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How to adopt wealth management technology

Technology is shaking up the way industries do business.

While the financial service industry has been somewhat slow to adopt new technology, it now plays a leading role in the ecosystem. There are many different tools that independent advisors can use to improve client services and maximize profitability.

Over the years, I have been fortunate enough to train hundreds of financial advisors on technology.

I interact with these advisors and operations staff on a daily basis as part of the training and consulting team at Junxure®

Prior to Junxure, I worked in a completely different space - as a classically trained tuba player. I performed all around Palm Beach, Florida while also teaching classes and instructing other tuba players. While I would like to say it’s different - teaching people how to play tuba and create music is very similar to teaching advisors how to use and adopt a new technology. Learning anything new can be intimidating. 

Embracing new technology 

Change is hard. Advisors embracing any kind of technology change are left asking:  I’ve set up my new technology - now what? How can I best encourage my colleagues to adopt this new technology? How do I maximize this technology asset that I just purchased?

I thought I would give you some insights on how you can best adopt any new technology into your firm's practice.

 Adoption starts with leadership

  • Set the tone from the top - it's important that the decision-makers at the firm are on board and make it a directive to fully implement the software.

  • Leadership needs to support all team members by providing them with all of the tools needed for success. 

 Form your implementation team

  • Every firm should have an implementation champion. A designated person to schedule training, support individual users and serve as the go-to person for questions or issues.

  • Depending on the size of the firm, you should create an implementation team. This team oversees setting up the software, making sure data is consistent, and supporting the rest of the team. Include people from all areas of the firm - both tech-savvy and non-tech-savvy people to get differing perspectives. 

 Put aside time for training

  • Set aside time for training.  This could include things like private training with a technology consultant, weekly team ‘lunch and learn’ sessions, reviewing training materials and meeting to discuss how you are going to use certain features.

  • Training is not one and done. Develop a plan to continue learning about additional features you can take advantage of - like ongoing educational classes, user conferences, or user meet-up groups.

 Embrace change

  • Sometimes the change is the hardest part of new software implementation. Make sure to identify those at your firm that might be averse to change and give them additional time and help.

  • Identify the processes in your office that are most important and develop a plan to address how these processes might change.

 Communicate often

  • Not a big surprise here, communication is key!

  • Meet weekly to discuss what is going well and what issues need to be addressed as a firm and as an implementation team.

 Set measurable goals

  • Don’t do everything at once - start with the core features you will need on day one and gradually implement other features as needed.

  • Review usage of the system often to see where the pain points are, make sure to redirect goals as needed.

 Make it fun - and celebrate the victories

  • As you meet your goals don’t forget to celebrate your success.  A little positive reinforcement goes a long way!

  • Think of outside of the box ways to get people using the system, such as system scavenger hunts, lunch and learns (who doesn’t love free lunch?) or small rewards for the things people do well.

Take ownership of your success 

Most importantly, your success is your responsibility. In my experience, the most successful firms take control of their own success. Don’t just assume you will be successful after buying the new software, plan to be successful!

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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.

Billy Rueckert

Billy Rueckert

Billy provides best practices for the first-rate usage of our AdvisorEngine and Junxure platforms through private client training and webinars. He also contributes to the content on our help center while constantly striving to meet everyone’s needs, while exceeding expectations.

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