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Driving technology and innovation into a financial advisor practice

The pandemic forced people to adopt technology and implement it into their practice. The good news is business carried on in financial services. The bad news is people had to invest time and money into technology to catch up. Do you feel like you are running after the train that just left the station? It seems like you can never catch up.

Who should implement technology for financial advisors? 

As firms work towards implementing technology it should be the other way around. Elite financial advisors are hungry for more technology to manage and run their practice. But the advisor does not implement technology processes, their team does. Firms that I work with know I do not call people administration assistants, I call them technology implementors. They are the drivers of innovation and technology in a financial advisor's practice. Who is your technology implementor in your firm? 

What technology do they implement?

Great question, should you not ask them? Top administration assistants/technology implementors know the list of technologies to adapt and implement. This may include:

-Client data organization

-CRM and PRM Client relationship management software and prospect relationship management software

-Document management, Account management and aggregation

-Social media management and marketing

-Event management

-Client communications

-Meeting scheduling

-Cloud services, storage, and workflow management

-Compliance and meeting notes and processes

And the list goes on….

What can you get your assistant/ technology implementor to implement for your practice to improve your processes today?

As financial advisors grow, they invest in more technology. But they tend to be convinced, or not of technology based on current solutions available to them. This is partly a result of the firm they are associated with and partly because they are not exposed to high technology-run practices. I am fortunate as I get to see what is working for technology for financial advisors across the spectrum of different firms. Check out Jason Pereira for example https://jasonpereira.ca/ and https://jasonpereira.ca/canadian-fintech-landscape

How can you go from average to cutting-edge when it comes to technology? 

Assign software research to your tech assistant and look into what elite practices are using for technology. Success leaves and shares clues. Don't go the path alone ask top practices who are cutting edge and you will find tech processes that you can adapt easily into your practice. I call it the technology blind spot. You cannot see it. Once you see it you will want to implement it. For example, I was working with a team on a Zoom call and they asked if they could use their recorder called Fathom.ai. https://fathom.video/  After the meeting, I saw how easily it puts together a great summary of the conversation so once I saw it I decided to adapt it and improve our meeting details. I thought the meeting notes were good, but now with the help of technology and AI, it is better. 

What do I do next?

As a financial advisor, your job is to allow your technology implementor to find resources at your firm and all of the technology that is available to your practice as well as ask about your firm's best practices with your technology. Then look at other software (with firm and compliance approval of course) that can help your practice. The firms that are cutting edge and leading the industry when it comes to technology have a mindset to be cutting edge. It did not just happen. It takes a future-ready mindset.

Are you ready?

How About Your Goals for Your Practice in 2026? 

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