2022 T3 Providing Advisors New Ideas and Solutions


Recorded at the T3 Advisor Conference 2022.  Presented by:

Advisorpedia interviewed Joel Bruckenstein, President of T3 Technology Tools for Today, at the T3 Advisor Conference in May, 2022.

"We released the other day, the 2022 T3/Inside Information Technology Survey. And, you know, there's there's pages and pages of data. And a lot of it is interesting. But if I wanted to highlight one or two things that really stood out to me this year, I would say one is, every year incrementally, the number of advisors who are using a cybersecurity firm moves up incrementally. But still, roughly 80% of advisory firms have never ever engaged with a third party cyber firm. And to me, that is scary. So we'd really like to see that number move up a bit next year.

You know, there's a lot of people talking here about data and moving data and owning your own data. Well, it's great to own your data, but you also need to protect it your responsibility as a fiduciary to protect it. So I hope we make some strides there.

The other thing is, market penetration on estate planning tools have been historically very, very low. In fact, right now, I think they're only about 10, or 12%. But I really expect that to move up over the next couple of years. Because now there are truly one or two new products. Wealth Studios for Money Guide and FP Alpha, that are really catching on. And I think that's really important, because many advisors need to do a little more in depth estate planning for their clients than they have been doing. But honestly, I think part of the reason they haven't is because it hasn't, it hasn't been easy. And they haven't had the right tools to do so.

I think top of mind is a few things. A lot of advisory firms had a rude awakening in March of 2020. Many of them were not prepared to go virtual. They weren't prepared to have their employees working from home. They weren't prepared to engage. Many of them had never done a video call. Right. Never worked remotely. And so I think they realized there was a gap. And yes, they did what they could and they've done a lot. But I think they realized that there's a lot more to be done. And so people are here looking for new solutions. They're really looking about how to give a better client experience, how to leverage technology to be more efficient, and to be better, and they're looking for new ideas. And there are quite a few products that were not here two years ago. So there's plenty of new ideas to be had."

Related: The Right Technology for the Goal with Joel Bruckenstein