Fintech Corner

Adrian Johnstone, who in addition to working with wealth management firms is also a self-professed motorsports fan, has found several connections between Formula One and financial advisors.

Technology that can both scale up a practice and zoom-in to offer client experience enhancements is at a premium, said, Tom Westhoff, vice president of Global Sales at Practifi.

Technology that can both scale up a practice and zoom-in to offer client experience enhancements is at a premium, said, Tom Westhoff, vice president of Global Sales at Practifi, a business management platform for financial services firms, because clients are demanding better experiences with their advisors.

Preparing for an audit can be a time-consuming, labor-intensive task itself, requiring large amounts of preparation and documentation before the auditors step on the premises.

For financial advisory firms to get their technology up-to-date at an institutional level, it will require some form of data Rosetta stone. That's where Australian fintech Practifi can help.

What was once considered a good wealth management technology stack was entirely purpose-driven—as long as the software and equipment did their work reasonably well for the practice.

Over the past two decades, advisors embraced education and learning as a powerful tool capable of attracting new prospects, transforming existing prospects to clients and keeping current clients engaged.

Most advisory firm revenues are tied to a fee collected on AUM and with inflation driving up costs, much of the wealth management industry is going to encounter some form of margin pressure.

Many wealth management firms have experienced technology providers who have oversold their software’s ability to catalyze growth in both AUM and number of clients.

Until recently, financial advisors were severely limited in the value they could extract from their software, but new, more flexible technology has the potential to simultaneously catalyze growth, lower operating costs and improve the client experience.