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:

  • Reducing the workload
  • Climbing out of the “weeds” of operations
  • Managing costs
  • Finding more time to nurture relationships
  • 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:

  • 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.
  • 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.
  • 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.
  • 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.
  • 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