, but they can also search for stores with applicable coupons based on their location.

Chronicle: This bill reminder platform has helped people from racking up late fees by notifying them when to pay their bills. This app syncs all the reminders that are in your account and notifies you of any bills coming due. This will alert you to log into the program and pay the outstanding bill.

PaybyPhone: If you hate finding cash for meters and then remembering when you need to go feed it again, this app takes care of it all. With applicable meters and tollbooths, the iWatch will allow you to pay the fare. With a parking meter, it will then remind you when your time is coming due, so that you don’t come back to a ticket on your windscreen (or worse).

Invoice2go: To support the desktop and mobile versions of this app, the iWatch app allows independent contractors to log their time on their watch and sync it to the Invoice2go program. It will populate a time clock for them that they can then edit in the Invoice2go program on their tablet or desktop.

Redfin: Gone are the days of browsing for houses on a computer. Users can now see what houses are for sale in their area, and get updates should they be driving around different neighborhoods. This photo-heavy app is great for skimming over the images before deciding to visit an open house.

Applepay: Last but not least, Apple has designed for its Apple Pay service to be accessible through the iWatch. Instead of users using their phone to pay for items, it can now be done easily through a swipe of the wrist.

While most of these iWatch-supported apps are for everyday financial aspects, it won’t be long before users can manage their long-term finances through their phone and watches. Will that influence behavior? Only time will tell.

Dave Grant, CFP®, is the founder of Finance For Teachers a fee-only RIA in Cary, IL. Dave exclusively serves teachers in Illinois by helping them to organize their financial lives and live a fulfilled life. He is also a columnist at Financial Planning magazine, a ghost writer for various companies, and the founder of NAPFA Genesis, a networking group for over 300 young, fee-only planners.