Fact: Your Tech Stack Will Never Be Finished!

Tough pill to swallow isn’t it? The truth is, technology is evolving within every avenue of our daily lives.From mobile devices, online retail services, travel – it’s nearly impossible to ignore the tech revolution.

Technology in the Wealth Management space is:

Updating as often as we change our socks. Its hard to keep up with system updates and identify if vendor releases will have an impact to your firm & your processes. Integrations and data flows also continue to advance, which can become a huge disruptor. These types of constant change can bring frustration, inefficiencies and learning curves. Merging and adding functionalities beyond their original offerings. “It’s a floor wax. It’s a dessert topping. It’s both!” (SNL reference for all of you Dan Aykroyd, Gilda Radner & Chevy Chase fans) Systems are no longer staying in one lane when it comes to functionality. Examples: CRM’s can now push & pull data far beyond generic client demographics. Portfolio Management systems now offer full trading & rebalancing features along with Client Portals. Encouraging firms to keep shopping. Advisors & Plannersare continuously inundated with marketing & system demos, promoting the idea that “another tech tool could be better”.

‘RUN-WITH-IT’ Suggestions:

Assess your needs vs wants – determine what you need from certain tech tools by evaluating your processes.
  • How can a tech tool help bring efficiencies?
  • Will it help save time?
  • Is it able to grow with your firm?
  • Is the tool bringing functionality or leveraging more bling than impactful value?
  • Consider Optimization before replacement – technology is only as good as the data within it.
  • Don’t shop for technology until you have identified that your current system cannot fit your business model, services or growth.
  • Optimize your current systems first– learn, train & adopt the system before you shop for new tech.
  • Identify the impact of new technology to your ecosystem – a new tech tool often brings multi-system disruption.
  • Consider the impact of new tools to your current system integrations and best practices.
  • If you cannot decide eliminate – So much tech…so little time.
  • Researching and assessing technology can be an arduous process. Start by eliminating the tech that is not a good fit.
  • Save notes as to why the tech didn’t fit and revisit the eliminated tools once a year to see if they have updated their systems to better fit your needs.
  • Create a monthly process to review your current systems updates/release notes
  • Every technology vendor has their own way of updating their system & notifying users. Keeping up with vendor Release Notes or Updates is a necessity to gain all the benefits & efficiencies of the technology you use.
  • Set aside time to review these updates, inform your team, and learn the new functionalities.