Tech firms strike partnership with universities to bolster financial planning

FAStech formalizes ad hoc network of platforms to give students entree into tech world

Aug 21, 2013 @ 5:14 pm

By

technology, software, financial planning, university
+ Zoom

To combat the short supply of qualified next-generation advisers, a group of technology firms has formed a partnership called FAStech to give participating universities free access to eight top software technologies used by advisers.

The idea behind the FAStech partnership is to provide financial planning students easy entrée into the world of technology, which continues to take a greater role in advisers' practices.

In years past, partnerships between schools and tech firms were struck on a case-by-case basis. Today's ceremonial unveiling was part of a plan to formalize and expand the enterprise between universities and advisory tech firms to include more schools and create a single web-portal with access to the full range of software offerings.

Software available through the partnership includes MoneyGuidePro (financial planning), Redtail Technology (customer relationship management), Orion Advisor Services (portfolio management), and five others. FAStech was founded by Chad Blythe, senior vice president of sales and business development at MoneyGuidePro.

While the official arrangement between FAStech and the partner universities is new, financial planning schools have provided students with access to software from leading advisory technology firms for years — though without a systematic intermediary.

Barry S. Mulholland, assistant professor at Texas Tech University's Personal Financial Planning Program, said his university has integrated aspects of FAStech into the school's curriculum for the past six years.

“Technology … plays an important part in the lives of many financial advisers and exposing new talent to it early will increase productivity and greatly reduce the time spent training new advisers,” he said in a statement.

Virginia Tech's financial planning program has worked on an ad-hoc basis with many of the technology providers involved in FAStech for the past five years or so, and the results have been overwhelmingly positive.

“We deliver a course specifically targeted at developing a working understanding of a few best-in-breed software products,” said Derek Klock, assistant professor of practice in the Department of Finance.

“After graduating, students often come back and talk about how their understanding of technology gave them a leg up in the hiring process,” he said. “The technology course is only required for one of the two programs, but it always seems to fill up. There aren't usually open seats.”

0
Comments

What do you think?

View comments

Recommended for you

Featured Research

The 2015 InvestmentNews Adviser Technology Study

This in-depth study provides a blueprint for the industry, providing actionable information to advisers, along with the latest solutions to help them drive profitability, efficiency and growth for their firm.

Featured video

Events

Pershing's Dolly: 3 challenges facing advisers ahead

What are the biggest challenges facing financial advisers today? Pershing Lisa Dolly explains some of the hurdles, and how great advisers are overcoming them.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

10 funds with largest 3-year outflows

Even well-managed funds that have beaten the S&P 500’s 10.1% average annual gain have watched investors flee.

Wirehouse training programs are back

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

New military pension rules need financial advisers to step up and serve

Matching defined contribution plan expected to see more money, more need for sound advice.

Brian Block's $4 million bonus was tied to a key metric at ARCP

Prosecution rests case in fraud trial against CFO of American Realty Capital Properties.

Edward Jones is winning the Google search war

Brokerage firm's digital marketing investment helps land it at the top of local and overall search engine results, report finds.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print