Are Advisors Losing Clients and Prospects Because They Won't Implement Technology?

By Kristen Schmidt via

As a Manager of Strategy & Technology Implementations, it’s my passion to help advisory firms assess technology and integrations that boost efficiency & growth.  I am often asked to describe our “ideal client”.  I could rattle off ideal AUM, ideal staff skill set or any other impressive statistic that would be the perfect fit for our service offerings.  But I have never answered that question using those statistics.  Instead, our ideal client is a “doer”.  Our ideal client weighs the benefits and risks and is open to change. Our ideal client MOVES FORWARD in implementing our recommendations.

Firms must first identify what they need from technology by separating requirements vs wants. 

Once the technology tool options have been narrowed down, it’s time to evaluate the integration functions and impact it will have on current or future firm processes. But the trend we are seeing is that advisory firms stop here.

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