Using Technology to Streamline Your Practice

Posted by Mark Piquette on April 8, 2014

With the speed at which technology changes, advisors need to be adaptable and willing to upgrade technologies that can improve their business. That was the message from Doug Kinsey of Artifex Financial Group, who outlined a roadmap of his firm’s technology in a recent Genius Session for Trust Company of America.

Kinsey says RIA firms should seek to create streamlined, scalable and repeatable processes for their technology, with a focus on simplification and saving time.  Taking inventory of existing technologies is a good place to start: What works? What causes problems? What aspects of the business could potentially be improved or made more efficient by better technology?

Advisors who attended the Genius Session offered a snapshot of the wide range of functions that could benefit from improved technology. 52% of attendees said they were most interested in technology in back-office functions and portfolio management, 38% said they were interested in client communications, another 38% said they were interested in CRM and email systems and 28% were interested in cloud storage.

Trust Company of America’s newest white paper, “20 New Technologies Every RIA Needs to Try,” highlights some of the latest and best tools available to advisors in these areas. From portfolio and trading tools, to file sharing and client communications apps, new technologies represent a Brave New World for advisors.

Portability is one of the major drivers of the technological shift that is occurring in the advisor industry. According to the 2013 Financial Planning Tech Survey, 59% of advisors said they used a tablet for business, up from 50% the previous year. Kinsey sees mobile apps—the building blocks of tablets—as the primary way of communicating with clients in the future. As clients and advisors alike demand access to account information on the go, apps continue to play a more vital role in technology and communications.

Whether you are thinking about creating a new app or simply bringing your filing system into the 21st century, “you have to be willing to try things,” says Kinsey. “You have to be willing to say ‘this doesn’t work for me’ and cut it off.”

A webcast of Doug Kinsey’s Genius Session can be found on the Resources page.






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