Tech and AI is continually changing the way we work. But what should leadership do increase staff adoption? Joel Bruckenstein, producer of the T3 Technology Tools for Today (T3) Conference, said firms need to stress that change is happening regardless of staff resistance or skepticism. "In an ideal world, you'd like buy-in from all users, and giving them a voice can be helpful; however, many folks, especially older employees, are often resistant to change," he said by email. "Anything that looks new and unfamiliar will be viewed with skepticism. So, if you make it clear that change needs to happen, and if you solicit feedback from the likely power users on your team, you are most likely to get better results." Read additional insights in the article linked below written by Rachel Witkowski for Financial Planning:
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📊 According to a survey conducted by Orion in January 2024, advisors are only utilizing 62% of their available technology, with approximately half of it integrated. This indicates that “while the tech is available to advisors, they're not maximizing their use of it," writes Rachel Witkowski. In this piece, she highlights how lack of early testing may be contributing to this disconnect. To better understand this gap, Rachel speaks with industry leaders who advocate for the importance of advisor involvement to ensure successful adoption. Andree Mohr, president of Integrated Partners, encourages firms to include advisors and practice managers in beta testing, alongside IT and compliance. She continues to say that, “Without having the advisor's voice in the process, it creates all of these barriers to entry for advisors and their teams to leverage that technology." Scott Lamont, managing director at F2 Strategy, stresses the importance of understanding firms’ goals and decision making processes, promoting the idea of internal champions who use the tool most and can act as "key, strong voices for the tech." Ed Friedman, director of business development and growth at Summit Financial, also weighs in, offering an anecdote that further emphasizes the importance of receiving and acting on advisor feedback to evaluate a given technology offering. 📰 Keep reading their insights on Financial Planning: #AI #technology #advisors #techimplementation #wealthmanagement #wealthtech https://lnkd.in/eAxApzZK
How to get advisors to use new tech: Test it on them first
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Thank you for sharing our innovative idea - Professional Planner ! The blend of artificial intelligence with financial advice will be a powerful tool for financial planners. The ability to generate a Statement of Advice in mere minutes could revolutionize the business models of the industry. I am excited to see where this venture leads. 62 Consulting Pty Ltd Astrid Raetze Charlene Lee Timothy M. Johnson Alex Vynokur Chris Titley Aleks Vickovich Steven Goh Guy Sanderson #fintech #wealthmanagment #financialadvice #finacialplanning #financialplanners
Seeing issues with the complicated advice delivery process, financial services entrepreneur George Lucas believes his new venture can combine advice with artificial intelligence to aid professionals with a service that creates a Statement of Advice “within minutes”. Steven Goh #australia #financialindustry #financialservices #financialadvice #service #technology #tech #artificialintelligence #artificialintelligencetechnology #artificialintelligenceforbusiness
‘Not manufacturing $250 cookie cutter SOAs’: Raiz, Instreet founder takes on advice process - Professional Planner
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Seeing issues with the complicated advice delivery process, financial services entrepreneur George Lucas believes his new venture can combine advice with artificial intelligence to aid professionals with a service that creates a Statement of Advice “within minutes”. Steven Goh #australia #financialindustry #financialservices #financialadvice #service #technology #tech #artificialintelligence #artificialintelligencetechnology #artificialintelligenceforbusiness
‘Not manufacturing $250 cookie cutter SOAs’: Raiz, Instreet founder takes on advice process - Professional Planner
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Read the interview with George Lucas and Steven Goh in the Professional Planner Professional Planner is the go-to publication for financial planners dedicated to elevating industry standards, offering comprehensive coverage and access to top experts to thrive in today's dynamic financial planning landscape. George Lucas, founder of Raiz, and Steven Goh, developer of Sanford Securities, have collaborated to create Your Beautiful Life, an AI-powered tool that automates the creation of a Statement of Advice (SOA) based on client conversations. Our agency aims to augment the relationship between advisors and clients, making personal advice economically viable. The technology quickly develops a draft SOA that is 95% accurate, with advisors performing final checks. Our innovative solution aims to expand the market by providing more accessible and cost-effective financial services. Three reasons for you to read the article: 1. Discover how AI technology is revolutionizing the financial advice landscape, enhancing the advisor-client relationship. 2. Gain insights into an AI-powered tool that automates the creation of accurate Statement of Advice documents, increasing efficiency and reducing costs. 3. Learn how this innovative solution aims to overcome barriers in the market, making financial advice more accessible and improving the customer experience. #FinancialPlanning #AIInFinance #WealthManagement #FinTech #TechInnovation #YBL #FinancialAdvisors #InvestmentStrategy
Seeing issues with the complicated advice delivery process, financial services entrepreneur George Lucas believes his new venture can combine advice with artificial intelligence to aid professionals with a service that creates a Statement of Advice “within minutes”. Steven Goh #australia #financialindustry #financialservices #financialadvice #service #technology #tech #artificialintelligence #artificialintelligencetechnology #artificialintelligenceforbusiness
‘Not manufacturing $250 cookie cutter SOAs’: Raiz, Instreet founder takes on advice process - Professional Planner
