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Fact: Your Tech Stack Will Never Be Finished!

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Tough pill to swallow isn’t it?  The truth is, technology is evolving within every avenue of our daily lives.

From mobile devices, online retail services, travel – it’s nearly impossible to ignore the tech revolution.

Technology in the Wealth Management space is:

Updating as often as we change our socks. Its hard to keep up with system updates and identify if vendor releases will have an impact to your firm & your processes. Integrations and data flows also continue to advance, which can become a huge disruptor.  These types of constant change can bring frustration, inefficiencies and learning curves.

Merging and adding functionalities beyond their original offerings. “It’s a floor wax. It’s a dessert topping.  It’s both!”  (SNL reference for all of you Dan Aykroyd, Gilda Radner & Chevy Chase fans) Systems are no longer staying in one lane when it comes to functionality.  Examples:  CRM’s can now push & pull data far beyond generic client demographics.  Portfolio Management systems now offer full trading & rebalancing features along with Client Portals.

Encouraging firms to keep shopping. Advisors & Planners are continuously inundated with marketing & system demos, promoting the idea that “another tech tool could be better”.

‘RUN-WITH-IT’ Suggestions:

Assess your needs vs wants – determine what you need from certain tech tools by evaluating your processes.

  • How can a tech tool help bring efficiencies?
  • Will it help save time?
  • Is it able to grow with your firm?
  • Is the tool bringing functionality or leveraging more bling than impactful value?

Consider Optimization before replacement– technology is only as good as the data within it.

  • Don’t shop for technology until you have identified that your current system cannot fit your business model, services or growth.
  • Optimize your current systems first– learn, train & adopt the system before you shop for new tech.

Identify the impact of new technology to your ecosystem – a new tech tool often brings multi-system disruption.

  • Consider the impact of new tools to your current system integrations and best practices.

If you cannot decideeliminate – So much tech…so little time.

  • Researching and assessing technology can be an arduous process. Start by eliminating the tech that is not a good fit.
  • Save notes as to why the tech didn’t fit and revisit the eliminated tools once a year to see if they have updated their systems to better fit your needs.

Create a monthly process to review your current systems updates/release notes

  • Every technology vendor has their own way of updating their system & notifying users. Keeping up with vendor Release Notes or Updates is a necessity to gain all the benefits & efficiencies of the technology you use.
  • Set aside time to review these updates, inform your team, and learn the new functionalities.
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