Until recently, FAs were severely limited in the value they could extract from their software, but new, more flexible technology has the potential to catalyze growth, lower operating costs and improve client experience.
Financial advisors can learn a lot from doctors and lawyers. Providing financial advice is evolving into a profession as indispensable and rigorous as medicine and law, said Adrian Johnstone of Practifi.
Advisors changing some or all of their technology stack should give some thought as to how they will implement that change—how will they onboard their staff? How will they help clients through the transition?
“The technology that helps a start-up mature and move through its growth phase rarely suits that firm’s needs when it comes time to scale,” said Adrian Johnstone, president and co-founder of Practifi.
Personalization is the key to differentiation and a great client experience. But implementing personalization as a wealthtech firm requires not only knowing the wealth management firms being served but also their clients.
Financial firms potentially have tens of trillions of pieces of data available to them today, much of it portfolio and demographic data about their clients—but there’s also user behavior data.
Technology has long been a force for unity within financial services firms, but not always in a good way. offering little in the way of data-sharing, said Adrian Johnstone, President of Practifi.
The word “integration” is so commonly uttered by technology providers that it’s become the corner square on the fintech BINGO board, but they describe something incredibly important to advisor technology
Practifi, a business management platform for the financial services industry, was planning to change how it interacted with email and calendar scheduling programs but wasn’t sure how to proceed.
For national and regional enterprise firms operating across different jurisdictions, the ongoing cost of staff, systems, processes and leadership necessary for maintaining compliance can become very expensive.