We have seen a number of firms that developed digital strategies and then implemented them in phases. This is probably the most common example. There are also others who do a big bang approach and change everything at once.  It is significantly riskier but can get to value realization faster.

Regardless of the approach, change in processes and implementation of new systems go hand in hand.  Then there is training that includes making your people be comfortable with new systems or new ways of doing business. It is pretty challenging in some legacy organizations and requires a lot of handholding. Depending on the type of culture in an organization, those factors need to be taken into account when developing digital strategies.  

Hortz: Any other thoughts or recommendations on implementing a digital strategy right now?
Pinsker: A key consideration when selecting your technology partners/ systems, make sure they “talk” to each other, and are well integrated. The less you have to spend on putting two or more systems together, the better for your organization as it will allow you to focus on other very important elements as you navigate through this change. Lastly, planning training as part of the implementation is critical.

We invite you to learn more about becoming a digital firm by exploring some of our many support tools and resources. We’ve put together on this link everything you need to know about the Why and How of going paperless at work for broker-dealers and RIAs, including a paperless solutions provider checklist. And here we have a link to Docupace Resources which includes access to product and solutions guides, our whitepaper series, success stories, webinars, and case studies datasheets.  

Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation, and unique client/community engagement strategies. The institute was launched with the support and foresight of our founding sponsors—Ultimus Fund Solutions, NASDAQ, Pershing, Fidelity, Voya Financial and Charter Financial Publishing (publisher of Financial Advisor magazine).

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