Our tech advisory board is essential to helping us reach our goals and has a unique structure. We have multiple chief technology officers (CTOs). Typically, a firm only has one, however, since technology best serves our clients, we hired an outsourced CTO provider that offers an entire team of CTOs to advise on the technology side of our business. We align our efforts with F2 Strategy—a team of former CTOs of wealth management firms and RIAs who have come to Merit with a depth of knowledge and experience.
Comprehensive And Ongoing Training
Investing in robust technology is a fruitless endeavor if it’s not properly utilized. For this reason, Merit is dedicating nearly a quarter of our budget to training. We recognize that new technology can be overwhelming to even the most tech-savvy individuals. To combat this for both clients and advisors, we are launching a campaign about how to manage change and share our vision of where we are going and what the benefits are to all involved. We emphasize the presence of our trainers and mentors to support the migration and aim to make this process both fun and rewarding to clients and advisors that are willing to push themselves a little bit further and make the commitment with us.
Marketing And Technology
Marketing and technology go hand in hand. The marketing team plays a major role in streamlining the new technology being implemented and will be working hands-on with the platforms as well.
While prioritizing technology, we still want our advisors to sit down face to face with their clients and prospects. Our marketing team will work to organize our advisors’ calendars, respond to leads as they come in and connect them with an advisor.
Forward Vision
Our mission is to make the financial lives of our clients as simple and efficient as possible, and that directly informs on the overall vision of Merit which is driven by technology. We have created a two-year roadmap that is constantly evolving and showcases the features of these programs, explains how we plan to implement them and how our staff will be trained to use them.
Prospective clients and advisor teams want to feel secure knowing that the support is there for them. We feel it is imperative that firms receive the assistance needed to implement the many tech offerings available.
Merit is a firm that comprises 12 different practices that have come together through acquisitions. We have experience in successfully working together as one to define the most efficient way to manage all of our data and information so that we can continue to build technology that works for us, instead of the other way around.
JP Pattinson is vice president of technology at Merit Financial Advisors.