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August 28, 2017 at 08:00 PM
So much time, money and energy is spent on maintaining and developing new technology solutions to benefit advisors and clients that it can be overwhelming for an advisor to know what to do next. In fact, I frequently hear advisors expressing frustration that they didn’t know about new technology features or that they feel it is an uphill battle to stay abreast of all the technology announcements. Here are several ideas and best practices to make sure you are not overlooking new beneficial technology tools and features.
(Related: Opening New Accounts Is About to Get a Lot Easier)
As it relates to gathering technology information, it is important to have an open and inquisitive mindset. Too often, our regular habits, already formed opinions and technology behaviors influence what technology news, ideas and events ultimately get our attention. Considering the pace of today’s technology advancements, you almost want to minimize what you already know so that new ideas can get your attention.
To be clear, I’m not implying that you should be careless or that your current and past technology experiences do not matter — they certainly do! However, you want to make sure that you are always a “technology student” who is actively looking for the next great technology solution or idea for your firm.
Considering the variety of technology systems that advisors may use at their firm, the overall volume of relevant announcements and updates can be extensive. This is why it is important to be disciplined and strategic with your time and attention. Specifically, you shouldn’t take the same approach and amount of effort for every system that you use (or even plan to use). You don’t want the news cycle to be the primary driver of what gets your attention.
A good place to start is to create a list of your technology solutions and identify how you receive information, updates and other news for each product. The more important the product is to your business, the more time and attention should be allocated to it. You know you are doing a great job in this area when you are not surprised by updates anymore because you are watching for the next version and already have an idea of how it might benefit your firm.
