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Is Your Firm Tech Ready?

There’s no stopping the integration of technology into every sector of our lives. While this may sound jarring, it’s simply the reality of modern living. Younger and future generations already do not view technology as something to adopt, but rather look to it as the standard for interaction and engagement.

Has your firm adjusted to this massive shift in expectations for client experience? While in person meetings, phone calls and emails are all certainly still vital to your client experience, most clients expect more. Technology is at the forefront of ensuring market presence and acquiring new clients. Even if you’re somewhat “old school” and would rather do things in a more tactile fashion, the pressure to digitize will only continue to grow and at some point you’ll need to catch up. If you start the process of implementing digital tools for yourself and clients now, it will make the learning curve less difficult when technology inevitably advances.


Get Ahead of the Technology Curve

Being up-to-date with tech brings a unique opportunity for client retention as well as meeting new client expectations. High Net Worth (HNW) and Ultra High Net Worth (UHNW) clients likely have assets that will need to be passed to the next generation. By assisting in this transfer and utilizing a digital financial advisor tool box, you’ll have a greater chance of retaining the services of the children or recipients of these assets instead of them transitioning to another advisor. 

A recent study found that 37 percent of younger investors counted an “excellent online platform” among the top five considerations in choosing and retaining a financial advisor. Integrated software and platforms offering a seamless, client-centric experience are must-haves. If you can meet this demand, your chances of holding those younger clients increases exponentially.


It’s Not Just About Growth

Even if you think you’ll be retired by the time any of this digital reckoning finalizes, you’ll likely want to sell your book of business. A business that has digital platforms and clients that are comfortable using them is more likely to be purchased at a higher price since the new owner can review the acquired client base data. If your digital tools aren’t facilitating data views that you need, you should wonder about upgrading who you partner with.

It’s not just digital advising tools that younger generations are looking for either. The same study shows that 15 percent of millennials reported that “use of social media such as Facebook and LinkedIn” as the most important variable when selecting an advisor. Many people across generations find social media to be toxic and unrewarding, but having a presence there could mean the difference between landing and losing a client. It’s best to give it some thought if you think your business could benefit from social media presence and if you’re already on there, how you can best utilize it. If your current ad review process takes too long or is too restrictive, it begs the question – are you partnering with the right teams to help you grow?


Start Today

Technology advancement can no longer be ignored; it will simply continue to grow exponentially. Positioning yourself further from the leading edge of tech now could be detrimental to future growth and make the adoption of future technology even harder. Take a digital audit of your business and honestly assess where you’re at with regards to technology. If you’re scoring low or are lagging behind competitors, why not reconcile the gap sooner than later?

Want to evaluate with a trusted guide? Let’s Talk.