Growing up as a multiple sport athlete, I really never had an appreciation for the umpires and referees. That is, until I went to college, where I had the opportunity to work in the intramural department. All of a sudden, I was on the other side. I was the one calling the strikes, balls and fouls – making judgment calls. Wow! What an eye opener, I certainly gained a new level of respect for those that hold that position as a career. As I reflect back on that period of time, the stress of making the right calls and the added pressure of being a female in that role - I can’t help but think of Sarah Thomas. Sarah changed the game in the world’s most quintessential male-dominated sport – football - when she became the first female NFL official. Now she’s inspiring others to dream big and believe anything is possible.
“What’s dangerous is not to evolve.” Jeff Bezos Over the past few years, my perspective on serving smaller balance relationships has changed. Whereas I once saw them as cumbersome and expensive to serve, I now view them as a high potential growth area for wealth managers. Over the last 20+ years, many advisors moved upmarket in large part by raising account minimums and pushing off smaller balance accounts. I myself subscribed to this strategy - it was a smart, disciplined way to achieve profitable growth. But the marketplace has changed. Now, by using smart segmentation and digital wealth technology, advisors can profitably cultivate smaller balance relationships..
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You know the prospects you want, kids of good clients or spouses with a 401(k); you don’t want to turn them away but how can you serve them cost-effectively? Sophisticated wealth management firms on a growth trajectory—or those seeking to hit a growth stride—are taking a hard look at ways technology can both cut costs and increase efficiency.
If you’re an operations leader at a wealth management firm looking to modernize your trading and rebalancing - you’re in luck. AdvisorEngine has gone live with a new and ambitious trading integration: an end-to-end trade support cycle that leverages Smartleaf’s model-driven rebalancing capabilities with BNY Mellon’s Pershing technology - combined with AdvisorEngine know-how. AdvisorEngine integrates across multiple custodians, enabling advisors to embrace innovation without disrupting their business.
You know that you want to modernize your firm’s technology. But how much does wealth management technology cost? Knowledge is power: after reading this guide, you’ll be a smart buyer – and understand the true ‘all-in’ cost of advisor technology. 10 Factors to Consider Beyond ‘Standard Pricing’ By considering the following ten factors, you’ll make your next technology purchase with your eyes wide open: