While technology helps with practice efficiency and profitability, advisors acknowledge that clients are the prime beneficiaries of technology improvements.
Advisers at the forefront of technology investment — known as tech accelerators — cite "improved outcome for clients" as their top consideration. They invest more in technology and are growing faster than those who don't.
Advisors must evaluate what technology they need to stay profitable, as well as the value of technology investments to their clients. Forcing software to fit how they currently do things is a holdover mindset that views technology investments according to a cost/benefit analysis of productivity versus efficiency.
What advisors can do:
- Close the digital divide with clients.
- Revisit your business processes and client experience.
- Think tech stack "flexibility."
To find out what this means in detail, read the full post on InvestmentNews here.