To say technology is advancing quickly may be the ultimate understatement. Over the next five years, fintech is expected to see a 15% annual growth rate — three times higher than traditional banking.
Technology plays a crucial role in wealth management, and advisors who stay current on trends and new advancements have a competitive advantage with higher efficiency, stronger growth, and better client experiences. But following new technology can be daunting.
Here are six ways advisors can stay current with new technology.
1. Create a technology strategy.
With new tech advancing at an incredible rate, the sheer amount of new CRMs, AI platforms, automation systems, and more can be overwhelming. Instead of chasing after everything and feeling you need the latest technology in all areas of your business, create a technology strategy.
Not every piece of new technology will be useful to every advisor. Chasing after every shiny new thing can be time-consuming and expensive. Instead, focus most on what will make the biggest impact on your firm, such as technology that clients want or that has a high ROI. If your clients want digital communication, focus your efforts on staying current with virtual meeting options. If your clients are interested in new investing options, work to stay current on crypto trends and AI-assisted advising. Creating with and sticking to a technology strategy guides your focus while still keeping options open to explore new areas.
2. Connect and be curious.
Stay connected with information about new technology, especially trends that fit your strategy. You don’t have to search out new information about technology on your own subject, most of it has already been discovered, but you have to be connected to the right groups and people to be informed. Follow industry publications and blogs, join networking groups, and participate in conferences and webinars about wealth management technology. Network with other advisors with strong digital skills and ask for their advice and recommendations on trends to pay attention to. You don’t need to be a technology expert to be aware of digital trends. Find the method that keeps you current without taking away from your other responsibilities.
3. Find a mentor.
A coach or mentor is valuable in many areas of your business and career, especially when it comes to technology. They can highlight important information, point you toward valuable resources, and act as a sounding board for whether new technology is worth pursuing or worrying about. Your mentor may be navigating the same new technology waters, but having someone with more experience to walk beside you can make a major difference.
It is also a good idea to make it a point at conferences to ask what other advisors are doing, join advisor communities or forums, and seek out best practices in operations and practice management. There are even consultants who specialize in these areas and can be worth reaching out to. Staying connected to a wider network helps you avoid feeling isolated when evaluating technology and gives you new ideas to improve your business over time.
4. Pursue training.
If you cannot attend industry events or conferences yourself, consider sending someone from your office who can take on the role of a subject matter expert. Empower them to gather insights, learn best practices, and bring back updates to share during team meetings. Keeping the whole team informed about industry news, evolving technology, and operational trends is key to staying ahead. Continued education is crucial for every advisory firm. In addition to participating in industry groups, events, and forums, financial advisors can pursue certifications or courses focused on advancing technology. Learning about AI, data analysis, machine learning, and related topics through a structured program provides trusted knowledge and earns certifications that add credibility to their expertise and growth as professionals.
5. Pay attention to your personal tech.
The best enterprise technology is also used for personal use. That means that if the technology you use with your personal smartphone, online shopping, or daily life is evolving, such as adding AI bots or integrating with other platforms, similar technology isn’t far behind for wealth management firms. In that sense, it can be helpful to be an early adopter of consumer technology so you’re prepared for what comes next at work.
6. Stay flexible.
Perhaps more important than anything you do is your mindset towards technology. Successful advisors have an agile and adaptive mindset toward technology. They are committed to continual learning and aren’t afraid to be flexible and try new things. Advisors who embrace change, are willing to learn new things, and take risks can set themselves up for long-term success.
As you aim to stay up-to-date with changing technology and grow your firm, trust that Docupace understands the latest technology. Our cloud-based platform is an industry leader in new account opening, compensation surveillance, and document storage. It makes it easy for firms to digitize critical processes, improve oversight, and maintain secure and compliant records in one centralized system. Click here to schedule a discovery call.
