In wealth management (as in all industries), C-suite leaders look to their firm’s metrics, including growth rates, to determine if strategic goals are being achieved.
Often, technology is a main enabler of the efficiencies and productivity gains that drive growth. If you ascribe to the idea that “your current tech is your worst tech,” you know that firms striving to stay ahead of the tech curve can find the process frustrating, expensive and a detriment to long-term planning.
For RIAs and broker-dealers, the introduction of new or upgraded solutions also triggers training issues for advisors, staff and clients, and perhaps integration challenges. Is there a tipping point where constantly changing technology is no longer an engine of growth and instead becomes an impediment?
How can firms optimize innovative digital solutions across corporate functions, disparate platforms and operational workflows while mitigating disruption and delivering maximum results? We spoke to four industry executives for their perspectives on this timely topic:
- Ryan George, Chief of Staff at Docupace, a digital back-office workflow and automations provider for the wealth management industry
- Andy Kalbaugh, President of The Wealth Consulting Group, an independent hybrid RIA and wealth management firm
- Chris Mills, Head of Wealth Solutions at Feathery, an AI-based data intake and workflow platform for wealth management firms
- Colleen Bell, President, Innovation and Experience at Cambridge Investment Research, a firm focused on serving independent financial professionals and their clients
WSR: What is the most cost-effective way – both in terms of investment dollars and human capital – firms can address tech fragmentation and integration challenges?
George: The most cost-effective thing a firm can do? Stop. Just stop buying software. You don’t have a technology gap. You have a discipline problem. Every fragmented stack I’ve ever seen was built one justifiable purchase at a time by people who never talked to each other. The integration tax gets paid by your ops team, in overtime, in errors and in turnover. You want ROI on your tech spend? Finish what you started. The best platform you can buy is the one you already own, fully deployed.
WSR: How can advisors ensure optimizing technology does not come at the expense of the authentic, personalized client experience investors demand?
Kalbaugh: Technology should remove friction around the client relationship, not sit between the advisor and client. Advisors make a critical mistake when they treat technology as a substitute for the relationship rather than an enabler of it. The goal is not automation for its own sake, because the real value of wealthtech lies in what it takes off the advisor’s plate, and the elevation of the client experience.
Ideally, advisors should be supported by a centralized infrastructure that handles operational, trading and planning workflows. No more manual tasks like re-keying data or rebuilding plans from ground zero. Technology only works when it reduces cognitive load, so advisors can focus on client-facing work.
WSR: Which tech capabilities have the most impact on an enterprise’s ability to facilitate workflow automation and operational efficiencies across diverse business models?
Mills: The biggest barrier to workflow automation in wealth management isn’t a lack of technology, it’s fragmentation.
Firms operate across multiple systems, business lines and regulatory constraints. Most workflows break down where those systems don’t connect. The most impactful capability is the ability to unify data across systems while still allowing firms to configure workflows to match how their business actually operates.
An API-first foundation enables real-time data flow across CRMs, custodians and back-office platforms, while capabilities like dynamic data capture, validation and document intelligence reduce manual work and errors. Combined with strong permissioning and audit controls, firms can scale operations without adding complexity or compliance risk.
The result is not just greater efficiency, but the ability to move faster across onboarding, transitions, and other critical workflows.
WSR: When it comes to elevating the client experience and delivering the comprehensive support that drives organic growth, what are the current top-of-mind issues facing advisors that can be mitigated by technology?
Bell: Advisors are feeling pressure from both sides right now. Clients expect a more seamless, digital experience – things like easier onboarding, better visibility into their accounts and more personalized experiences. At the same time, advisors are dealing with increasing complexity behind the scenes, whether that’s compliance, disconnected systems or just the day-to-day operational lift of running their business.
Where we see technology making the biggest difference is in removing friction and improving visibility. When data lives in multiple places or processes are manual, it pulls advisors away from what matters most – their clients. Bringing systems together and automating routine tasks helps streamline workflows and bring forward more useful insights.
That allows advisors to stay focused on key moments in their clients’ lives and identify opportunities to serve them more comprehensively. Ultimately, technology should support how advisors want to serve their clients, not the other way around. The goal isn’t to replace the relationship. It’s to strengthen it through more consistent, personalized experiences.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
