Imagine interacting with superimposed digital content brought to you by AR, while simultaneously reviewing your taxes and monthly spending spreadsheets. What would your AR-driven personal investing and wealth management plan look like given more immersive data visualization? Here are some imaginative ways that could play out, some of which are already germinating today.

AR’s Role in Personal Finance

AR has entered the consumer finance sector because of its increasing popularity. This is especially true with smartphone-based AR, given that it piggybacks on 3 billion+ global devices. ARtillery Intelligence projects mobile AR will grow from $10.5 billion in 2023 to $21.5 billion in 2028, a 15.4 percent compound annual growth rate.

AR potentially offers innovative approaches to personal finance because it’s more convenient and versatile than purely physical or digital systems. Plus, unlike VR, it adds to reality instead of replacing it, meaning you can integrate it into your everyday routine without much disruption.

Speaking about integrations, compatible software, and applications make this technology a novel financial planning tool. You could use an asset management app for virtual trading or install digital payment software for improved expense tracking — your options are endless.

Another benefit is immersive connectivity. AR lets you connect with others to review your investment portfolio, talk stocks or figure out your tax situation regardless of location. Unlike a standard phone call or video chat, you can share interactive, three-dimensional elements, making the conversation more productive and minimizing miscommunication.

Considering that investing can lead to financial stability, using AR to create a plan for the future is a sound strategy. After all, where else can you find such advanced, multipurpose technology without breaking the bank or spending hours learning something new?

Flow State: AI and AR Complete Each Other

Use Cases for AR in Wealth Management

You can utilize AR in several ways in wealth management, the first being real-time multitasking. You can review financial paperwork on your computer and sort through physical tax records on your desk while using three-dimensional augmented elements to stay organized. You could also use it to pull up important documents while speaking to a lender over the phone or highlight areas of interest when making an insurance claim for property damage.

You can also use AR to superimpose financial assets over your space, enabling you to put your investments, bank accounts or portfolio into perspective. For example, you could visualize the amount of money you’ve saved compared to your goal savings in hundred-dollar bills to see how far you have left before you reach your objective.

Another use case for AR is financial literacy enhancement. Research shows students using it earn higher grades than those who don’t. You could use it to educate yourself on investing or budgeting. Since it has extensive gaming sector applications, you could easily gamify your sessions to have fun while expanding your expertise. At the very least, it offers non-invasive, efficient learning opportunities.

How AR Enhances Client-Advisor Interactions

Have you ever wanted to call a financial advisor before a big purchase to get the green light? Would you like to budget with a professional without stepping into a stuffy office? If you work with someone to create wealth management plans, consider incorporating AR into your meetings. It could enhance client-advisor interactions, making the consultation more engaging and personal.

XR Talks: Can AR Uncover Hidden Business Insights?

Ways AR Offers Insight Into Wealth Growth Over Time

If you’re like most Americans, you don’t think much about wealth management. About 36% of adults in the U.S. say they’ve only approached financial planning casually. Another 15% say they haven’t established a single goal. If you want to change, consider AR.

You can use it to develop financial strategies, visualize complex financial data and assess investment scenarios, improving your understanding of how your accounts can grow with time. This technology offers a straightforward, accessible entry point into budgeting.

1. Real-Time Visualization

Augmented overlays offer an up-to-date, dynamic visualization of your financial state and plan because they enable personalization. You can tailor them to your investment portfolio to ensure the investments you see, advisors you meet and saving tips you receive align with your interests.

2. Risk-Free Simulations

If you’re like most people, you aren’t comfortable with the number in your savings account. In the United States, 56% of working adults think they’re behind on saving for retirement, including 37% who feel “significantly” behind. Fortunately, you can use AR to conduct risk-free simulations to see how inflation, interest rates or market performance could affect your financial plan.

3. Remote Interactions

While many AR use cases in wealth management revolve around end-users, plenty consider the client-advisor relationship. Remote interactions improve availability and streamline meetings. Notably, since experts expect the number of frequent AR users to reach 4.3 billion by 2025, there’ll be plenty of like-minded individuals to connect with on finances or trading.

4. Helpful Visual Aids

AR and compatible software enable translations, currency conversions and helpful graphics. Using it to overlay important information on top of whatever you’re doing makes it easier to absorb — and remember — information.

The Future of AR in Wealth Management

This novel technology may soon become a staple in modern wealth management strategies. As an early adopter, you could benefit from gaining insider expertise on the best apps, techniques and software to elevate your experience. You may also connect with — or form groups with — like-minded people aiming for financial stability.

Devin Partida is Editor-in-Chief at ReHack Magazine and editorial contributor at AR Insider. See her work here and follow her @rehackmagazine.

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