Why you need a project plan when bringing on new technology

Whether big or small, tech adoption or upgrades should be approached with a project management strategy.
SEP 08, 2015
With so many new or updated technology products available, it's not surprising that advisers are bringing on new tools all the time. It isn't easy though. Advisers need to consider a number of factors before acting: Who will be involved in the adoption process, who will champion the new software when it is rolled out, how long is it expected to take and in what ways will the product integrate with the current system. That's where having a technology plan comes in handy. "A plan or strategy puts things in perspective," said Troy Mertens, director of operations at Orgel Wealth Management, during the annual Junxure CRM conference in Las Vegas last week. A plan makes executives and employees responsible and accountable while providing a roadmap for the next few months or even years that it takes to implement a new product. MORE THAN A TASK Every tech adoption, whether for a big product or a small upgrade, should be treated as more than a task. It should be considered a full project and supported by project management principles, said Greg Friedman, president of the CRM provider Junxure and chief executive of advisory firm Private Ocean. "It is critical if you want a good outcome," he said. "It doesn't complicate the process or make it longer; it reduces the likelihood of missteps." Mr. Mertens said a project management plan also shows milestones and tracks progress. "It's a living, breathing document," he said. PEOPLE KEY PART OF PLAN Perhaps the most important part of the plan is the people. And not just executives of a firm, but those who don't consider themselves tech experts. "They bring an element you might miss if all you have is the rah-rah people," Erin Kincheloe, owner and consultant at All About It Consulting, said during a panel on tech adoption at the Junxure conference. That also sends the message to employees that everyone's perspective is valued. Advisers already are starting to look at how they can implement their technology in the coming year. In the InvestmentNews 2015 Technology Study, 55% of the 300 advisers surveyed said they plan to increase their technology budget within the next year. While hiring a consultant or project manager certainly helps get a firm on track, it is ultimately the firm that does the tough work, and everyone on the team needs to understand how much effort must be put in. "Don't try to bite off more than you can chew," Mr. Mertens said. "Don't get too worked up if it isn't getting there as fast as you want it."

Latest News

Why inheritance should be treated as an allocation decision
Why inheritance should be treated as an allocation decision

The capital most families plan to pass on will likely arrive too late to change anything.

Mercer Advisors, Osaic deepen AI bets with Arch and Nitrogen deals
Mercer Advisors, Osaic deepen AI bets with Arch and Nitrogen deals

Arch claims 40% operating cost savings for Mercer as Nitrogen unlocks its agentic AI and tech suite to 10,000 Osaic advisors

LPL advisor, South Carolina state senator, elected to U.S. Congress
LPL advisor, South Carolina state senator, elected to U.S. Congress

A happy coincidence: one of LPL Financial’s corporate campuses happens to be based in Rep.-elect Wes Climer’s new district.

Advisor moves: JPMorgan lands $940M Merrill veteran in Los Angeles
Advisor moves: JPMorgan lands $940M Merrill veteran in Los Angeles

Wells Fargo and UBS also add advisors from Morgan Stanley, Edward Jones, Merrill and Fidelity in a fresh round of wirehouse recruiting

Wall Street products, Main Street regulators
Wall Street products, Main Street regulators

How we got here – and what to do about it

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor