Fintech leaders address adoption and integration

Seeking solutions to the obstacles that dampen adviser tech utilization

May 23, 2018 @ 4:50 pm

By Ryan W. Neal

Leading custodians, broker-dealers and RIAs continue to increase their investment in adviser technology, according to InvestmentNews research.

That increase in spending brings an enhanced concern that field advisers and support staff are fully utilizing the technology. Adoption continues to be a leading challenge in realizing a return on technology investment, and nobody wants to move on to "the next big thing" when they aren't getting the most out of their last purchase.

The issue was a key discussion point raised by industry leaders who gathered at InvestmentNews' New York headquarters this week for the annual Fintech Think Tank. In a series of discussions over two days, representatives from a diverse array of wealth management firms and technology providers discussed the biggest obstacles to technology adoption and they suggested possible fixes.

(More:Financial advisers embrace virtual offices)

Some advisers said they want tech vendors to go beyond customer support and onboarding assistance to provide ongoing coaching, education on best practices, and metrics that can benchmark how a firm is embracing technology.

Others shared strategies that have led to success in their own firm, such as designating certain technology gurus who can evangelize the value of technology to their colleagues. The idea is that if a firm can get 5% to 10% of "power users" embracing the technology, it can help push the others along.

Participants also discussed the importance of integration and how to most effectively build an adviser technology suite, what the industry can learn from consumer-facing technology, and the impact that artificial intelligence will have on the financial advice business.

Insights from these discussions will be published in the June 25 issue of InvestmentNews and online at the same time on


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