Read more: Are growth-focused wealth firms oblivious to their technological debt?
“I think wealth firms should realize that this is a journey, not a destination,” he says. “This is not something that ever stops; it is just continuous improvement. And as soon as they can embrace that mentality, that’s the best thing.”
Some wealth firms might flinch at the idea of making capital investments in the face of a down market and possible recession. But InvestCloud Chief Strategy Officer Will Bailey (above, right), argues that challenging times hold up a mirror to firms and force them to really reflect on where they want to focus.
“I’ve found that all advisors want to focus on ensuring the best outcomes for their clients,” Bailey says. “That includes robust planning, finding the best products to support those outcomes, and communicating to make sure what they do registers with the clients.”
With financial planning software solutions, portfolio management software, CRM systems, and other solutions at their disposal, wealth firms should be able to hit those targets in a more scalable and effective way. But while firms might be tempted to invest in point solutions, getting the best-in-class platform or software for each problem without necessarily considering how well they integrate with each other, Bailey says that only begets more problems.
