For RIAs, time is literally money. The faster you can develop leads, connect with clients and open new accounts, the more growth opportunities you have.
One of the best ways to set yourself and your firm up for success is by adopting new technology. Time-to-market influences everything from client acquisition to advisor retention and long-term growth. Buying the technology instead of building it in-house helps you get there faster.
Faster Client Onboarding
Today’s RIA clients have a strong digital experience in everything from buying groceries to streaming movies and planning trips. They expect the same seamless, tech-driven experience from their financial advisor. Meeting those expectations requires having updated technology and tapping into all the resources available. Research found that clients expect digital onboarding within 6–12 months. They don’t have time to wait for a firm to build technology in-house to keep moving toward their financial goals.
RIA digital onboarding can make or break the client experience. Nearly half of investors will abandon digital RIA client onboarding due to a poor experience. RIAs can’t risk using in-house products that are slow to develop and potentially out of date. Instead, they need fast adoption of current technology so they can start on the right foot with a smooth digital experience. Plus, updated technology is easily scalable to create a consistent experience for all clients instead of manually managing each client interaction.
Empower Advisors with Tech Tools
Advisors want to be able to do their jobs, not spend time resolving technology issues. It’s safe to say that RIAs joined the industry because they want to work with clients and manage funds, not develop software. Waiting for an in-house tech product likely means that advisors are working with a subpar product while other firms use leading technology.
Faster advisor technology adoption leads to better advisor satisfaction and a more positive client experience. Buying a trusted, established product enables robust technology to reach advisors quickly, providing them with the tools to deliver a consistent, well-rounded client experience. Technology is one of the top priorities for financial advisors, particularly for the younger generation of advisors entering the industry. Investing in reliable, ready-to-use tech can help a firm attract and retain clients and advisors, keeping all parties satisfied and able to spend more time connecting and less time managing technology.
Speed Is a Competitive Advantage
The RIA industry is growing rapidly, which means that competition is increasing rapidly as well. Falling behind on tech hurts competitiveness and growth potential. Instead of interacting with clients and nurturing leads, firms that build technology in house too often find themselves focusing on getting their tech running rather than growing the firm.
As AI becomes an increasingly powerful tool for RIAs, technology is advancing more rapidly than ever before. In the time it takes for a firm to build a tech stack, the technology could already be outdated and replaced by something more robust. That means that not only did the advisor spend time building the product, but it didn’t even bring a competitive advantage. That time and resource investment is ineffective because it didn’t advance the firm.
Firms often fall into the trap that building technology in-house is the better option. However, those builds come with a steep learning curve and often slow progress, potentially releasing a tech product long after the competition. Don’t reinvent the wheel; leverage existing technology for faster and smoother implementation. Buying launches technology four times faster than building. That means working with clients, building relationships and growing your firm four times faster.
Your best partner for buying tech? Docupace. Purchasing proven software provides instant access to a reliable product, backed by experts who can customize workflows and keep the product secure and up-to-date. No more tinkering on the backend or hoping the makeshift security is robust. Buying a product allows you to rest assured that you have the best product and can focus on what matters most: your clients.
When you’re ready for new software, turn to Docupace for a full-service, integrated platform. Click here to download our Buy vs. Build guide to see how smart firms move faster with less risk.
?>)
?>)
?>)