Why understanding your tech is essential for a successful financial advisory business

The evolution of technology has had a profound impact on the way financial advisors do business. Many things have changed, from an ever increasing range of investment tools and products to clients with more sophisticated needs, but technology is the factor that has had the biggest effect.

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Keeping up

Today financial advisors have technological aids to assist with portfolio tracking for clients using software especially developed for financial planners. Advisors may gather data using CRM (or Customer Relationship Management) systems to help the flow of information. Clients now expect their advisors to be knowledgable about these advances and integrate them into their work. Clients are also likely to expect familiarity with apps to increase efficiency, such as calendar or schedule monitoring, and storing information securely on hacker proofed clouds.

Judgment and Knowledge

So an advisor needs to know about tech tools, and needs to know which are the right tools, the ones that assist judgment and save time, such as back office systems for IFAs that reduce wasted admin time and allow advisors to spend more of their day being productive with work that will generate revenue. An advisor who is not using their time wisely, could be replaced by a robot, a trend covered in this report from The Guardian.

Using technology can require significant time invested in learning how to use it, not to mention time spent evaluating products in the first place. Today’s IFA needs to know enough about the tech available to make informed decisions on which tools are worth using, and which ones will deliver the gains in efficiency, data management and client support that make deploying them worthwhile.

If you’re wanting to find out more about back office systems for IFAs it would be sensible to consult some experts in the field, such as They could answer any questions you might have and offer expertise in choosing wisely.

The world is changing rapidly, and technology is changing fast along with it. There are no crystal balls to tell which will be the absolute winners in a digitally driven world, but one thing is for sure – technology will not be disappearing anytime soon. The wise IFA will make it a priority to discover more about which systems will make their business more profitable.

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