1. Increasing Technology Capability
Don’t worry about processing power and bandwidth; worry about how you will take advantage of it.
Tech tools will change the way you manage your business and interact with clients; client expectations of you will evolve. Segal informally polled the audience of about 300 financial planners, asking “How many folks do not have a smartphone?” Five people raised their hands.
3. Integrated Workstation
You can’t look at technology in a vacuum; you have to consider how all software comes together to help you serve your clients.
Custodians and software vendors are investing millions on behalf of financial planners to look at integration. You don’t want to be in the technology integration business, but you should be building relationships with your custodian to find out what they are doing for you.
Software with built-in workflow is allowing advisers to systematize work.
6. Cloud-based Computing
The next time you are about to buy a server do a cost-benefit analysis and ask yourself: Do you want to be in the server maintenance business?
There has been an evolution from TAMPS to portfolio management solutions. If it is not a core competency, if it does not add value, you need to look at outsourcing … that’s how you build scale in your business.
8. Social Media
Social media is here to stay and will only become more prevalent; it’s a basic expectation of the next generation.
9. Crowd Sourcing
Take advantage of crowd sourcing—where tasks traditionally performed by specific individuals are sourced to a group or community through an open call.
10. Big Data
With all this data out there—from your CRM to social media—how do you translate it into something you can actually use? Look for your B-D to begin using data to help you better understand your business.
Practice Management Solutions
Financial Planning Association