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Technology is becoming increasingly important to advisors. A study conducted by Fidelity found that 77% of high-performing advisors believe technology is a key component of their firm’s success.
For those already using technology and those looking to implement technology, learning how to maximize the benefit of that technology is crucial.
This guide will teach you how to make the most of your firm’s technology.
What is financial technology?
Financial technology (known as “fintech” for short) is software which automates workflows, making your work day more efficient. There are hundreds of financial technology solutions on the market and many of these solutions were made specifically for advisors. Fintech can help streamline many of your day-to-day tasks like:
Benefits of Financial Technology
Financial technology can provide your firm many benefits including:
The rest of this guide is dedicated to showing you ways to maximize the benefits of your fintech!
Pick the Right Technology
The first step to maximizing the potential of your financial technology to pick the right technology. Much thought and consideration should go into choosing a technology solution for your firm. Rather than rushing to implement a new solution, take the time to consider the following:
Examine your industry and consider:
Think about your clients and ask yourself:
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Finally, consider:
When considering which tech solution to buy, you should determine which tasks can be automated. A helpful practice is to:
If you are purposeful about the way you select your technology, it will be more effective.
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Get Everyone On Board
When implementing new technology, always remember to put people first and technology second. If your staff isn’t on board with the tech changes, it’s unlikely they will maximize the benefits of your chosen solution. To make sure everyone is on board, there are two major steps you can take:
Discuss the Big Picture
Make sure that your long-term vision for your firm in clear to all employees. If it is, new technology will be more widely accepted by your team.
Take some time to speak with your whole team and express to them what your vision for the firm is. Explain how technology will play a key role in achieving that vision. If employees understand the role technology plays in the success of your firm, they will embrace it.
Don’t forget to mention the many benefits technology will bring your firm. Get employees on board by discussing all the time-savings new tech will bring to their work days!
Provide Additional Support
Don't forget that some employees are less tech-savvy than others. Providing extra support can help these employees get the most out of a technology solution. This can be as easy as giving them the name and contact information for a dedicated solution specialist. Or, as simple as sending out an FAQ for your new technology to everyone’s email. There are many ways to give employees a little extra help when they need it.
Understand the Technology
There are many things you can do to better understand your new technology, some include:
If your solution doesn’t provide support tools like FAQs, video tutorials, and dedicated customer service representatives, then it may not be a very good tech solution. Any high-quality tech solution should offer equally high-quality technical support. If it doesn't, you may want to reconsider that solution.
Measure and Optimize
Reaping the maximum benefit out of you tech doesn’t end when you master it. Measuring the impact of your tech on your firm’s performance is important too. To measure your technology’s performance, consider the following:
When determining ROI metrics, compare how much time you spent on “x” task before with how much time you spend on “x” task now.
Be critical and determine areas where you tech isn’t meeting your initial expectations. Discuss your findings with your tech provider and ask how they can help improve the efficiency of your technology. Your provider should be willing to work with you to find an appropriate solution.
Key-Takeaways
Financial technology can bring many benefits to your firm. Using the strategies outlined in this guide can maximize those benefits. Some key-takeaways include: