• Does the provider’s solution deliver the flexibility to make configurations at multiple levels – program, advisor, segment, etc.?
• Is the solution capable of fitting into your business needs and desired workflow for home office and advisors, or would changes need to be made to fit the technology?
• Can the vendor’s technology accommodate multiple custodians and recordkeeping systems (for example, brokerage and trust accounting)?
• Does the technology enable fully automated onboarding?
• How modular are the software and services being offered?
• Does the provider offer additional services such as outsourced overlay portfolio management, back office operations, and model marketplaces?
Success Factors: Always Keep The End Client In Mind
Regardless of which technology provider is chosen to undertake platform unification, firms should aim to keep the vision of the ideal experience for end clients as their guiding “north star” throughout the process. From our experience, other success factors include:
• Realistic expectations – including timeline, cost, level of effort, etc.
• Deeply detailed roadmap and set of requirements