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Partner perspective: Growing your financial advisory firm with technology

Growth strategies are always at the forefront of every advisor's mind; you want to ensure a successful future for your firm.

Technology is a key part of this strategy. But choosing advisor technology can be daunting for any growing RIA. 

To help firms understand how to navigate the process, we're embracing a new level of transparency with our ongoing series, “Partner perspective.”

In the spirit of learning and partnership, we'll briefly walk through our market experiences and share them with you in each segment. We hope you'll gain insights into how firms like yours work with vendors to achieve the best tech outcome.

Each week our sales team will deliver a few notes from the field to provide perspective into firms that partner with AdvisorEngine® technology to scale and those that don’t. Here’s David Coyle with some wealth technology solution insight:

The firm 

Here’s a little background, demographic info about this particular prospective client:

  • Who - a 3,000 person (and growing) holistic financial firm founded in 1930. With roots based in accounting, tax planning and wealth management, they manage over $5 billion in client assets.
  • Where - Offices in 16 states across the country and India and the Philippines.
  • What - This firm, specifically their COO, was looking for a wealth management technology solution.

The strategy 

This firm was looking to identify a technology partner with the capacity to build out a separate branded channel to service mass affluent investors.

They targeted an efficient, scalable wealth platform to attract their tax clients and the next generation of investors. The goal of this channel was growth in this particular demographic. They also wanted a technology solution that could easily be supported and managed by their staff. 

The review

Key to the selection of AdvisorEngine was our ability to support both advisor and client-led account opening in a straight-through process. Customization of risk profile questionnaires and enabling the firm to use their own models were critical in the solution.

The AdvisorEngine client portal white-label branding and configurability was also at the top of their list.

The outcome

This firm is experiencing rapid growth in its newly formed and branded channel. They have exceeded AUM goals by 30% in the first year. In 2022, this channel will be available to more than 2900 tax professionals nationwide.

Currently, we are exploring additional planning, portfolio analytics and integrations to enhance the client experience further.

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This blog is sponsored by AdvisorEngine Inc. and CRM Software LLC. (“AdvisorEngine”) The information, data and opinions in this commentary are as of the publication date, unless otherwise noted, and subject to change. This material is provided for informational purposes only and should not be considered a recommendation to use AdvisorEngine or deemed to be a specific offer to sell or provide, or a specific invitation to apply for, any financial product, instrument or service that may be mentioned. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Opinions and forecasts discussed are those of the author, do not necessarily reflect the views of AdvisorEngine and are subject to change without notice. AdvisorEngine makes no representations as to the accuracy, completeness and validity of any statements made and will not be liable for any errors, omissions or representations. As a technology company, AdvisorEngine provides access to award-winning tools and will be compensated for providing such access. AdvisorEngine does not provide broker-dealer, custodian, investment advice or related investment services.  AdvisorEngine and Junxure are registered trademarks of AdvisorEngine Inc.

David Coyle

David Coyle

David Coyle is Senior Vice President and Head of Business Development at AdvisorEngine. He is responsible for all aspects of business development including client relationships and partnership opportunities. David has a unique blend of technology and business knowledge gained from more than 20 years of experience in the financial and wealth management industry. Prior to joining AdvisorEngine, David worked as part of the wealth management team for Interactive Data Corporation—helping financial services and wealth management firms to provide market data, mobile tools and web tools to customers and financial professionals. David also served in business development and sales roles with BlackBerry, Outercurve Technologies and Northstar System, though he began his career as a private client advisor with Merrill Lynch. David holds a Bachelor of Science in Marketing from Messiah College.

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