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Improving productivity through swapping out your old technology for a more enhanced solution is critical to any business. Working as a financial advisor is extremely competitive, making a technology-driven business model a necessity for survival. All advisors must look for WealthTech solutions that enhance their productivity, thus saving time and money. In an industry experiencing compression, the only way to make more is by acquiring more clients and spending less human capital on portfolio management and reporting, trading, rebalancing, etc.

During your WealthTech “window-shopping” before making a purchasing decision, here are critical items for you to consider:

#1- Is the technology compatible with my current tech stack? Open API integrations are crucial to making new WealthTech work with your current system as each works together as one streamlined platform. If the technology does not work with what you already have, there is no reason to buy it.

At AssetBook, we encourage adopting new technology piece by piece to improve onboarding and adoption of any new tech stack component.

#2- Is the New Technology User-Friendly? If you are convinced after watching a demo, next get your hands on it and try it out. Part of your assessment should include set up and on-boarding help with a designated support person. If the new technology looks like it will take days to learn, likely it is not worth purchasing. Always check the technology provider’s terms of the contract regarding trial periods before committing if you need to abandon it.

#3- Is the Company Credible? Part of selecting WealthTech is checking the credibility of the provider. Was it developed by industry pioneers that understand your needs? Has the provider newly formed or been around for years? Is the management team made of experienced individuals? Include interviewing current users of the technology before making a purchasing decision. If the provider is unwilling to connect you with existing customers as a reference, likely credibility is lacking.

#4- Will Customer Service and Support Address My Needs? After the sale, customer service and support should be timely and efficient and ultimately resolve your issue. During your current user interview, ask about their previous service and support. Asking questions will provide you the insight into if you should purchase or not. Remember, the technology is worthless if support requests do not resolve, and it does not work as promised.

#5- Does the Provider Enhance the Product and Add Integration Partners? When considering any tech stack addition, check if the new technology is an integration partner to what you already have. If you see ‘cross-partnerships,’ likely you have a winner. Integration partners keep tabs on each other to continuously improve and drop the ‘losers’ versus keeping them a partner if it doesn’t equally enhance their product.

The industry moves fast, and WealthTech must move more quickly to remain relevant to advisors. If these five boxes all check off during your window shopping, likely you should add it to your tech stack.

At AssetBook, we invite you to experience how our portfolio management and reporting software open API works with your current technology. Schedule a demo with us to find out how we are different and help you get a Pulse on your business.