For advisors who spent the time, hired the right people, shifted their spending to new technologies and put up with the pain of change, 2021 was the time to shine. Their clients now feel confident connecting via video chat, remotely signing documents, and easily getting answers to their mounting questions virtually. For years clients have come to expect outstanding technology and services from advisors that think ahead and invest in delivering client expectations. Did you deliver and ‘shine’ compared to your competition?

Clearly, the time for just thinking about getting innovation right and having a technology strategy is about to sunset for those that didn’t make the shift. This reality is going to be a painful wake-up call. Advisors who have ‘waited it out’ to make detrimental changes to their business model and tech stack should be prepared to address additional frustration that their clients are going through. We can only assume it will be painful for legacy advisors to also feel the pain as they watch the assets of their frustrated clients’ leave.

Advisory firms have likely recovered from decreased revenues in 2020, prompting the opportunity for additional technology spending. A February 2021 Report by Celerity indicates that digital transformation is much different than before the pandemic:

“When the pandemic arrived, many organizations scrambled to ensure the health and safety of their employees while simultaneously building infrastructure to support remote work. Ad hoc fixes ruled the day as companies patched together solutions to preserve business continuity. Much of that is over now—and in the case of digital transformation efforts, it also served as a catalyst for change.”—Celerity. What we know: The State of Digital Transformation Today.

Celerity’s research also indicates that leaders were enthusiastic about investing in tech at the beginning of the pandemic because it was the only way to preserve business and ensure employee and client safety. More data supporting digital transformation:

  • 63% of leaders said that COVID-19 has made their organizations embrace digital transformation sooner than they expected.
  • 63% said they were making greater investments in technology on account of COVID-19.
  • 49% indicated that digital transformation was not a strategic priority prior to the pandemic’s onset, but it’s become one since.

We at AdvisorPeak believe that it is critical that advisors invest in these technologies now, especially if they do not have these integrations:

  • Digital Onboarding
  • Hybrid Advice Experiences
  • Cybersecurity
  • RPA, Workflow Management
  • Biometric Authentication
  • Virtual Assistant: Chabot’s
  • Cloud Migration
  • Data/Analytics

In closing, we ask: Are you ready to shine? Are you ready to improve your productivity and ability to remain in compliance? Do you want a tech stack that will carry you into the future? Are you paying for all-in-one components you never use? Schedule a demo with us to experience why our feature-rich software with open APIs is the best solution to a customizable tech stack.