Today’s Technology for Advisors Must Be Holistic and Extensible


Recorded at the T3 Advisor Conference 2022.  Presented by:

Advisorpedia interviewed Rusty Sommer, Managing Director of Strategic Partnerships for Flyer Financial Technologies, at the T3 Advisor Conference in May, 2022.

Shannon Rosic: "Flyer financial technologies always has its finger on the pulse when it comes to technology trends in our space. So I caught up with our own rusty summer to really hear what's top of mind for folks right now."

Rusty Sommer: "Hearing from clients right now that things that are holistic are really important. And to me what that what I hear when they are telling you that, that means that doesn't necessarily mean all in one best in class can work. But the integration has to be tight, and it has to be complimentary. They want things that are extensible. And so extensible to me means it has to be able to scale and grow with your business as your business evolves and changes. And then thirdly, it's gotta be secure, right? They want audit, they want regulatory, they want clients, they want everything to work well, so that they can make sure they're executing on those things. And whatever the regulatory environment is, or the regime is isn't it changes, they know that they can evolve with it, we take a step down from that we think about outcomes, outcome oriented is is becoming very important. And what that doesn't mean is it performance isn't important, but it just means that regulatory environment clients are really focused on how are you solving for things that are related to me. And as as advisors and as RAs and as asset managers?

You know, that's really a big focus of what we're doing. So everything that we're thinking about technology wise, or I'm hearing from clients is really focused on that think direct indexing is perfect example. So let's take this even a step further down. Data, data is critical. And this references back all those items I just mentioned. So data is how do you make sure you're on the same data set? So that when you're doing things like performance reporting, client reporting, analytics, and then you're doing implementation around portfolios and trading? How do you make sure you have the same set of data? How do you link those things together? And it may seem obvious, but it's not as easy as people think it is. And more often than not, you find some issues there. So data is critically important. How do you pull it out? How do you facilitate workflow? How do you make sure your clients are getting the data they need, your operations team has what they need, your audit team has what they need, everybody needs really clean data. And that data integrity is critical.

So Flyer fits in that ecosystem by serving as one, a good partner, working with your other tools, your teams, your technology teams, your operations team, but also can sit in the middle of all these other vendors and help facilitate the transaction of information and data and bring those things together in a more holistic way. So if we think about reporting, you know, you may have an accounting system that can provide us data, we can bring that normalized data in and you can make sure that you have what your team needs in order to execute on things. We think about audit, your audit team can come into our system and pull data out so that they can review for regulatory compliance. Your trading team knows that when the portfolio managers say we need to buy or sell X, that they're getting good trade data, and they can go execute in the market. And the system then will facilitate their workflow so that they're really spending time analyzing markets, analyzing portfolios and not worrying so much about how do I send trade details and conference and things out important, but to the degree that you can automate that all the better."

Resources: Flyer Financial Technologies

Related: The Big Themes We Saw Coming out of T3