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🗣️ "There's so much new fintech out there, and there's so many things that firms can build…Without having the advisor's voice in the process, it creates all of these barriers to entry for advisors and their teams to leverage that technology.” According to our President, Andree Mohr, conducting advisor beta-testing before introducing new firm-wide technology is invaluable when it comes to investing in the right tools for your company. 🚀 Learn more on best practices for tech implementation via Rachel Witkowski for Financial Planning here: https://lnkd.in/eAxApzZK ____________________________________________________________________________________ #IntegratedPartners #Integrated #financialplanning #RIA #finance #news #advisors #fintech #wealthmanagement #financialservices #wealth #financialadvisors #wealthadvisor #investment #firm #technology #portfoliomanagement #retirementplanning #investmentmanagement #growth #team #WeBelieveInAdvisors
How to get advisors to use new tech: Test it on them first
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Having been in the financial advisory profession for nearly 20 years, I am continually amazed and shocked by the lack of technological advancements in our space. Despite the rapid evolution of fintech, many advisors still rely on spreadsheets and cobble together data from multiple sources and systems that claim to "integrate" but don't truly work together. A recent article from InvestmentNews highlights that nine-tenths of advisors feel underserved by current tech solutions. This sentiment is not surprising. The promise of seamless integration often falls short, leaving us frustrated and spending valuable time on manual tasks rather than focusing on client needs. How do you feel about the current state of technology in our profession? Do you plan on making an investment in tech in the next 6-12 months? Read the full article here: https://lnkd.in/gwxB7JaS #Fintech #FinancialAdvisors #TechnologyIntegration #AdvisoryServices #FinancialPlanning #TechFrustrations
Nine-tenths of advisors feel underserved on tech
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Building your Tech Stack: How the RIA Model Gives you Freedom to Do it your Way: The past year has taught us to reimagine how we connect, learn, and work. As an independent RIA, having the right digital tools and platforms can offer a simpler, faster, and more secure way to support your clients and manage your business. This case study explores how Clear Sky Wealth’s Stephanie Barnier has boosted her firm’s efficiency by going independent and customizing her tech stack using Schwab’s flexible, best-in-class technology platform. Now, she’s running a modern, digitally enabled practice that is known for being client-forward, fast-acting, and flexible. Her story covers key findings about tech you can use in your journey, including: * How tech can give you an edge right from the start * What committing to a digital-first approach truly entails * Being ready to support clients in any environment * Surprising opportunities tech offers * Her simple three-step plan for taking your tech further Read more about Stephanie’s story and hear her advice about choosing the tech that’ll make your firm ready to support clients in any environment Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support services of Charles Schwab & Co., Inc. (Schwab), member SIPC. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. This is a sponsored feature developed by Schwab and supported by ThinkAdvisor. ThinkAdvisor is not affiliated with The Charles Schwab Corporation. Any mention of third-party firms or individuals is not and should not be construed as a recommendation, endorsement, or sponsorship by Schwab. ThinkAdvisor will share your information with Sponsor, Charles Schwab & Co., Inc. Schwab may use it to contact you and to send you additional insights from Schwab Advisor Services™. Read about privacy at Schwab at www.schwab.com/privacy. ©2021 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. Request Free!
Building your Tech Stack: How the RIA Model Gives you Freedom to Do it your Way
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How can advice practices boost efficiency without tech?: While technology plays a vital role in efficient financial advice firms, it remains just one piece of the wider puzzle in driving overall productivity, writes Business Health. https://bit.ly/3LrKxG8
How can advice practices boost efficiency without tech?
moneymanagement.com.au
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How can advice practices boost efficiency without tech?: While technology plays a vital role in efficient financial advice firms, it remains just one piece of the wider puzzle in driving overall productivity, writes Business Health. https://bit.ly/3LrKxG8
How can advice practices boost efficiency without tech?
moneymanagement.com.au
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🚀 Embrace Growth, Not Constraints! StratiFi's CEO, Akhil Lodha, brings a fresh perspective on tech platforms in wealth management. In his latest piece for Wealth Solutions Report, Akhil discusses the pivotal shift from product-centric to advice-based business models in the financial industry. 🔍 He questions the traditional pricing models of advisor-facing tech platforms, advocating for a more growth-oriented approach. Why should firms be penalized for their success with per-user charges? Instead, he suggests a revolutionary model based on the number of households served, aligning the interests of advisors, firms, and tech providers. 🌟 This approach not only fosters a true partnership between firms and tech providers but also paves the way for more equitable and sustainable growth. It's time to rethink how tech platforms can fuel, not hinder, your firm's aspirations. Dive into the insightful article here 🔗 https://lnkd.in/gAtwq_qp 💡 What are your thoughts on this innovative approach to tech platform pricing in wealth management? Let's discuss how aligning interests can drive mutual success! #WealthManagement #StratiFi #WealthSolutionsReport
Your Tech Platform Should Fuel Your Growth, Not Hinder It
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