The Complete Guide to Technology for New Advisors

Note: This article is courtesy of

By Carolyn Rose Kick

If you’re new to the RIA biz, you’ve probably got a lot on your plate. From compliance issues to building your client base, there’s a lot to consider. Another important piece of the puzzle is the role technology will play at your firm. Technology will be a necessity for some of the functions of your firm, and a nicety for others. We’ve created this technology guide to help you decide which tech is right for your firm.

What Do I Need?

For most advisors, there are three core pieces of technology which you will need to run your RIA.

  • CRM: manages client relationships and the sales cycle.
  • Financial Planning Software: analyzes your client’s financial situation.
  • Portfolio Management & Reporting Software: manage client’s investment accounts and report on portfolio performance.

Later, we’ll go into further detail about the role these key pieces of technology will play at your firm. We’ll also cover a dozen other types of tech which will play an important role at your firm as well.

Customer Relationship Management (CRM)

What is it?

CRM software lets you strategically manage your prospect pipeline. It’s a place to store and organize all your current and prospective client’s information. CRM helps you track and manage your relationships with people. It allows you to track your communication with prospects, and evaluate your sales process.

Do you need it?

Every advisor should invest in a CRM tool. There are dozens of CRMs on the market, and on average they’ll cost you $20-$50/month. Some advisors might try to use Microsoft Outlook to manage contact information. But, this is an inefficient system which most often usually fails. Consider a CRM a must.