• The flexibility for home offices to set different levels of advisor autonomy and customize program controls regarding who can do what across the entire investment process.

• The capability to integrate technology without affecting program offerings and/or enabling the firm to manage change that impacts advisors and clients

• …which creates the ability to implement consolidation gradually, according to the timeline most conducive to the practice.

Every advisory practice is different, and firms should look for a technology partner with a proven track record who takes the time to understand what they want to achieve as a business—and how platform unification can help them make those goals a reality.

Beginning The Process

The hardest part of a big project can be getting started. A logical place for firms to begin is to make a list of the various programs they have added to over the years, including advisor-driven discretionary and non-discretionary, fund/ETF wrap, UMA and SMAs.

Next, evaluate the legacy technology systems where they reside, and evaluate the benefits of a single tech platform first, separately from considering consolidation or streamlining of programs.  The right tech partner can enable firms to consolidate and simplify the tech with or without making changes to advisor/client facing programs.

Evaluating Technology Vendors

When seeking a partner to consolidate portfolio management and trading platforms  into a single, unified solution, firms should examine whether or not prospective vendors have the flexibility and scale to accommodate their strategic growth plans. Furthermore, it is important to ensure a chosen partner has a proven successful track record and will be able to provide robust support throughout the relationship—long after the initial onboarding is complete. Firms should ask prospective vendors for client case studies and best practices to evaluate the track record and fit of the potential partnership.

Below are some additional criteria that we have found useful for helping advisors choose the ideal vendor: