RIAs’ tech wish list for 2024

It’s no secret that technology is a daily – and much needed – component in advisors’ lives.

From subscription models to CRM, video conferencing software and scheduling software, RIAs use fintech tools on a day-to-day basis with their clients.

With several options to choose from, it can be hard for advisors to narrow in on what tools they should be using to help drive efficiency and organic growth at their firm.

“One frustration is like, I wish I had that. But then do you add another software that is separate just because it's better, or do you keep the OK one that is part of your existing tech stack? That's probably the biggest challenge that I face as a business owner,” said Rob Schultz, senior partner and wealth manager at NWF Advisory, an RIA affiliated with Osaic.

Among the tools Schultz is going to be incorporating into his daily practice at the firm is Calendly, which will help him schedule one-on-one meetings with clients, rather than having to go back and forth writing emails and rescheduling meetings. The firm now uses Redtail as its CRM, after having used Salesforce, and he said that while the CRMs are good, the opportunity tracking is mediocre.

“Same goes for processes,” he said. “The Hubly software looks superior on managing processes. We wish they would integrate better if the CRM isn't going to build out.”

Another platform that will help manage client interaction is MyCMO, Schultz said. As for the base of interactions, eMoney will act as the hub for the firm’s other software.

Scott Keegan, COO and wealth advisor at Gertsema Wealth Advisor, said the firm is a huge user of Salesforce and Holistiplan, which has made tax planning a lot easier for its advisors.

“That has just been a huge game changer for us,” Keegan said. “They are able to provide a ton of value to clients in a very quick turnaround time.”

With tax codes set to sail after 2025, Keegan added that by using Holistiplan, his firm can shift tax return data around and project numbers over several years, all in real-time with clients. “It’s been a big difference of, providing the value of knowing this information, what kind of planning can we do in these next couple of years while we have this favorable tax code?”

Brett Bernstein, CEO and co-founder of XML Financial Group, uses a range of tools at the firm, including Catchlight, eMoney, Salesforce and Hubspot, a CRM.

“HubSpot has a lot of amazing capabilities,” he says. “Not just blast emails for client communication and perspective but how it integrates everything altogether from our social media, our website or mobile app. The same look and feel are consistent across our brands.”

The reality is, Bernstein said, that people don't spend enough money on marketing, whether that's in software or even just hiring the right people. After all, he hired a chief technology officer last year who “has been amazing and critical.”

“People need to be patient, and they need to commit to things,” Bernstein said. “When you start having a coordinated effort from a CTO or director of marketing, that leads to success for the clients, it leads to organic growth and that leads to, additionally, M&A activity.”

Keegan said anything his firm can do with tech, particularly eMoney’s platform, which can answer questions in real time for clients, can make or break the client experience.

“Clients come in and they see all the different technologies that we use and compared to a lot of other brokers that we may be up against, they're usually blown away by how all the data feeds through to each other,” Keegan said. “Not only can we answer their questions in real time but show them why it's a good decision, that's a big thing for us.”