Tech Questions for Summertime

August is my favorite time of year for new projects. Summertime generally means longer days, children out of school, vacation time and maybe lighter business volume compared with the rest of the year. When your work offers you a lull, it is an excellent opportunity to do a little daydreaming, maybe do some window shopping, or take time for that free trial of a new service or software program. More specifically, it’s a good time to ask, “What technology areas require more research before we pull the trigger?” To get started with this exercise, allow me to recommend some ideas.

Mobile technology fulfills a larger role each day in the lives of advisors. You probably already use several mobile apps to help you better serve your clients. So ask yourself, “Should we offer our own mobile app?” The answer is, as always, it depends, but it is definitely not out of the question. You should consider offering a mobile app if part of your marketing strategy is to position your firm as a high adopter of technology. In addition, if your client base is more technologically savvy, consider using a mobile app to communicate your investment commentary or offer access to client reports. Consider a mobile app as another channel through which to serve and connect with your clients.

Is it time for your firm to advertise on Facebook? Leaving aside the marketing and compliance aspects of this discussion, from a technology perspective, it is a very interesting and relatively easy service to evaluate. If your firm consistently attracts clients with similar attributes and needs, then you could consider using Facebook advertising to target more of these types of clients. The technology behind Facebook allows you to customize who should see your ads, and you can easily control your costs. It has a very low barrier for entry and allows you to try different methods without significant cost or time. Advertising on Facebook could be considered similar to advertising in local business journals or community newsletters, but with a greater ability to target a specific audience.