Do’s & Don’ts of Tech Implementation

Nearly every aspect of your clients’ lives is touched by technology—how they order food, pay their bills, work, enjoy entertainment, travel, etc. 

It’s no surprise that when it comes to working with an advisor, they expect a digitally driven experience as well. Implementing the right technology not only helps you be a more valuable partner to your clients, but it also offers your firm a number of important operational benefits. When used strategically, technology saves your firm valuable time and money while streamlining processes, automating repeatable tasks, and reducing manual errors. 

But choosing the right platform to add to your tech stack is only half the battle. Once you’ve identified a need and found the right solution, it’s time to turn your attention to implementing it effectively. In fact, you should put the same level of care and focus into implementing new technology as you do researching and selecting it.

Here are some key do’s and don’ts to be aware of when implementing tech into your financial advisory firm.

Do: Dedicate Time to Training

The learning curve is going to look a little different for everyone on your team. Some advisors are more tech-savvy than others. They’ll pick up on all the features of your new platform quickly, while the rest may require some extra training and attention.

It’s difficult to take time away from your day-to-day operations and client work. But training your team to properly use a new piece of software is critical to the long-term success of your tech stack, and ultimately, your firm. Taking the time now to train can save your employees and advisors countless hours of frustration and confusion later down the road.

Depending on the platform, your tech provider may be able to offer training resources and guidance for your employees. AssetBook’s Pulse platform, for example, offers onboarding support at no additional cost to clients. 

And if you do find that some advisors are quicker to adopt new tech than others, encourage them to share their tips and tricks with the team. Having enthusiastic advocates right in your office can help the entire implementation process run more smoothly.

Don’t: Try to Rush the Transition Period

The transition period shouldn’t be rushed, but it also shouldn’t go on indefinitely. Create a schedule that allows your employees to ease into the new platform, but also provides a hard deadline for full implementation. Otherwise, they may drag their feet in learning how to use it or, even worse, choose not to use it all.

During this transition period, you may want to focus on working with smaller groups of employees first, especially if your firm is large. Getting your leadership team on board first, for example, is a great way to encourage employee buy-in.  

If you’re transitioning from an old system to a new one, consider using both at the same time while you work on switching your team over. This may be a short-term headache, but it also helps to ensure nothing falls through the cracks. You wouldn’t want to quit one system cold turkey, just to find out your new one doesn’t do everything you need it to. 

And don’t forget, the transition period isn’t just about employees and advisors—it’s about your data as well. You’ll likely need to move over sensitive client or firm data to this new platform. But before doing so, take the opportunity to audit your information and check that everything is up-to-date and accurate.

Do: Emphasize Important Features

Let your employees know that the features and functions of your new platform will likely differ from what they’re used to using. Validate those concerns, and help your advisors understand why it’s worth the effort to learn these new features (better automation, time savings, cost savings, smoother integrations, etc.).

Don’t: Ignore Potential Integrations With Your Existing Systems

Incorporating a new platform into your tech stack often means new integration capabilities. Work with your tech provider to understand what platforms it can integrate with that already exist in your tech stack.

Integration is incredibly important when selecting new software. It saves your employees time and headache, as it eliminates the need to manually gather and re-enter data into separate platforms. Pulse by AssetBook, for example, integrates with a number of popular advisor technology solutions, from CRMs and trading platforms to large custodians and financial planning software.

Implementing new technology into your firm may feel time-consuming and tedious at first, but it is well worth the upfront investment to be able to streamline operations and deliver a superior client experience down the road.

If you’d like to learn more about Pulse, AssetBook’s intuitive portfolio management system, request a demo today.