In today’s fast-paced, digital world, state-of-the-art technology is not just a nice perk for advisors to have anymore, it is a necessity.
Most advisors turn to a parent company, a partner or an advisory platform to provide the needed technology. Making the decision about which firm or turnkey asset management platform to join can hinge on the quality of technology provided.
But how important is that decision to the firm’s operation?
“Technology is a key factor in selecting a platform. It is important to have the right system,” says Eric Brotman, president and managing principal of Brotman Financial Group in Baltimore, who recently joined Kestra Financial, based in Austin, Texas.
“Without the right technology platform you are at the mercy of every vendor. One technology vendor you are using will update and another won’t and they no longer integrate,” he says.
Brotman advises firms to look for a company that upgrades every couple of years so that the firm’s staff has the best system to work with.
Technology is synonymous with time in today’s world.
“To be efficient we have to have the tools available to get as much done in the time available as possible,” says Michael Slaymaker, vice president, wealth management and satellite branch manager in Janney Montgomery Scott’s Alexandria, Va., office. “When I made a change from a large wirehouse to Janney, a lot of my questions were around technology.”
He suggests advisors become familiar with a new technology system ahead of time so they are comfortable with the system from day one of working with clients.
“No off-the-shelf technology system is good for every firm. Each one makes changes to the system to fit its operations. The systems have to be accessible and flexible for the clients as well as useful for the advisors,” he adds.