How Top Firms Use Technology to Leverage Growth

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The leadership in the fastest growing wealth management firms think about and execute differently on their technology strategy than other firms. These growth-oriented firms understand that so much of their future survival is based on the technology they make available to their advisors and clients, and how they can leverage technology to make their business run better and smarter. While more experienced advisors and older clients may be tolerant of technology that is outdated and not well integrated, the next generation is not going to be as patient. Growth-oriented firms are getting themselves future-ready for this next generation. For firms that are behind, it will increasingly be difficult to compete and survive. The decline in the number of FINRA-registered firms over the last 10-15 years includes many that found themselves behind and were forced to sell.

What are growth-oriented firms doing and how are they thinking differently about technology?

In some cases, these firms have made their technology capabilities a core part of their value proposition. They are very deliberate in their approach and can stand behind the claims of having “great technology.” They are differentiating themselves based on their technology capabilities and can articulate those differences to their advantage. In other instances, these firms are just good at executing on delivering for their advisors, clients, and employees. They understand the unmet needs of their constituency and relentlessly focus on delivering. In every instance, growth-oriented firms are taking an incremental approach to their strategy. While sometimes they need to sprint, most of the time they are running a marathon for which there is no destination other than excellence in service to their clients.

Here are seven ways in which growth-oriented firms are thinking differently: