Advisors Struggle With Tech Integration

To get around that, Crowe said, advisors “leverage a solution that comes integrated. They reduce their number of providers.”

While a third of advisors imagine better integration would lead to better client experiences, over half admit their clients don’t seem to care about the firm’s technology and 40% say it wouldn’t be a selling point.

“Advisors don’t talk to their clients about technology,” Crowe said. “Only 15% said they would do so regularly.” What advisors think are valuable to clients are better reporting and better website experience.

Many advisors would benefit from better education or training regarding their systems. Two-thirds said they “knew enough to get by.” Just 27% called themselves “pros.” Nearly half of advisors acknowledged that integrating their systems was the most challenging aspect of technology. Deciding on which tools to purchase and determining a true return on investment were also cited as challenges.

The majority of advisors who made a technology purchase in the past year spent less than $25,000, but 10% spent between $25,000 and $49,999. Of those, nearly half said the purchase didn not include any training for staff members.

Advisors seem to recognize that buying technology without integration isn’t helping them achieve their goals, Crowe said. “It’s not about buying a technology. It’s about adopting it and having it support their goals. The answer isn’t just pouring money hand over fist into technology. Ultimately, what’s important is providing value to investors. The best way to do that is to utilize integrated technology and an advisory platform that allows them to focus on their clients.”