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Choosing and implementing new technology within your financial advisory firm

Over the course of my career, I’ve had the opportunity to talk to literally thousands of companies and financial advisory firms about technology - especially in my current role selling CRM software.

Technology is powerful. Technology can make or break the user experience. Technology can reduce costs associated with data capture and analysis. Technology can increase advisor productivity. Technology can free up time so you can focus on deepening client relationships. Who wouldn’t want that? 

While choosing new technology is one thing, implementing it is another. Neither should be done without careful consideration

Choosing a new technology stack 

Modern wealth management technology should provide advisors with an all-encompassing view of their clients. Platforms should be reliable and accessible. To achieve this, wealth management firms rely on CRM technology and take full advantage of the benefits associated with a cloud-based CRM.

CRM and the customer experience is arguably the most powerful tool in the advisor-client relationship. Advisors spend more time in the day on CRM than any other part of their value chain. Through a cloud-based CRM, advisors can harness the power of meaningful data while reducing data entry, minimizing errors, streamlining your workflow, and ensuring up-to-date information. 

Implementing new technology 

Most advisors find implementing new technology a rather frustrating task. Recently, I had a discussion with someone that previously considered utilizing Junxure CRM®, but decided to go in another direction (a competitor). For the purpose of the article, I’ll call him Jim (although that is not his real name). Here’s part of our exchange: 

Jim:  “Uh, Kathy, I’m back. Things didn’t go well with XYZ Company (the competitor).” 

Me:  “Jim, I’m sorry to hear that. You and your team must be frustrated. How can I help?"

Jim:  “Well, uh, we’d like to move to your CRM."

Me:  “Of course I can help you, but will you first share with me what went wrong? I’d like to make sure I am setting you and your team up for success."

Jim:  “To be honest, I have no idea. I made the decision and then everything fell apart after that.”

Jim and I continued our discussion for a while and when we wrapped up,  it occurred to me that many folks may find themselves in situations similar to Jim’s.  

5 tips to help you 

Regardless of the technology, you are trying to implement, here are 5 things I have found that can help successfully implement new technology, no matter the type - I want to help you avoid Jim’s situation: 

1. Leadership must embrace the choice of new technology

Employees will not fully utilize any software unless the leadership of the firm has endorsed and fully supports the choice. There must be buy-in from the top down. 

2. Invest in training

Just do it. Stop thinking you have the time to learn the nuances of every program on your own. It’s not reasonable. Not only can training ensure you’re aware of the options available, but proper trainers can help you decide how best to implement catered for your firm. A training team can shoulder the responsibility of training your entire team so that it doesn’t fall on you alone.

3. Don’t try to do too much at once

Space out your technology changes and upgrades. Give your teams a chance to have a break from learning new tools. They might experience “new technology burnout” - let them recharge before moving on.

4. Clean up your data (as applicable)

Seriously. Remember the adage, “garbage in, garbage out?” Don’t fall victim to this. Clean up any and all data before moving it onto new technology.

5. Involve your team and get buy-in

Hold meetings and let the team know why change is being made and what’s in it for them. Listen to concerns so that you can mitigate them. Answer questions. Being transparent and open about what is coming could help your team embrace change. 

Change can be hard 

Naturally, there are going to be some stresses that come with change. Choosing and implementing new technology is no different. 

Stick to your plan, adhere to my tips and with careful preparation, strategic implementation and honest evaluation, new technology can be expertly integrated and seamlessly adopted.  Commit to technology to help achieve your goals. 

One thing I know for sure, at Junxure, we have a client service team that takes great pride in engaging and helping all of our clients. You can have peace of mind knowing that there’s an amazing team invested in helping you every step of the way. Let’s get started today!

This blog is sponsored by AdvisorEngine Inc. 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.

Kathy Crowley

Kathy Crowley

With over 10 years of experience in software sales and FinTech, Kathy spends her days sharing the incredible value of AdvisorEngine CRM with advisory firms. You may have seen her at conferences at the AdvisorEngine booth or recognize her voice from webinars. Having past experience as a CRM administrator, Kathy knows the important decision that your firm is making when choosing a CRM and is driven to ensure you have all the information you need. She brings a wealth of knowledge and experience to helping firms recognize the need for a CRM and how our solution can be the best choice for them.


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