Top RIAs view talent and technology as biggest challenges

Top RIAs view talent and technology as biggest challenges
They want more bang for big tech bucks, poll of advisers by Pershing finds.
MAY 01, 2019

While 41% of top RIA firm executives consider hiring and developing talent to be their biggest challenge, wringing more value from their large technology budget is viewed as the biggest business challenge by 37% of the executives, according to a poll taken by BNY Mellon's Pershing at its recent 2019 Elite Advisor Summit. An overwhelming majority (80%) of the 27 advisory firms that participated in the poll are planning to increase investments in technology in 2019, according to the poll. Almost half (45%) cited creating a better client experience — online or otherwise — as the top goal for technology investments, followed by creating more capacity for advisers (29%). (More: RIAs needn't fear the large custodians) The biggest technology challenge, according to 44% of respondents, is the adoption of technology by advisers, followed by identifying the right technology stack (28%). In building an optimal client experience, 62% of respondents said they were funneling their technology investments toward integrations (customer relationship management, custodian, account opening, etc.), while 27% said they were focusing on building client portals or websites.

Latest News

Americans back sharing AI wealth as debate over industry’s economic benefits grows
Americans back sharing AI wealth as debate over industry’s economic benefits grows

Public support grows for policies that spread AI’s financial gains beyond tech companies.

JPMorgan's record Q2 profit rides trading and dealmaking surge
JPMorgan's record Q2 profit rides trading and dealmaking surge

Investment banking fees rose 30% on a wave of IPOs and megadeals, led by the largest public listing on record.

Feathery raises $30 million to power AI-driven RIA operations
Feathery raises $30 million to power AI-driven RIA operations

Series A funding from Portage, Bain Capital, and other investors will fuel data tools designed to speed advisor transitions and cut onboarding delays across wealth firms.

Wealth Enhancement deepens East Coast presence with Wealthshield deal
Wealth Enhancement deepens East Coast presence with Wealthshield deal

The Minneapolis-based RIA aggregator is adding two North Carolina practices managing nearly $1 billion, pushing its total client assets past $158.2 billion.

The real reason I expanded my RIA to Hong Kong (it wasn't for the AUM)
The real reason I expanded my RIA to Hong Kong (it wasn't for the AUM)

As markets disintegrate, the value of on-the-ground, first-hand research through "intimate knowledge acquisition" is skyrocketing.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income