While successful wealth management firms must move fast toward providing a more technologically advanced experience for their clients, clients are not the only targets that firms should be focusing on. Independent advisors deserve the same attention, especially when firms of all sizes are trying to recruit them. There are many changes in the industry requiring advancing technologies to help save advisors time and money, thus leaving them with more time to build client relationships.
The most straightforward way firms can showcase the value of joining their team is through the technology integrations they will use daily. If the firm can show they can solve these two real problems, time and money, likely they will win the recruit. Wealth management firms that do not address their technology shortfalls will soon find themselves at a disadvantage for recruiting new talent.
Using technology to recruit requires that wealth management firms make it known by positioning their applications as ‘cutting edge.’ Firms must upgrade their tech and then ‘brag about it’ throughout the recruiting period. Operational efficiency and the best client experience are critical to landing a younger, tech-savvy, and determined to succeed recruit. With recruiting a leading factor in firm AUM growth, advisors looking to move want to know that they can compete in an increasingly competitive industry at their new firm.
When it comes to building technology systems and selecting WealthTech vendors, bigger is not always better if the technology comes with ‘dead weight.’ Applications that do not get used or provide daily value to the advisor are worthless. Why pay for something you do not use or struggle with technology tools that do not fit your firm’s practice?
Considering the right technology selection for a firm must include balancing the tools to enhance time management and be financially beneficial for all users. At AdvisorPeak, we believe the best way to accomplish this is through partner integrations that enable your firm to select each technology piece by piece to build out your customizable and relevant tech stack.
Advisors and their firms must also be cautious of spending too much time learning tech tools; the tools must be easy to integrate, use, and periodically update to best strengthen your practice. Additionally, the tech vendor should provide self-directed tutorials and live customer support during the adoption phase or when recruits start at the firm. Once you start using your new tech tools, they will pay for themselves by attracting and retaining talent at your firm.
Are you considering updating your technology system? Contact us at AdvisorPeak to learn more about our trading and rebalancing software and our integration partners.