Last year, my team and I decided it was time to switch technology vendors. While this can be a stressful transition, we thought we had a solid plan in place. We started with a robust research process, evaluated a number of potential partners, and ended up deciding on an all-in-one provider.
We designated one member on our team, whom we'll call Joe, to lead this process. Joe had been with us for nearly eight years and had previous experience with these types of technology transitions. Things were going well, and everything seemed under control, until Joe went on vacation.
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Two weeks turns into an eternity
Unfortunately, one of Joe's family members experienced some health issues while on vacation, and he never returned to work. By this point, the transition was scheduled to take place, but no one else on our team had any idea what was going on, let alone how to log into the new system. Joe was supposed to be returning to work and moving things along, but that clearly wasn't happening.
By doing some recon, we managed to get in touch with Kelly, our relationship manager at the new tech provider, Advyzon, and explained the situation to her. She sprang into action and helped guide us through the process.
What she did was truly remarkable, and we are so grateful to her for taking charge and ensuring our business didn't suffer during the transition. It's been about six months since Joe left the firm, and we are entirely up to speed on our new system. It's been a bumpy ride, but what we have learned is invaluable.
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The silver lining
What happened to us could happen to any wealth management firm. Here are some of the biggest takeaways we've learned from our experience:
1. Make it a team effort. Our biggest mistake was having one team member responsible for the transition. If we ever do this again, we'll have at least two members of the team involved in the process. This will prevent any issues if someone gets sick, goes on vacation or quits.
2. Transparency is key. Unfortunately, none of us were up to speed on the process or where the migration stood. We didn't even know who to contact! We'd suggest creating an email alias with relevant members of the team that you and the tech provider can use to communicate. This way, you'll always be up to speed on the progress and aware of any issues that may arise.
3. Consistent communication. Schedule regular meetings with the internal team overseeing the migration. This will enable you to get status updates on a weekly or biweekly basis and ensure you are not in the dark.
4. Do your research. If our new tech provider hadn't had a strong customer service offering, we might have been out of luck. Ask for references and speak with other advisors who have used the technology so you know exactly what you're in for.
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5. Meet your relationship manager. Ensure you have one dedicated person who'll be helping you through the entire process. Kelly was vital in ensuring things went smoothly, we're really not sure what we would have done without her.
6. Timing is everything. Schedule your migration around a slow time in your business. I'd also suggest not planning back-to-back vacations for you or your team directly before or after the migration to ensure everyone gets up to speed as fast as possible.
Looking back at that time, it's not hard to recognize what we did wrong, especially now that it's behind us. It's easy to get caught up in day-to-day client work and let one person take control of your data migration.
We got into this business because we want to serve clients, but choosing the right technology is an important decision that drives your business and lets you maximize your time. Ensuring your team has a smooth technology transition enables you to spend more time on the thing that really matters: your clients.
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George McCuen is president of Napa Wealth Management, which he founded in 1997.
