Taken from this LinkedIn post by Dean Casey:
😢 Struggling with outdated, cumbersome, slow software systems that’s holding your wealth management business back?
😢 Or even worse holding back on making a choice because you have been burnt by expensive, unfit for purpose offerings in the past?
You’re not alone.
The solution isn’t what you think…
❌ Please don’t fall for the “all-in-one” trap.
Here are two mandatory considerations to choosing the perfect software systems:
1️⃣ Make sure it has integration capabilities
Modern systems should play well with others. Gone are the days of silo-ed one size fits all systems.
Why is this so crucial?
✅ Flexibility: Integration ready systems allow you to build a tailored, perfect for your needs, best of breed system. By choosing suppliers that are experts in their respective field, be it CRM, financial planning or portfolio dashboards you are getting the best for your business.
✅ Future-proofing: As your business grows, you can add or change components without overhauling your entire system.
✅ Cost-effectiveness: You only pay for the specialist features you need, rather than a bloated all-in-one solution.
But I don’t want the hassle of dealing with multiple vendors!
I hear you!
That has all changed. Modern systems are designed with integration in mind. They give you the choice and make the journey seamless.
For example, have a look at WealthBox integration page. They are one of the leading CRM providers for financial services companies and they have many integration “partners”.
All their integration partners are experts in their respective field, be it onboarding tools, portfolio modelling, financial planning, document storage or portfolio dashboards.
The list is endless.
With the click of button, you can integrate two systems together. And to your user it works and seems like one system
Useful Tip: If you hear the acronym API, it means “Application Programming Interface”. It is fancy techno-geek jargon for saying that a software system can “talk” to other supplier software in techno language. No manual data transfer or human intervention
2️⃣ Prioritize ease of use and speed
Look for intuitive, fast systems that make data access a breeze. Your team’s efficiency depends on it.
Let’s break this down:
✅ Intuitive interface: Your new system must be obvious and simple to use, even for new team members. No training time and out of date documentation (if it exists). Think clean layouts, logical menu structures, and clear and obvious labeling.
✅ Speed: In wealth management, time is money and your reputation. Your software system should load data quickly and process requests without lag.
✅ Easy data access: Look for systems with powerful search functions and customizable dashboards.
Software that is easy to use and fast is mandatory! I cannot stress this enough
Why am I so passionate about this? Lets use a simple scenario to explain my reasoning.
(Please bear with me there is no easy way to shorten this explanation)
👉 A client phones with a question about one of their investments.
👉 You fire up your old system which takes 10 seconds (maybe more) to start-up and present a home screen. You click the search box. You juggle the phone and keyboard and enter the first part of the clients name into the search. The system takes 10 seconds to execute the search and provide a list of clients. You select right one and then have to do two more clicks to get to the investment account and instrument detail.
👉 How long did that take? 30 seconds, 45, a minute, maybe more.
👉 All the time the client is waiting patiently on the phone.
Do you know how much that is costing your business?
If doing these types of interactions is something you or your team does on average of 100 times a day, then its costs your business 220 man hours, or nearly 6 weeks, of human effort per year!
*Please send me a DM if you would like to see this calculation.
Now, imagine this.
Your modern software system was optimised for your needs and fast. It took 15 seconds to do the same thing.
You would save nearly 3 weeks of human effort per year!
Remember
You need a modern suite of best of breed software systems, from specialist suppliers.
Why? They
😀 save you time,
😀 save you money
😀 enhance your service to clients (and your reputation)
😀 streamline your business and position you as a market leader.
By focusing on these two factors, you can build a best-of-breed solution tailored to your needs.
Don’t let outdated technology hold you back. Embrace the power of best-of-breed solutions and integration to take your wealth management business to the next level!
Over the last 25 years, we’ve helped 50+ wealth managers grow through automation and superior client experiences. Trust me, this approach works.
Stay tuned and have a great weekend!
Want help with selecting the right technology for your wealth management firm? Contact me to chat about your specific needs.