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In a recent WealthManagement.com article titled The Tech You Use Doesn’t Matter, Matt Beecher, Chief Revenue Officer at interVal, presents a compelling argument about technology in wealth management. His central thesis - that technology’s value lies not in its features but in its tangible impact - resonates deeply with me. Matt brilliantly articulates how advisors should focus on outcomes rather than tools, warning against the dangers of building expansive “franken-stacks” that create more complexity than value. Building on his valuable insights, let’s explore a nuanced perspective on how advisors can approach technology with strategic intentionality.
The Real Technology Challenge
Advisors often fall into a piecemeal technology trap:
- Selecting point solutions for individual problems
- Accumulating disconnected tools over time
- Failing to create a cohesive technological ecosystem
Technology as a Competitive Necessity
Contrary to dismissing technology’s importance, recent research reveals its critical role. Consider these compelling insights:
- According to the 2023 Connected Wealth Report survey by Advisor360°, 92% of advisors would switch firms due to poor technology setup and 44% already have
- Cerulli’s 2024 research reveals that nearly 30% of heavy technology users are identified as higher-growth practices, compared to just 9% of light users.
WealthTech Select’s Perspective
While we agree with Matt that technology itself isn’t the differentiator, we propose a more sophisticated approach. The issue isn’t that technology doesn’t matter, but that how technology is selected and integrated is paramount.
Strategic Technology Adoption
Technology should solve holistic business challenges, not just individual pain points. A good illustration of this principle can be seen in how most firms approach prospecting and client meetings. They may look for a scheduling tool that solves for the pain points and time spent scheduling and rescheduling meetings, but what would be of greater value is a scheduling tool that includes an AI notetaker, that can derive summaries, follow up emails, provide prep for the next meeting and integrates with the CRM to add contact records, notes, and tasks. Thereby creating a more complete workflow.
The Advisor’s Technology Dilemma
Most advisors unknowingly create technological complexity by:
- Responding to immediate pain points
- Selecting tools in isolation
- Overlooking long-term operational efficiency
- Underutilized features and integrations
Bridging the Gap
While these challenges are common across the industry, they’re not insurmountable. The key lies in having a trusted partner who understands both the technological landscape and the unique needs of financial advisory firms. This is where WealthTech Select’s systematic approach becomes invaluable.
Our Solution
WealthTech Select offers a systematic approach to technology selection that:
- Analyzes entire operational workflows
- Identifies strategic technology gaps
- Recommends integrated solutions
- Ensures technology serves business objectives, not vice versa
- Has a team of experts that can help you select, implement, and realize the full utility of your technology
Moving Forward Together
While Matt astutely points out that technology alone isn’t the differentiator, the thoughtful selection and integration of technology can indeed transform an advisory practice. The key isn’t in having the latest tools, but in creating a coherent, efficient, and purpose-driven technology ecosystem that enhances rather than complicates your practice. By taking a strategic approach to technology selection and implementation, advisors can focus on what truly matters: serving their clients and growing their businesses.
Related: The AI Revolution: Are Wealth Management Jobs at Risk in 2025?