Decide if You’re Ready to Make a Change

Before anything else, take some time to talk to other firm stakeholders and decide if now’s the right time to make changes to your tech stack.

The decision to pursue a new solution should be forward-focused, flexible, and solve an ongoing problem for your firm and advisors. Otherwise, you may find yourself quickly outgrowing your reconfigured technology in another year or so—or worse yet, find yourself stuck paying for something that doesn’t add value or improve efficiency for your firm.

Don’t Just Buy Software, Look for a True Tech Partner

Instead of just buying software, consider finding a true tech partner. A genuine partner goes beyond just offering features; they offer an ongoing partnership focused on understanding your specific goals and challenges.

Working with a company that goes beyond just selling software offers several key benefits:

• A true tech partner will actively guide you through the implementation process, minimizing disruption to your workflow.
• Your partner should provide ongoing support and training to ensure you get the most out of the platform.
• A partner who understands your business and vision can collaborate on developing solutions that meet your evolving needs.
• A forward-thinking partner will invest in continuous improvement and keep your platform on the cutting edge of wealthtech innovation.

Question to Ask: Getting to the Heart of Value

Once you find a few potential partners, start to reach out and ask for demos or sales calls. From the moment you connect with a company, take note of how the process is going:

• Is the provider communicative?
• Are they taking the time to understand your needs?
• Are they addressing your questions thoroughly, or do you feel rushed into making a purchase?

All of this is important to take into consideration—how a provider handles their prospects can be telling of how they’ll handle you as a client in the future.

Don’t be afraid to ask questions about the platform, especially if there’s something you don’t understand. If you want this company to be a long-term partner, you should be able to understand the “meat and potatoes” of what the platform does (aka the technology behind it) and its roadmap for the future. These can include:

• Do you have a dedicated customer success team that will be there to support us after implementation?
• How does your platform integrate with other technologies we might use, such as CRM or portfolio management software?
• Can you provide case studies or testimonials from other firms in our industry who have successfully implemented your platform?
• What is your company culture like? Is there a focus on collaboration and innovation?

By asking the right questions and carefully evaluating potential partners, you can ensure you choose a solution that empowers your firm to thrive in the ever-evolving wealth management landscape.

Before You Make Your Final Decision…

Selecting a new platform is a strategic decision with long-term implications. A platform that adds value to your firm will:

• Streamline tasks and free up time to focus on building deeper client relationships.
• Automate reporting and record-keeping to stay compliant with regulations.
• Scale with your needs so you can invest in attracting new clients and growing your business.

For an even deeper dive into making smart, strategic additions to your technology platform, download “Empowering Growth: A Guide to Selecting the Right Wealth Management Platform."