How Advisors Can Simplify Tech Decisions (Part I)

 

Look to your clients to give you direction on what technology works best for communicating with them and improving your advisory practice.


Advisory firm owners today are deluged by the rapidly increasing number of technology choices and their broad array of functionalities. To help my advisor clients focus, I suggest that they think about technology from the perspective of how it’s used by their firm.

There are two basic ways that today’s tech benefits independent firms: increasing employee productivity and increasing client service and communication. In this piece, I’ll discuss technology that benefits clients; next week, I’ll address using tech to increase productivity.

There’s no question that technology can greatly enhance advisory clients’ experience, or that advisors need to keep up with the latest client technology to compete. Yet, I’ve found it’s a mistake for advisors to focus solely on these innovations.

Instead, when making tech decisions, firm owners need to take a step back and reevaluate what key services they and their firms are currently providing to clients.