While using technology to enhance an advisory firm's client experience is important, it's also crucial to figure out how to best use technology to increase the productivity of a firm's advisors and employees. (See Part I of this tech-focused blog for more details).
As with any new technology, the key to enhancing productivity is first knowing how you want the new technology to help your staff.
For most advisors, this isn't easy because it requires, in part, a basic knowledge of what today's newest technology can do.
To get this information, you have two choices.
First, you can spend a lot of time consuming research; talking to other advisors, your custodian and/or broker-dealer; reading industry publications; and attending industry conferences and workshops.
Or, second, you can work with a technology consultant who specializes in the independent advisory industry. I strongly recommend working with one of these pros.
It's their job to keep up on the latest technology. Plus, they work with many businesses like yours, they have experience with solutions that do — and don't — work.
Next Steps
Whether you hire a tech consultant or not, once you've decided on a new tech platform, you still need to do some of your own research.
At a minimum, get a list of other firms that use the same platform and don't be shy about talking about how those platforms are working out for them, how difficult the platforms were to integrate with other technology, what they learned from their experiences with the platforms, and what they'd do differently if they had it to do all over again.
