If you have not wrapped your head around the idea of building out your own tech stack, then brace for the integration transformations that are happening in the financial industry. These emerging technologies will impact everything that involves your client’s money and running your business- right now and in the future.
According to financesonline.com, the key fintech digital technologies to invest in in the next few months include those that create digital capabilities, modernize legacy systems, manage security, identity, privacy, and build a modern workplace.
We at AdvisorPeak agree that investing new technologies are critical to the future success of any wealth management business. With COVID-19 pushing the criticalness of adopting new technology ahead years in only a few months, upgrading systems can not wait.
Last month Joel Bruckenstein was interviewed by Baron’s magazine in a Q & A style interview, Joel Bruckenstein: Tech Forward in the COVID Era. Here is an excerpt from the article:
Barron’s: How would you say the pandemic has changed advisors’ relationship with technology?
Joel: “If I had to point to one single thing, it’s that what would have been the next two or three years of technology evolution has happened in the past two or three months. The custodians over the past several years have done a good job of introducing digital onboarding and digital money movement, which not only is easier and faster, it’s also much more secure. And the adoption rates as of the end of last year were pretty low, somewhere in the low 20% range from what I hear of new accounts at a Schwab or TD. Over the past three months, that’s at least doubled.
It’s been the same thing with the money movement and with video conferencing. If you ask me how many advisors on a typical day were doing videoconferences with their clients, it was south of 20%. And now, I think, pretty much everybody is doing them. So a lot of the technologies that were considered emerging technology are now considered must-haves.
One thing that’s very clear is that the advisors who were already more tech forward, who were already doing a lot of virtual meetings with clients, who already had people working remotely, who had adopted things like digital onboarding and e-signature, are the ones who have been able to process this almost seamlessly. The ones who have suffered were the least digital and the least technologically prepared.”
At AdvisorPeak, we know that continual enhancements of our software are critical to the success of our advisors and our company. Development is never over, and we must always improve our product. For advisors, this interview validates why upgrading technology systems during the rest of 2020, 2021 and beyond, is critical for survival. Contact us today and experience how AdvisorPeak’s technology will position you to stay ahead of the competition in 2021 and beyond.