How to Get the Best Advisor Tech Tools

IMAGE: Dhaval Parmar / Unsplash

Financial advisor tech is more important today than ever before for achieving success.  Technology tools can help advisory firms to attract more of the right clients, improve operational efficiency, provide important services and enhance client interactions.  However, these tools need to be selected and implemented properly to achieve the expected results.

Advisory firms should start by understanding the applications that address their essential business needs.  There are lots of different tools including ones for customer relationship management, portfolio accounting, financial planning, equity compensation management, risk analytics, account aggregation, portfolio balancing, trading and more.

There are so many variations and types of technology, it is critical to know which ones the firm needs and which ones it doesn’t.  This should be based on the types of clients you serve and the services you offer. Here are 7 factors to keep in mind when selecting and implementing new technology for your firm:

1. Talk with other advisors and firms to see what they are using and to understand the pros and cons.
2. Make sure the technology is a good fit by taking a test drive. This includes taking the time necessary to review demos, sample output, features and references.
3. Verify that the vendor has the necessary security guidelines in place to keep the firm’s data safe.
4. Explore the amount of application integration available from the best software options.  Not everything has to be seamlessly integrated, but the elimination of redundant entries will make life easier.
5. Make sure that the firm’s most critical apps and data are accessible through the cloud so they can be used whenever, wherever and by whomever necessary.
6. Take advantage of systems that provide client portals.  Client-facing tools can be used to collaborate with and help educate clients.
7. Get everyone involved.  Firm-wide participation, adoption, implementation and training are critical to making sure that the firm’s tech choices actually work.