Five Things to Know Before Exploring a Fintech Integration

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For registered investment advisor (RIA) or broker-dealer (BD) firms that are not tech-savvy or are working on building their tech stack, proper due diligence must be conducted before any integration. Valuable time and capital cannot be wasted.

Before you evaluate your next fintech purchase, here’s what advisors need to know.

1. Your book of business determines the number you need

An advisor with a small book of business and simplified technology stack does not need the same level or number of integrations as a larger practice. You might have completely disparate client relationship management (CRM), account management, trading, reporting and record-keeping systems. After assessing your business needs, you could find that you need a couple of integrations, or you might find that with a more complex book of business with multiple systems you need many more. For the greatest value-add, every integration should be approached with consideration of what is best from a system's point of view via an evaluation of the entire business.