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Technology – both for your clients and YOU!

“Technology – both for your clients and YOU!” is locked Technology – both for your clients and YOU!

“I don’t do technology!” yelled the RIA principal sitting across the table from me. I thought to myself that I was sitting across from the prototypical advisor – focused on clients and investing exclusively. Times have certainly changed in the past two decades and the pace of change is only accelerating. We’ve seen technology completely change retail, communications, the mail system and even the taxi industry.   Now it’s our turn…   The news isn’t all bad though. Our industry is different in that the consumer, in many cases, still highly values a personal relationship and tailored solutions that can only come from a human being! On the other hand, technology is looking to compete for our clients’ attention in the areas of investment management, financial planning, reporting and information reporting. So, what should the smart advisor do? Simple: look at your practice and separate the things that only a human can do from the things that can be done by technology. Then separate the things that only a human can do into the things that you like to do and are good at doing from everything else. You’ll end up with three buckets of business processes:

  1. My stuff
  2. stuff that I delegate to someone else
  3. stuff that could I handle with technology

If you can successfully compete these two easy steps, you have taken your first and most important toward “doing technology”. Oftentimes we encounter advisors who are confused by technology because they don’t view technology as a tool that should fit into how you do business. Come back for part 2 where we’ll look at different parts of the business (back, middle and front office) and how to assess which responsibilities you should consider getting off your plate – mainly because clients don’t view them as important or they really don’t add to the client relationship! Good luck out there- Felipe

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