Fintech Corner

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.

As wealth management firms grow their businesses, they need to achieve scale in order to maximize efficiencies and minimize expenses. Adopting the proper technology plays a central role in that transformation.

Implementing personalization as a wealthtech firm requires not only knowing the wealth management firms being served but also their clients, said Lindsey Hanson, head of client success at Practifi.

A vision for an educational platform & resource for clients began last year, “PractifiU” started out as a YouTube channel with 20 videos. Now, it's an on-demand comprehensive learning experience.

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.

The wealth management space is served by a lot of technology, but very little of it has been dedicated to the most impactful source of growth for businesses today: mergers and acquisitions.

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.

“It’s important that financial firms be willing to look outside their realm for fresh perspectives and new ideas,” said Adrian Johnstone, president & co-founder of Practifi.

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.

In the absence of a CRM, businesses fall back on doing business by e-mail, phone and paper, which can cause important information to be lost in translation, or lost in general.