Have you outgrown your Tech Stack?  

Having the right tech stack as a financial advisor is essential to your firm’s success. Let’s face it, most advisors are not experts in technology, managing integrations, or data migration. The growth of technology options in Fintech is both incredibly helpful and overwhelming. Evaluating technology, understanding API’s, building user interfaces and experiences is necessary to remain competitive as an advisor, especially if you broke away from a larger firm where you are accustomed to using integrated technology to manage your clients and acquire new clients.  

Whether you have a sophisticated tech stack or are just getting started, there are many benefits to evaluating your needs and consulting with technology experts that understand your business. We have put together a few signals that you need to evolve your current technology suite or if it’s time to start building.  

Client Demand is Changing

Your current and future investment clients are demanding better and their unique investment portfolios are getting more complex. When you are managing your current client portfolios, you need to display performance constantly, research new investment options, and and better service your current and prospective clients.

 Clients are accustomed to real-time data and in volatile market conditions they can be even more aggressive in their demand for updates on their investment performance often. Managing expectations and re-assuring clients through benchmarking their portfolios and providing robust strategies and financial plans is the difference in maintaining your current clients and growing their portfolios.  

Growth has halted

Potential investment clients are likely from bigger firms and with those larger firms comes robust technology and teams of people building proposals. If you are unable to benchmark prospective client portfolios, provide robust research and financial plans, clients’ confidence could decrease. Being able to earn a potential client’s trust and business will depend on you having a competitive offering and by investing in the right technology you can not only compete with bigger firms, but you will be able to offer a more compelling value proposition. 

Manual Tasks Have Increased 

Time is Money! As clients demand more, the time you need to spend on servicing those clients also increase. Are you spending most of your time on manual and administrative tasks in order to meet your client needs?  

Scaling your business is not possible when you are spending increasing amounts of time managing your current clients. If you can reduce manual and administrative costs by implementing technology that automates these processes, it will allow you to shift your focus to revenue producing activities.  

Costs are unmanageable

The landscape for #Fintech has grown exponentially and is not slowing down. If you have been evolving with growth you have likely built up your arsenal with many tools as they have become available. This can rapidly increase your operating costs and staffing needs to manage the technology. If you have lots of tech, chances are you have overlapping functionality causing you to constantly learn, evaluate and switch processes. This could result in hiring technology management staff to manage technology vendors, ensure data integrity and handle any technology issues you experience.  

By consolidating your tech stack and trimming the fat of overlapping services you can decrease your costs and decrease your need for full-time technology staff or augmented technology support.  

Siloed Data

Is your tech stack integrated? Data Silos create blind spots and add to manual tasks or require custom API’s and the potential for data integrity issues. If your various systems don’t communicate with each other seamlessly, you’re likely wasting time and resources. Look for a tech stack that integrates multiple components, from portfolio management to client reporting.  

If any of the above resonates with your firm, you are not alone. Many firms are still trying to catch up with technology and are struggling to scale their business operations.  


The Risks of Outdated Technology

You cannot afford to wait

Financial advisors who use outdated technology face several risks, including:

Data security

Outdated systems are often more vulnerable to security threats, putting sensitive client information at risk. 

Compliance issues

Financial advisors are subject to various regulations, and an outdated tech stack may not be able to meet the necessary compliance requirements 

Inefficient processes

If a financial advisor is relying on outdated technology, they may be wasting time and resources on manual processes that could be automated.  

Limited data analysis

Outdated technology often provides limited data analysis capabilities, making it difficult for advisors to make informed decisions for their clients.  

Client dissatisfaction

Outdated technology can result in poor user experience for clients, leading to dissatisfaction and potentially even lost clients.  

Lack of scalability

Outdated technology may not be able to scale to meet the growing needs of a financial advisory business. This can lead to increased costs and decreased efficiency.  


Invest in a Modern Tech Stack for Better Performance

By investing in a modern tech stack, such as AdvizorStack, financial advisors can reduce these risks and improve their overall business performance. With a robust tech stack, you can efficiently run your book of business, communicate with clients, and operationalize each client’s unique strategy. Don’t wait, take control of your tech stack today and start seeing the benefits of modern financial advising. 


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