T3 Technology Tools for Today’s Post

📊 According to a survey conducted by Orion in January 2024, advisors are only utilizing 62% of their available technology, with approximately half of it integrated. This indicates that “while the tech is available to advisors, they're not maximizing their use of it," writes Rachel Witkowski. In this piece, she highlights how lack of early testing may be contributing to this disconnect. To better understand this gap, Rachel speaks with industry leaders who advocate for the importance of advisor involvement to ensure successful adoption.   Andree Mohr, president of Integrated Partners, encourages firms to include advisors and practice managers in beta testing, alongside IT and compliance. She continues to say that, “Without having the advisor's voice in the process, it creates all of these barriers to entry for advisors and their teams to leverage that technology." Scott Lamont, managing director at F2 Strategy, stresses the importance of understanding firms’ goals and decision making processes, promoting the idea of internal champions who use the tool most and can act as "key, strong voices for the tech." Ed Friedman, director of business development and growth at Summit Financial, also weighs in, offering an anecdote that further emphasizes the importance of receiving and acting on advisor feedback to evaluate a given technology offering. 📰 Keep reading their insights on Financial Planning: #AI #technology #advisors #techimplementation #wealthmanagement #wealthtech https://lnkd.in/eAxApzZK

A recent report from Advisor360 found advisors cite bad data and a lack of artificial intelligence or automation as the most common complaints about their firm’s current technology. But our CEO Adrian Johnstone points out in InvestmentNews firms may not want to tie AI into its automation tools, due to several factors: “I don’t think that anyone has turned around and said, ‘Here is the powerful AI-backed [platform] that investors will get comfortable with, that regulators will get comfortable with, that feeds into the client experience that advisors are trying to deliver.’” Read the full article here: https://bit.ly/3OikuTs #advisortech #CRM #RIAs #WealthManagement

Rob Burgess does a great job capturing the highlights from a recent panel discussion at Asset-Map’s virtual AdviceTech LIVE 2023 conference.  💡🌐 Industry leaders explored the transformative power of technology in reshaping the advisory landscape. 🚀 🤖💼 "Technology is not going to replace advisors, but advisors who do embrace technology are going to replace advisors who don’t," emphasizes David Karr, Chairman of Equitable Advisors. Malcolm. Ethridge, CFP®, EVP at CIC WEALTH MANAGEMENT GROUP, INC highlighted the industry's "inflection point" due to unprecedented technological changes, emphasizing that technology is not merely a tool but a driving force behind redefining the advice experience. Burt White, CSO at the Carson Group shared his "first law" of technology: "the magic is never about the machines; it's about what the machines enable humans to do." Clients now demand personalized advice, challenging outdated principles within firms. White advocates for a shift from account-centric thinking to a focus on households and families, the new currency. Colleen Bell, President of Innovation at Cambridge Investment Research, Inc. stated, “Addressing both outdated thinking and obsolete tech stacks is crucial for advisors seeking increased efficiency.�� Check out the full article here. 👇  Invent is here to be a partner to firms on the tech journey. 🤝 https://lnkd.in/g-xgXJay The future belongs to those who embrace the symbiosis of human expertise and technological innovation. Oleg Tishkevich, Suzanne Siracuse, Tim Welsh, CFP, George Guidotti, Mark Hollingsworth, Peter Franco, Tricia H., Marc R. Butler, Ryan Reineke, Craig Uhlenkott, Larry Roth CPA, JD, Kimberly Papedis, CFP, Mike Papedis, Mike Perlov, Nelson (Nick) Graham, WealthManagement.com, David Armstrong, Davis Janowski, Joel Bruckenstein, H. Adam Holt, CFP®, ChFC®, Alison Susko #AdvisoryInnovation #TechnologyIntegration #FinancialAdvisors #wealthtech #FutureOfFinance #Invent

Exploring how to use technology not to make soas faster… but to create amazing client experiences, education and empowerment is where we see tech changing the advice industry. This is a good article. Scientiam: Digital Advice for a New Generation #education #digital #tech https://hubs.ly/Q01GXHYM0

