Clients are changing — is your firm prepared?
As markets and clients change, wealth management firms must also evolve to match changing priorities, trends, and market conditions. One of the biggest opportunities for change and growth comes from adopting new technology.
With technology advancing rapidly, financial firms need to learn to leverage new tools to provide relevant, convenient, and secure experiences for their clients. Staying on top of new technology and embarking on a digital transformation is a requirement for firms that want to stay connected to clients and lead the industry.
But knowing what to prioritize and where to search in the sea of new technology can be overwhelming. Here are four ways to evolve your firm with new technology:
Adopt a Change-Friendly Mindset
Evolving with new technology and adopting new systems and processes can be daunting, especially for firms with established procedures. But staying stagnant means risking getting left behind. The first step to evolving your firm is adopting a mindset of change and challenging the status quo.
A digital transformation doesn’t happen overnight. Think of your firm’s technology journey as a marathon instead of a sprint. You don’t need to change everything at once; instead, embarking on a digital transformation means being willing to change with technology, staying updated on new digital systems, and emphasizing innovation.
These five questions can help jumpstart your journey and highlight quick wins or areas with the biggest opportunities for impact:
- What are your roadblocks or frustrations?
- Where is your risk?
- What are the gaps in your software applications?
- Are you getting value from your technology?
- What do successful firms do differently?
By continually reviewing these questions, your firm can embrace change and create a mindset that looks for innovation and opportunities.
Find Updates with the Highest ROI
When implemented correctly, digital transformation and new technology create scalable growth opportunities and are tied to significant increases in revenue. But not every system needs to be replaced as soon as an updated digital version becomes available. Instead, focus on the technology changes that provide the most significant growth opportunities for your firm. What tools can be updated to have the biggest impact on client experience, back office operations, or security? Be strategic about your technology to find solutions with the highest ROI.
Many firms perform technology audits to look for roadblocks or inefficiencies in their systems, such as new client onboarding that takes longer than necessary or cumbersome and error-prone back-office data entry. Target the processes where technology can make the most impactful change. And then continue that evaluation process as technology evolves.
Emphasize Client Experience
Evolving with new technology isn’t just about chasing new trends—it’s about getting to the core of the client relationship to provide more convenient service, increased personalization, and a seamless all-around experience. Clients increasingly want digital services, and the firms and advisors offering those tools stand out.
When adopting new technology, clients should always be central. What systems will improve the client experience? How can current processes be streamlined or digitized to attract new clients or create a competitive advantage?
Not every system will be client-facing, but even back-office tools that clients never see still impact their experience by freeing advisors and employees to spend more time building relationships and staying organized than navigating outdated systems.
Prioritize Compliance and Security
Technology makes it easier for firms to stay compliant, especially when storing and organizing documents and client information. When choosing new technology, keep compliance top of mind and look for tools and systems that streamline compliance instead of adding to the headache. Leveraging digital tools allows firms to easily track regulatory changes, maintain and organize the appropriate documentation, and manage all forms and paperwork for the auditor. A scalable solution means your firm can stay compliant as you grow.
Similarly, a major benefit of evolving with new technology is maintaining updated cybersecurity barriers. As cyber-attacks increase and become more sophisticated, every firm must prioritize protecting private data. Without a robust data strategy system, you risk exposing clients’ information and putting their trust at risk.
As a leader in cloud-based document storage, Docupace is your trusted partner for digital transformation and beyond. Our industry-leading solutions streamline back-office tasks to help firms operate more smoothly while staying secure, compliant, and on top of growth opportunities. Click here to learn more and schedule a free demo.
