Building a Next-Generation Technology TAMP in Chicago

Bruckenstein, in his inimitable style, challenged the audience that many of their pre-conceived notions will be upset in the near future, driven by the inevitable forces of technology innovation.

“We are in the early stages of massive changes in this industry,” he said, pointing out several major focus areas, including how payments will be done, how lending is processed, the way investments will be evaluated, how insurance will be sold and changes to the services advisors provide.

“Blockchain has the potential to disrupt so many aspects of financial services, yet the industry still thinks it only applies to Bitcoin,” Bruckenstein noted. In order to be prepared for this new environment, Bruckenstein advises that advisors become “e-advisors,” a methodology where digital technology is applied across firms’ service delivery and back-office automation.

(Related: Will Bitcoin Ever Be a Fiduciary Asset?)

“E-advisors can service 50 to 100 more clients than those that are not, at a much lower cost, sustaining profitability in a more competitive environment,” he noted.

Concluding his remarks, Bruckenstein pointed out advisors’ biggest mistakes in technology. “Most firms don’t think holistically when it comes to technology; for example, evaluating one system in a silo when they should have a much broader strategy across the firm with a forward look.” He also encouraged advisors to increase their investments in technology, despite the uncertain future.

“Technology has to serve you and your clients, and no technology investment is a bad one.  Be sure to encourage your vendors to keep innovating.”

Hackathons these days are now becoming more and more popular as an innovative way to drive advisor tech innovation.  In a new tradition, Black Diamond held its second hackathon competition at the conference that was judged by T3 tech guru Joel Bruckenstein, Wealthmanagement.com Editor-in-Chief, David Armstrong, Quovo co-founder Niko Karvounis and yours truly.

In a twist to other hackathons, the Black Diamond competition featured advisors as the lead product managers, supported by Black Diamond engineers and interface designers to bring a concept to prototype. Top hacks included vey impressive new applications, including a client-driven referral feature, a crowd-sourced report template program along with an automated meeting prep and delivery capability.

To learn more about what went on at the SS&C Deliver conference, check out the many tweets on the #SSCDeliver hashtag on Twitter.

— Read The Advisor as Tech Guru, Educator, Full-Service Consultant on ThinkAdvisor.