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What's top priority for advisor tech investment?

Elevating client experience is now a top priority weighing on advisor investment into practice technology.

Fintech for RIAs Promo 1That’s one of the standout findings of a new survey of over 150 RIAs and their use of technology, conducted by AdvisorEngine®, Franklin Templeton and Institutional Investor.

More than 80 percent of survey respondents said client-facing automation was a critical or moderate need for their firm and were focused on four key processes: client onboarding, day-to-day client service, analysis of data through the client lifecycle, and marketing and business development outreach to tomorrow’s clients.

The research confirms that firms are actively pursuing new solutions that reflect a new approach to driving growth, notes George Tamer, AdvisorEngine’s head of sales.

“For forward-thinking RIAs, the question is not, ‘Should I retain, grow, or expand?’ The question is: ‘How do I power a growth strategy that captures all three?’” 

Firms want to keep existing families, including building proactive relationships with the next generation to capture intergenerational wealth transfer, Tamer notes. But they are adding more clients like those they already serve, as well as moving into new segments of the market and adding new service offerings.

“Many RIAs encounter client experience challenges and operational difficulties when using legacy technology – that’s why more than 80 percent of survey respondents are focused on new client-facing technology that incorporates smart automation.”

Another survey finding that backs this conclusion also points to a shift in the value proposition of advisor technology. 

Only 34 percent of survey respondents said streamlining back-office processes remains a high priority reason for technology investment, while just 17 percent said reducing administrative and other costs was a high priority driving advisor technology adoption.

You need efficient processes to deliver a great client experience, and many firms have a better handle on how they are operating, Tamer notes. Now the emphasis is on enhancing what the client sees and feels.

"You can tell clients, 'We're running more efficiently, we're able to serve you faster,’ and they'll say, 'That's great.' But they remember that first moment when they must onboard or panicking about the markets, and how you were in touch to guide them through that moment,” Tamer said. “Technology can help you facilitate the real human value of advice but in a way that's modern."   

Join us on April 14th at 1 pm ET for a live webinar with Franklin Templeton and Institutional Investor to discuss the detailed finding of our survey.


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.

Suleman Din

Suleman Din

Suleman Din is AdvisorEngine's Advisor Intelligence Lead. Previously he oversaw technology coverage for American Banker and Financial Planning. At Financial Planning, Din launched ReinventWealth, the first newsletter dedicated to covering the evolution of digital wealth management and helped establish its INVEST conference. Previously, Din was a contributing editor to Knowledge@Wharton, the online business journal of the Wharton School of Business, and reported for the Newark Star-Ledger, where his coverage of the Asian tsunami in 2004 earned him a finalist nod for the Livingston Awards.


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