The study also explored strategies that may help advisors build on their efforts to adopt technology in smart and efficient ways. Fidelity says RIA firms may want to consider:
• Initiatives that streamline their technology environment, such as shifting to cloud-based solutions, implementing mobile technologies and creating process workflows and automation.
• Addressing staff related barriers to technology optimization may help firms get more out of their existing technology.
• Utilize the most functionality with their current systems.
• Leveraging vendor-hosted systems in order to relieve the burden of supporting locally installed systems.
• Outsourcing, particularly for key processes, such as data reconciliation and client reporting.
The 2013 Fidelity RIA Benchmarking Study of 325 firms was conducted from May through June 2013. The study was administered by an independent third-party research firm.