By Jacob Rouser, Digital Marketing Director

Whether you are an advisor looking to move to a new firm, or you’re an institution looking to add onto your number of advisors, there’s one common (and often daunting) question you’ll ask at some point during the transitioning phase:

Which technology will grow my business and help me serve more clients?

As experiences for both advisors and clients become increasingly digital, choosing the right tech solutions is key to ensuring your continued success.

Too often, advisors rely on limited support with their technology to transition clients to their new firm and get their own business operations up and running quickly.

There may be signs of hope, though. Tech’s role in the advisor/client experience — influenced by the digital shift of the COVID-19 pandemic — has accelerated.

Consider that two-thirds of advisors think digitally innovative firms have become more attractive during the pandemic, according to a Fidelity study. On top of that, 2020 was the largest year ever for M&A activity in wealth management.

What do these numbers tell us? Wealth management firms, and their clients, are ready for digital transformation.

Let’s look at the technology options you have to make transitions a seamless, intuitive experience for both advisors and investors.

Why the Tech You Choose Matters

Providing digital-first experiences is no longer a luxury — it’s an imperative. Clients have come to expect the same seamless experiences across all their digital interactions, and financial advisors require solutions that aid in effectively managing client relationships.

The technology you use can make or break your firm’s growth potential. Firms that embrace technology, implement and utilize it effectively will grow faster than firms that struggle with technology adoption and implementation.

Another key consideration is providing a holistic tech solution. Enterprises that can provide a complete tech solution are at an advantage — best positioning themselves for both recruiting and acquisitions.

For a new advisor looking to join your firm, your tech will play a major role in their daily work and could ultimately make or break their decision. Simplified experiences always win over trying to wrangle several different technologies.

For advisors comparing new firms to join, your tech could pull them to your side — or push them away completely. Here are three things to keep in mind as you approach the breakaway advisor tech selection process.

Identify the Tech Your Firm Needs

Breakaway advisor technology falls into two high-level categories: the advisor experience and the client experience.

Advisor experience

This includes your CRM, portfolio accounting, trading, billing, reporting, analytics, and more.

    • Consider cloud-based technology for remote capabilities.
    • Utilize integrations to provide seamlessly connected solutions or employ an all-in-one solution.
Client experience

This includes your client portal, website, and other digital touchpoints.

    • Consider tools that allow for engaging virtual connections with your clients.
    • Use your technology to create simplified, personalized client experiences.

Keep it Simple

A unified solution that integrates systems into a single experience is incredibly advantageous. Roughly half of independent financial advisors employ all-in-one technology solutions.

It’s easy to see why. Inefficiencies in your tech stack can impact pretty much every other part of your firm, robbing your advisors of time and energy they could use on client relationships and growing your firm.

With the proliferation of technologies available on the market, fintech companies are increasingly looking to build out holistic solutions that simplify routine tasks and streamline workflows.

Before, advisors may have had to sacrifice functionality and personalization for the convenience of employing an all-in-one solution. However, as this trend of going “all-inclusive” continues, we believe fintech companies will continue to enhance platform capabilities and offer a robust set of tools for their users.

Keep an Open Mind

Finally, your firm should be open to new technologies that advisors bring to the table. Ditch the lengthy tech selection and arduous approvals process that have become commonplace, and take an “open architecture” approach to the advisor stack.

Open architecture solutions allow for a truly customized tech stack, helping your firm execute your value proposition and address unique challenges and opportunities. By providing a custom and connected experience, you can craft a tech stack that works best for your business, which is ultimately a competitive advantage.

Think beyond the tech your firm needs today. How do you envision your firm will grow and evolve? How will you disrupt? How will you scale?

You need a tech solution that will grow with you. Changing tools during a growth spurt is a bumpy, unpleasant experience. By maintaining a forward outlook, you’ll be well-positioned to succeed in the long term.

Skience provides the only fully digital solution for the transition process. Click here to schedule your demo of the Skience Advisor Transition platform!