9/10 - Advisors will change firms due to bad Tech 65% - Believe their current Tech setup needs improvement 44% - Have already changed... During a recent home office, we heard an impressive 32 Yr old, G2, legacy advisor give this exact feedback. He wants more user friendly and improved service quality for his clients, and he needs more horsepower and efficiency from his firm's Tech to deliver on this value proposition. Firms and advisors say having technology is a "table stake", but if you want to retain and attract the best for a long time...Tech should be your firm's 1-2 spends annually. Many firms have strong service, people, and culture but their Tech is antiquated. Advisors need to understand how much and where their firm is spending annually on Tech. Some firms spend $10-20M annually to maintain their chassis, but the "destination" firms are spending 500%-1000%+ more to build, innovate, and integrate on the advisor's behalf. If you want to chat further about these "destinations", give us a call. Now is the Time. #recruiting #independence #brokerdealers #RIA #nowisthetime #momentize #technology https://lnkd.in/gvGg5Cdc

Having been in the financial advisory profession for nearly 20 years, I am continually amazed and shocked by the lack of technological advancements in our space. Despite the rapid evolution of fintech, many advisors still rely on spreadsheets and cobble together data from multiple sources and systems that claim to "integrate" but don't truly work together. A recent article from InvestmentNews highlights that nine-tenths of advisors feel underserved by current tech solutions. This sentiment is not surprising. The promise of seamless integration often falls short, leaving us frustrated and spending valuable time on manual tasks rather than focusing on client needs. How do you feel about the current state of technology in our profession? Do you plan on making an investment in tech in the next 6-12 months? Read the full article here: https://lnkd.in/gwxB7JaS #Fintech #FinancialAdvisors #TechnologyIntegration #AdvisoryServices #FinancialPlanning #TechFrustrations

Some great insights were shared on our most recent webinar with Finura Group's Peter Worn on making better technology decisions for practice growth. You can view the full session on-demand at https://bit.ly/3KDxuBx. Thanks to The Inside Adviser for sharing. #praemium #technology #practicemanagement #advice Praemium

Building your Tech Stack: How the RIA Model Gives you Freedom to Do it your Way: The past year has taught us to reimagine how we connect, learn, and work. As an independent RIA, having the right digital tools and platforms can offer a simpler, faster, and more secure way to support your clients and manage your business. This case study explores how Clear Sky Wealth’s Stephanie Barnier has boosted her firm’s efficiency by going independent and customizing her tech stack using Schwab’s flexible, best-in-class technology platform. Now, she’s running a modern, digitally enabled practice that is known for being client-forward, fast-acting, and flexible. Her story covers key findings about tech you can use in your journey, including: * How tech can give you an edge right from the start * What committing to a digital-first approach truly entails * Being ready to support clients in any environment * Surprising opportunities tech offers   * Her simple three-step plan for taking your tech further Read more about Stephanie’s story and hear her advice about choosing the tech that’ll make your firm ready to support clients in any environment   Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support services of Charles Schwab & Co., Inc. (Schwab), member SIPC. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. This is a sponsored feature developed by Schwab and supported by ThinkAdvisor. ThinkAdvisor is not affiliated with The Charles Schwab Corporation. Any mention of third-party firms or individuals is not and should not be construed as a recommendation, endorsement, or sponsorship by Schwab.   ThinkAdvisor will share your information with Sponsor, Charles Schwab & Co., Inc. Schwab may use it to contact you and to send you additional insights from Schwab Advisor Services™. Read about privacy at Schwab at www.schwab.com/privacy.  ©2021 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. Request Free!

How should #FinancialAdvisers optimise the benefits of technology to their businesses? Please share your thoughts on the main challenges your firm faces in deploying technology in the comments below. Great talking to Sahar Nazir at Professional Adviser this week on this subject. #AutomatedAdvice #FinancialPlanning #HybridAdvice #DueDiligence #AdviceTech

What technologies add gravitas to a financial services firm's value proposition? Dr. Sindhu Joseph, CogniCor's Founder, and CEO, says #AI-enabled virtual assistants that can ease advisor transitions should rank among top offerings. "In the current consolidating environment, delivering an efficient onboarding process and scaled support represents a significant challenge for firms. Not only is the paperwork difficult and complicated for advisors, but back-office teams are not set up to handle the initial heightened demand for support from transitioning advisors, and often, advisors are left unsatisfied with their first experience with the new organization. However, AI-enabled virtual assistants may significantly alter the landscape when it comes to advisor transitions. These solutions can provide crucial scale to meet this need and answer 90% of support queries. Some of our B/D customers specifically use the tool for this purpose," she tells Bridgemark Strategies CEO Jeff Nash in an article for AdvisorHub. Read more at https://lnkd.in/gaFNCVp2.   #financialservices #wealthmanagement #wealthsolutions #financialadvisors #wealthtech #fintech #rias #brokerdealers #enterprises #conversationalai #artificialintelligence #technologysolutions