RIAs Increasing Technology Budgets To Add Efficiencies So More Time Can Be Spent On Client Relationship Development And Marketing

Monday, February 18, 2013 07:43
edit
RIAs Increasing Technology Budgets To Add Efficiencies So More Time Can Be Spent On Client Relationship Development And Marketing

Tags: Advisor businesses | client retention | technology

Independent RIAs are getting ready to up their tech games with bigger budgets for technology.
 
The 2013 InvestmentNews Advisor Technology Study showed that 51% of the respondents plan to increase their spending, 8% plan to cut spending, and 41% expect to keep their technology spending the same.

This Website Is For Financial Professionals Only


 
RIAs represent 68% of total survey respondents. Interestingly, only 6% cited technology and increased technological ability as essential to future business growth.
 
Marketing and improved client relationships were the focus for growth at 33% and 28% respectively.
 
The objective for increased technology spending is to improve processes and work flows.
 
Ironically, increasing efficiencies in those areas creates more time for marketing and nurturing client relationships.
 
Advisors also said that learning to use their firms’ technology more robustly instead of acquiring new or emerging systems is more critical to their business growth.
 
Investing in new software was cited as the best way to increase productivity. Another 51% of respondents said that having a knowledgeable staff with separate non-tech roles to manage implementation, maintenance, and support.
 
Continued changes and rapid development in technology will continue to push advisors toward outsourcing tech products and services.
 
Any vendor wishing to make money in the advisor space needs to host their own services and offer access to mobile applications.
 
Mobile security is a growing concern but only 38% of advisors using mobile devices have mobile archiving capabilities and only 33% had extra security protection for their devices.
 
Clients want to interact with advisors more and more through mobile devices so their use and popularity will continue to increase.

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy