What's next in adviser technology?

Broker-dealer and custodian tech executives discuss the industry's biggest issues and plans

Jan 25, 2015 @ 12:01 am

By InvestmentNews Staff

InvestmentNews hosted a roundtable of technology executives from independent broker-dealers and custodians to learn about the biggest issues they're tackling, what they're hearing from advisers and what they plan to focus on next. Here's what they had to say:

"We've sort of morphed our development process to — instead of starting with the adviser — starting to think about the end-investor experience."

Robert Dearman
Senior vice president of advisory practice and platforms strategy
National Planning Holdings Inc.

“[A] smartphone is more powerful than the computer that put three men on the moon, and that's the investor's expectation.”

Patrick Yip
Director of advisory market technology strategy
Pershing

“The dream of big data [is in] predictive analytics, like some social media vendors have social listening so that I can proactively say … we've got a 529 opportunity here.”

Jim Clabby
Chief information officer
AIG Advisor Group

“They all talk about simple apps, simple systems. It's sort of like the toothpaste analogy. Now I go to the store and how many toothpaste brands do you have? How many apps are out there? If you really take a look at it, the apps that are out there, the apps that we develop and the apps that we purchase or license, what percentage of it really is used?”

Doreen Griffith
Executive vice president and chief information officer
Securities America Inc.

“Look at data aggregation; there are a million providers in our industry that do it. Look at performance reporting. You can't [take] data aggregating and load it into any performance reporting tool and get anything that's usable. It doesn't exist.”

Ryan Reineke
Chief operating officer and senior vice president of technology
Cambridge Investment Research Inc.

“Our tablet site isn't being used at all … We basically said, let's give them the core things they need when they're mobile. And guess what they want when they're mobile? Everything … We're now using responsive tools to figure out how to make our normal site work on touchscreens.”

Darren Tedesco
Managing principal for innovation and strategy
Commonwealth Financial Network

“We can lose sleep at night on a lot of things. We could lose sleep on security. We could lose sleep on integration. We could lose sleep on do we have the experience right? How are you going to connect with your watch? I think the opportunity and the biggest challenge is where do you go from here?”

Victor Fetter
Chief information officer
LPL Financial

“There's definitely opportunity for some synergies here...to standardize some security reviews, and then vendors add a lot of value to the industry as well.”

Jon Patullo
Managing director of technology product management
TD Ameritrade Institutional

“What we're seeing is the constant evolving user interface...As these get simpler and easier to use, advisers are spending a lot less time managing technology and using it.”

Edward O'Brien
Senior vice president of technology platforms
Fidelity Institutional

“I hate to use the term big data, but leveraging data on behalf of our advisers and our end-clients to me is the wave of the future.”

Mukesh Mehta
Chief information officer
Cetera Financial Group

0
Comments

What do you think?

View comments

Upcoming event

Jul 09

Conference

Boston Women Adviser Summit

The InvestmentNews Women Adviser Summit, a one-day workshop now held in six cities due to popular demand, is uniquely designed for the sophisticated female adviser who wants to take her personal and professional self to the next level.... Learn more

Most watched

INTV

Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

INTV

Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.

Latest news & opinion

SEC clears up confusion over whether advisers can continue to call themselves fiduciaries

Despite an agency directive to eliminate the word 'fiduciary' in Form CRS, SEC officials say it's OK to use it.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession.

How to suspend Social Security benefits

Mary Beth Franklin says the move can boost future benefits but advisers and their clients should beware of unintended consequences.

Vermont establishes restitution fund for victims of investment fraud

Portion of settlements with financial perpetrators would supply the pool.

10 IBDs with the most variable annuity revenue

Although the popularity of VAs has declined in recent years, some independent broker-dealers still do a good business in them.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print