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How to Adopt Wealth Management Technology
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John Haas

By: John Haas on February 13th, 2020

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How to Adopt Wealth Management Technology

Financial Advisors  |  Technology  |  Wealth Management  |  Technology Adoption

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 past ten 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 in my role as head of the training and consulting team at Junxure

My journey started in education - teaching middle school band for 15 years. While I would like to say it’s different - teaching middle schoolers how to play instruments and create music is very similar to teaching advisors how to use and adopt a new technology.

Learning anything new can be intimidating - no matter if you are an 11 to 14-year-old kid or a 24 to 70-year-old advisor. 

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 In 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. (“AdvisorEngine”) and Junxure, an affiliate of 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. 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.

About John Haas

As the leader of the consulting and training team, John works directly with clients to help them to navigate our technology platforms. He also executes and evaluates employee educational programs to ensure everyone is up to speed with all of our technology. John is the “why guy” when it comes to determining how advisors use our platforms.