Let me be clear here: I’m not advocating that providers raise fees for advisors across the board. What I am saying is that there is a need for further work on integrations, the digital on-boarding process and other technology challenges that face advisors. As an industry, we’ve struggled for years with a similar set of problems, and the solutions in many cases fall far below reasonable expectations. Advisors should no longer accept the status quo. In order to compete effectively in the future, we need to push the envelope on integration, digital on-boarding and the client experience.
It is time for advisors, custodians and third-party technology providers to begin the dialogue necessary to further advance the profession’s technology tool set. Those who embrace the challenge early on are likely to benefit the most.