Technology may be in Wall Street’s spotlight this week, but for some wealth management executives it never leaves their focus.
Investors will be paying attention to a slew of high-profile earnings this week from Apple (Ticker: AAPL), Tesla (Ticker: TSLA), Meta (Ticker: META), and Microsoft (Ticker: MSFT). A heightened focus will be placed on profit guidance and CapEx during these reports now that Chinese startup DeepSeek has raised questions about the future of AI spending.
Once the tech earnings train ends, however, Wall Street's sharks will turn their attention to the next shiny object. RIAs seeking to keep pace in the technology arms race, however, will continue their efforts.
For example, when it comes to operational efficiency, Aaron Marks, founding partner and chief strategy officer at Amplius Wealth Advisors, said the most impactful piece of technology currently in his tech stack is a notetaker app that integrates with Zoom and his CRM.
“It allows us to focus on our conversation with clients and not stare at a notepad while scribbling as fast as we can. The time-saving component is also a game changer, since we receive a full write up from our conversations and future tasks that are assigned to appropriate people at our firm,” Marks said.
As to how he decides whether to adopt a new technology or stick with an existing tool, Marks admitted it is hard to not have “shiny object syndrome.”
“Identifying how a new technology will amplify our focus on clients is the deciding factor,” Marks said. “If clients have better outcomes, while not pulling down the efficiency of our firm, that is the ultimate combination.”
Dave Lackore, chief operating officer at Cyndeo Wealth Partners, meanwhile, pointed to his CRM system as having the most impact firmwide, saying it allows him “the ability to create processes that fit the specific client service model for our firm along with a centralized location for all information on the client relationship.”
And as to any barriers he has encountered when adopting new technologies, Lackore said they may have come in “too early on a few things and that has created unwanted headaches.”
“The biggest barrier to any new tech is getting adoption throughout the firm,” Lackore said.
In terms of technologies that he is most excited about in the financial advisory industry, Lackore said AI is going to be very useful in a multitude of ways once the privacy concerns are overcome.
“It has the potential to save a lot of time with the ability to summarize calls and meetings along with creating follow up tasks based on the conversation,” he said.
Elsewhere, Derek Wittjohann, chief operating officer at Premier Path Wealth Partners, highlighted three pieces of technology he’s heavily leaned into: Pontera, a 401k solution; Vanilla, an estate flow and planning tool; and Black Diamond, a platform offering a one-stop net worth statement.
“If a technology can prove that it adds value to our clients and our ability to serve them, we’re very open to making a change, even if that means parting with a legacy tech solution or making a significant investment,” Wittjohann said. “The benefit of being an independent wealth management firm is we can plug-and-play the industry’s best technology without worrying about disrupting an outdated legacy tech stack.”
Right now Wittjohann is using AI for emails and marketing pitches, but he believes there is a universe of “unexplored applications” that will unlock tremendous productivity which will put time back in his day to better serve clients.
“We don’t believe that AI threatens our role as a trusted advisor to our clients, but rather will sit next to us and enhance our ability to serve them at a much higher level,” Wittjohann said.
Finally, Leslie Norman, chief technology officer at Dynasty Financial Partners, called CRM the “operating life blood” of the financial advisory business. And when it comes to deciding when to adopt new technology versus sticking with existing tools, Norman believes the key to success is asking questions.
“Does the new technology solve a pressing business problem, significantly improve user experience, efficiency, ability to sale and integrate,” Norman said. “You have to perform a cost versus benefit analysis.”
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