Financial advisory firms are finding the benefits of technology and are poised to increase their investments in it to grow their businesses, according to a new study by an advisor-focused technology solutions firm.

Orion Advisor Solutions, a wealth tech solutions firm based in Sacramento Calif., and Omaha, Neb., conducted an inaugural study of more than 200 fiduciary advisory firms to see how they view technology.

The survey estimated that technology investments will grow 7% next year based on the feedback from the study. As for advisors’ thoughts on it, 47% said they will invest more in technology in the coming year.

“It’s clear that advisors recognize the role of technology in saving time and money, introducing operational efficiencies, and elevating the client experience,” said Eric Clarke, founder and CEO of Orion in a statement. “Our survey confirmed that the majority of advisors who integrated their tech effectively were also growing more rapidly.”

Allowing technology to handle the tasks around the office enables advisors to work more with their clients and reach out to prospective clients to grow their business, Clarke explained in the statement.

However, advisors face obstacles that prevent them from expanding their technology. The survey found that 60% have not expanded their technology because they do not have the time. Meanwhile, of those that do use technology, 57% said their biggest headache was integrating their core technologies.

While technology allows advisors to manage trades and other investment decisions faster, it also improves how they interact with clients, according to Brian McLaughlin, president of Orion Advisor Tech.

“This is advisors investing in their client experience and personalization,” he said. “Those are things that technology can really assist in especially in turbulent times like we’ve had for the last couple of years.”

“When we get into these turbulent times … this is when we double down and triple down on client experience,” McLaughlin said. “It’s when advisors really shine in their ability to be the personal relationship and trusted expert for the family that they work with, and technology helps them to deliver that experience.”

The survey also touched on artificial intelligence (AI) as such tools including ChatGPG are integrating more into the industry. Not all advisors are ready to embrace this yet as only 18% said they would consider utilizing AI, the study said.