Every financial advisory firm must come up with its own technology plan, and needs to figure out which platforms and solutions will work best for improving business processes and client experiences.
For David O’Brien, founder of Evolution Advisers, that means outsourcing what he calls “non-value-added work” to best-in-breed technology providers. Doing so since the get-go has proved to be the best path to improved quality and speed of business at the firm, as well as positive advisor-client interactions and overall client satisfaction.
Since its founding in 2006, Evolution Advisers has been paperless, and the firm has always had its technology tools in the cloud.
“Because of this, our tech staff can really leverage the best-in-breed providers in our space,” O’Brien said.
While many RIA firms are late entrants to the cloud world, fintech providers that help users maximize the benefits of the cloud have been extremely innovative in recent years, O’Brien said. MoneyGuidePro, for example, is a dominant player in the cloud, he said, as is Morningstar’s TRX (both of which are a part of Evolution Adviser’s technology solution). “As we continue to see new entrants come into the financial planning space, and a lot of technology companies moving into the cloud, we’re having a rapid development in this space,” O’Brien continued.
For Evolution Advisers, the greatest advantage to embracing cloud-based technology is that the firm can access any piece of information at any given time from anywhere in the world.
“The whole building could burn down and we would not lose anything,” O’Brien said.
The company uses Citrix ShareFile to store documents in the cloud.