5 Solutions to Your Advisory Firm's Technology Struggles

5 Solutions to Your Advisory Firm's Technology Struggles

5 Problems and 5 Tech Solutions learned at the T3 Tech Tools Conference

Numerous advisory firms are struggling with:

  1. Reducing the workload
  2. Climbing out of the “weeds” of operations
  3. Managing costs
  4. Finding more time to nurture relationships
  5. Managing staff

Although we know that best-used tech can be a very affordable solution to many of these issues, less than .10% of RIA firms attended T3, which is the most tech-heavy conference in the RIA industry. The great thing about T3 was the attendees were there to SOLVE their problems and finish researching solutions so they could IMPLEMENT.

For all those firms that didn’t go, we have summarized the 5 solutions that advisors learned. For those seeking a comprehensive review of T3 and all the tech providers, you can read Kitces article.

Key Lessons Learned at the T3 Tech Tools Conference:

  1. ROBO does not mean a robot is managing the clients’ portfolio. It could mean that the client is emailed a website URL link to paperwork that they can fill out online and e-sign. It could mean that the client is emailed a URL link to a risk questionnaire and once completed, auto-chooses the investments that you already researched and choose. Or it could mean that your client portal contains a few links to questionnaires and paperwork  to complete. ROBO is an automated workflow and it comes in all shapes and sizes.
  2. PFM Personal Financial Management is the tech tool that allows consumers to enter the login and password to their checking, mortage, investment, and other asset and liability accounts. A PFM auto-produces the most current Net Worth Statement.
  3. Appointment schedulers don’t require you to publicize your calendar on your website nor do they require every person be forced to use the URL link to schedule time with you. This tech allows you to provide someone several options for reaching you on the phone or in person. It makes you more accessible.
  4. Client portals aren’t required for clients to use. They are one of the many options you provide to people that want 24/7 access to their financial statements, net worth, estate documents, commentary, and more. And the contents of the portal is important so choose the portal that provides the information that your clients value the most.
  5. Workflows are not scary but rather a necessity. Workflows are just written processes that guide people on what to do, when, and how. So many firms avoid writing out their workflows as they are scared to see what their gut knows – inefficiencies and time wasters. We coached several firms to get over their fear and wipe board the workflow of one problematic area of their business. Just like magic, light bulbs went on. The inefficiencies were so glaring that it was easy to identify tech solutions to reduce the pain.

So where to you go from here? Seeking operational excellence? Drop us a line by connecting HERE

Jennifer Goldman
Operational Excellence
Twitter Email

Jennifer Goldman is founder of My Virtual COO and comes to us with 20 years' experience optimizing the use of tech and people to improve RIA firms' productivity and profitabil ... Click for full bio

Most Read IRIS Articles of the Week: April 24-28

Most Read IRIS Articles of the Week: April 24-28

Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, April 24-28, 2017 

Click the headline to read the full article.  Enjoy!

1. Implementing a Robo Advisor Strategy

Robo advisors can complement—not threaten—any bank’s business model and improve customer engagement. Regardless of age, income, or gender, 75% of bank customers surveyed by KPMG said they would be likely or somewhat likely to consider a robo advice service from their bank. — Greg Vigrass

2. The Sweetspot of Sales

I’ve had some extremely interesting conversations the last few days. We’ve been discussing sales, sales management, leadership, motivation etc. I am very fortunate to have the opportunity to meet with these inspiring business leaders. One question keeps coming up: Why do you love sales so much? — Tove Zilliacus

3. New ETFs That Reinvent Fixed Income Investing—Without Reinventing the Wheel

We all know the drill: the Fed raises interest rates, and the bond market falls. That’s an important equation to consider now that the decade-long era of historically low interest rates is slowly but surely coming to an end. — Salvatore Bruno

4. Alternative Beta Strategies: Alpha/Beta Separation Comes to Hedge Funds

A quiet revolution is taking place in the alternatives world. The idea of alpha/beta separation has finally made its way from traditional to alternative investing. This development brings with it a more transparent, liquid and cost-effective approach to accessing the “alternative beta” component of hedge fund return and a new means for benchmarking hedge fund managers. — Yazann Romahi

5. Advisors Will Be Extinct in 5 Years Unless…

I’ve had financial advisors for more than 40 years. Not once in those years have I called my advisor to find out what stock/funds I should buy or sell. But I have called to find out where I should get my first mortgage, when to sell my house, or how much income I could get in retirement. — Paulette Filion and Judy Paradi

6. Outsourcing Investment Management: TPAM vs. TAMP

Many financial advisory firms want the silver bullet solution to outsourcing investment management so the focus can be on client interactions and business development. However the jargon in this outsourced space has become very confusing so here is a brief summary of our understanding. — Jennifer Goldman​​​​​​​

7. How Can Financial Planners Save You From America's #1 Killer?

You probably aren’t aware of this, but it’s true: financial planners are heroes. Yep, it's the truth. And when you think of the America's top killer, you might think about smoking, cancer or obesity. Or maybe even a serial killer. — Ronald Sier

8. How to Stay On Clients' Minds

How to effectively stay on your clients’ minds (for all the right reasons), even though they may not see you for months. — Paul Kingsman

9. 20 Reasons Why Your Company Should Do Less Better

Do Less Better practitioners are fanatical about focus and de-complexity; herein lies the secret of their success. Yet, do less better isn’t something most leaders embrace. The seemingly more attractive (and logical) option is to do more and more — John Bell

10. Advisors: Where Should You Start with Content Marketing?

Often advisors ask us, “How should I get started in marketing?” It’s a fair question. They just want to make sure they’re putting their time and resources in the right place. — Jud Mackrill​​​​​​​

11. The 11 Best Steakhouses in the World

Serious carnivores will go to the ends of the earth to seek out a perfectly marbled, expertly seared steak. And so, it seems, will we. We've visited the best butchers in France, reacquainted ourselves with the idea that everything (steaks included) is bigger in Texas, eaten at celebrated parrillas of Argentina, and enjoyed the elegant ambiance of metropolitan steakhouses. — Andrew Harper

Douglas Heikkinen
Twitter Email

IRIS Founder and Producer of Perspective—a personal look at the industry, and notables who share what they’ve learned, regretted, won, lost and what continues to ... Click for full bio