Choosing Your Wealthtech Partner: A Long-Term Play

By Vestmark Inc., Resources

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Today’s wealth management firms depend on technology to help them operate efficiently, communicate effectively with clients and prospects, and uphold compliance requirements. But with so many technology solutions available, it can be challenging for firms to find the right provider. This process should be approached as a long-term investment, not a quick fix.

As Ananya Balaram, Chief Revenue Officer at Vestmark said, “You don't change your technology often. This is a once every 5-15 years thing. So as firms look for what they need in terms of either consolidating or changing technology, they should approach it with an outlook toward the future. The platform — and the wealthtech provider — you choose should evolve and adapt with your firm.”

To help you on your journey, we’ve compiled some of the commonly asked questions our team of tech and advisory professionals encounter here at Vestmark.

Q: How do you know when it’s the right time to update your wealth technology?

Finding and implementing a new piece of technology into your firm takes time, especially considering how vast the advisor tech landscape is today. Truthfully, many wealth management firms initiate that search to fill a specific functionality gap, such as adjusting or managing client portfolios, among others.

But thinking beyond immediate pain points is important. While finding different solutions to solve specific challenges may seem like the path of least resistance, this approach can cause trouble down the road, particularly if the different platform components don't work well together.

As Balaram explains, approaching your search with the end goal in mind is critical. "Filling an immediate gap with a single solution may seem like a fine option, but you have to ask yourself if you want to take on the work of stitching together various pieces of technology as your needs evolve. Often, a better solution is to find a complete platform that can do more — and do it just as well.”

Q: How can technology unlock growth in my wealth management firm?

According to Balaram, the right technology provider should seek to become your strategic partner, propelling you forward on your growth trajectory rather than holding you back.

With robust capabilities and responsive and engaging service, efficient technology (and the partner providing it) empowers advisors to accomplish more in less time. Tasks like portfolio rebalancing, account management, and data analysis can be streamlined, leaving more valuable hours for in-depth client consultations, strategic planning, and prospecting for new opportunities.

When it’s the right fit, your technology will act as a force multiplier, freeing up your advisors to focus on what truly matters — building relationships, providing personalized client service, and driving new business.

Corey Fiedler, Head of Products at Vestmark, offers: “Take a business lens to where you want to be from a growth perspective, a productivity perspective, or an efficiency perspective; and then make sure that the technology that you choose is going to move you in that direction and continue to sustain your ability to move in that path.”

Q: How can I be sure I’m selecting the right partner for the long term?

When speaking with a new potential tech provider, ask how their platform can accommodate your growth and evolving needs. You’ll want to gauge how flexible the provider and platform are in adapting to your workflows and existing integrations. If your goal is to increase your AUM by 50% in the next five years, for example, will they be able to continue serving your firm effectively? Or are you likely to outgrow their capabilities quickly?

Vestmark’s Head of Advisory Solutions Robert Battista said: “It's really about understanding the path of the company you're going to partner with. Are you heading in the same direction? You want to continue to grow together because you're going to need to leverage that partner for new things in the future that you haven't yet talked about.”

As your firm grows, the right tech partner will be the one who can support your needs today, tomorrow, and years down the road. Otherwise, you may find yourself starting the search all over again—or worse yet, “stuck” with a provider or platform that’s not right for your firm.

Q: How does the platform balance current functionality with future-proof technology?

While a platform’s flashy user interface and feature set can get your attention, long-term viability is key. As Battista said, focus on what's actually built, not just promises of future features. “Taking a leap of faith on a vendor’s promise to build something for you later often doesn't work out well,” he said.

So, how do you separate the “bells and whistles” from features that truly future-proof your investment? Here are a few things to consider:

  • Assess the underlying programming languages and frameworks powering the platform. Are they known for their scalability, security, and ability to accommodate future integrations?
  • Does the vendor show a commitment to innovation? Do they possess a well-defined roadmap for future development that aligns with your evolving needs and the broader wealth management industry trends?
  • Are they robust enough to safeguard sensitive client data and adapt to the ever-evolving landscape of cyber threats?

Quiz Time: Tech Stack Tune-Up

Is your advisor toolkit ready for growth? This quick quiz will help you assess your tech stack's strengths and weaknesses:

Instructions: Answer each question with a Yes, No, or Unsure.

  • Do you experience data silos, where information is difficult to access or share across different platforms?
  • Does onboarding new clients involve a lengthy and manual paper-based process?
  • Do your advisors spend a significant amount of time on administrative tasks that could be automated?
  • Have you struggled to integrate new technologies with your existing systems?
  • Are you concerned about the security and compliance of your current data storage methods?
  • Do you find it challenging to generate customized reports for your clients?
  • Do you feel limited in scaling your services to accommodate future growth?


  • Mostly Yes: Your tech stack might be hindering your firm's potential. Consider exploring new platforms that offer better integration, automation, and scalability.
  • Mostly No: Your setup seems fairly efficient, but it's always good to reassess your needs and evaluate new technologies for potential improvements.
  • Mostly Unsure: It might be time to examine your tech stack’s capabilities and limitations more thoroughly. Consider consulting with a technology expert.

Next Steps

Regardless of your score, this quiz and our FAQs are just the first step to finding the right tech partner for your firm. To help you navigate this decision-making journey, we developed an in-depth guide for evaluating your needs.

Download “Empowering Growth: A Guide to Selecting the Right Wealth Management Platform” to learn more about evaluating your needs and finding the right tech partner for your firm.

By Vestmark Inc., Resources