Adding a New Tech Vendor is Worth the Required Endurance

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Wealth management firms aren’t slowing down when it comes to expanding their tech stacks. In 2023, 77% of the wealth management firms F2 Strategy surveyed enhanced their offerings by adding at least one new technology vendor to their platforms. While this growth and innovation is exciting, integrating a new vendor into a firm’s existing structure is a project that must be handled with care from beginning to end.

Unfortunately, in many instances, firms allocate significant resources to prepare for the new technology's launch date but neglect the critical post-launch phase. This approach can cause issues, exacerbating the difficulties of adapting to changes in infrastructure that inevitably come with the adoption of any new application. Regardless of the technology's operating system or the organization's size, if the incorporation of any new capability is to have long-term success, then every update to the platform must be accompanied by a comprehensive plan that ensures ongoing support, correct usage and continuous post-implementation monitoring.

The actual launch day of the technology on the platform marks the beginning, not the culmination, of the project. One might visualize this as starting a marathon a mile and a half behind the official start line, a stretch that represents the project-planning stage. The moment the technology goes live in the firm’s operating platform is the starting line. With the entire marathon still ahead, it is important to have a strategic plan in place to navigate toward the true finish line and the goal – successful adoption.