Two weeks ago, I had the pleasure of attending Joel Bruckenstein’s annual T3 Advisor Conference in San Diego. T3 offers a place where independent and hybrid financial advisors can test drive the latest and greatest in the FinTech world. One major takeaway for advisors this year was acceleration - the industry is changing, but in order for the industry to change, the technology has to change to support that.
Wealth management is an ever-changing environment. Evolving technologies are rapidly changing the ways investors access investment products and receive financial advice. This paradigm is challenging the business models of long-established advisory firms and providing opportunities for competitors. New experiences and technology are changing industries across the board.
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I’m fortunate to work with highly motivated and passionate independent advisors and their teams. When I’m meeting with them, I get the opportunity to hear about the firm-level strategic goals they’re focused on. Unsurprisingly, many of these strategic goals are only possible through technology. Modern technology is creating new ways for RIAs to drive growth, achieve efficiency, ensure client-centricity, build trust and enable compliance. Here are five things to consider when adopting new technology and how it could benefit your firm:
Choosing a custodian relationship is one of, if not THE single most important decision any new registered investment advisor must make. It should not be taken lightly. There are many custodians in the marketplace - not all will be the right fit for your business. To explore the process of choosing the best custodial relationship, I had the opportunity to catch up with industry experts and thought leaders Joel Bruckenstein and Craig Iskowitz to have them weigh in on the top questions they believe breakaways or new RIAs should consider asking potential custodians.
Everything nowadays is all about the “experience.” Why should wealth management be any different? It shouldn’t be. Advisors should strive to provide clients with exceptional financial experiences. Unfortunately, we find that within the realm of the wealth management industry, the financial experience process has been slow to catch up with 21st century standards.
These days, financial advisors have options - new technologies that provide competitive advantages. Tools that enable online, automated investment management services that are key to attracting the next generation of investors. Smart advisors realize this paradigm change in the wealth management industry. An industry traditionally operated through face-to-face interactions - now quickly shifting toward digital tools where real-time algorithms provide customers with financial advice and manage investment portfolios. When launching a successful digital strategy from the ground up, there are many things you must consider. By aligning your team and focusing on client experience, you can maximize your chances of success. If you are considering a digital offering strategy, here are some ideas that you can take and implement into your financial advisory practice: