Fintech Corner

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

For financial advisory firms to get their technology up-to-date at an institutional level will require some form of data Rosetta stone. That’s where Practifi, a Sydney-based Australian fintech making inroads among U.S. wealth managers, can help, said Adrian Johnstone, the firm’s chief commercial officer.

Not only is providing financial advice evolving into a profession as indispensible and rigorous as medicine and law, but it’s also maturing into one that requires a modern approach to technology, said Adrian Johnstone, chief commercial officer at Practifi, a business management platform for financial services firms. Both medicine and law have embraced a roles-based approach to building technology stacks.

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.

With the resurgence of COVID cases due to the rise of the delta variant, corporate America is responding by either setting new vaccine standards or postponing the return to in-office work until a later date. 

The coronavirus pandemic forever changed the technology and financial industries, said Emily Wilcox, chief operating officer at Practifi, a business management platform for financial advisory firms, offering opportunities for both to seek out different ways of doing business and reaching new customers.

Most advisory firms want to scale, but not all of them can. One of the biggest obstacles to scaling is not having the right technology in place, said Adrian Johnstone, Chief Commercial Officer at Practifi, a business management platform for financial services firms.

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.

As firms have moved to work from home due to the pandemic, and regulators have swept in with new and rapidly changing requirements, compliance has become a financial and operational burden for many RIAs.

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.