Technology plays a critical role in the growth of your business. Your financial services firm may want to onboard new clients or store information securely. You may want to have all your firm’s departments linked and for documents to be managed in such a way that they’re always updated the moment someone touches them.
Sometimes, the technology that used to work for your firm will no longer work due to changes in the way your team works or the size of your firm. That’s why it’s important to evaluate the technology that you’re currently using and update your firm’s technology when it’s no longer serving its purpose.
How often should you be evaluating your company’s tech? Some companies will do quarterly reviews of their technology. Others do so annually or each time a new operating system upgrade is released. A review doesn’t have to mean you’re required to upgrade your company’s technology, but it could be what proves that it’s time to begin that process.
Why evaluate your technology so often? Here are three reasons to keep in mind.
Your Tech Is Outdated and Hindering Performance
One of the primary reasons firms need to evaluate their technology is that their systems could become more efficient with upgrades. Your firm’s technology is what connects your team members and helps with collaboration. If that technology is glitchy or slow, it means everyone has to overcome those problems.
An efficient system makes your team’s work easier. Having a system that is interconnected and accessible from anywhere, such as a web-based solution, helps your team collaborate while traveling or working from home.
The Docupace platform is an entire suite of paperless tools designed to improve your workflow. From onboarding new clients to transitioning the books of incoming advisors, it offers solutions that centralize control and reduce communication breakdowns.
Your Tech Stack Isn’t Personalized
Another reason to consider upgrading your technology is because your tech stack isn’t personalized. Your firm may have a basic tech stack with a CRM system, portfolio management, financial planning software, and other tools, but if those tools aren’t working together well or are creating redundancies, there is room for improvement.
With a good tech stack, your team has the tools it needs to maintain your product and meet customer demands. The problem with older technologies is that adding a new piece of software to the system could result in complicated redundancies and incompatibility issues. This is frustrating not only for your own team but also customers who may be trying to digitally sign documents or update documents online. Updating the entire tech stack with consistent software like the Docupace platform can help eliminate the occurrence of those problems.
Updating your tech stack may also help create a smoother experience for your clients and team by automating tasks. Automation uses advanced algorithms to complete tasks that may have taken your own team members much longer to complete. This could help your firm improve efficiency and create more time for building customer relationships.
Your System Could Be Vulnerable to Cyber Attacks
A third reason to update your firm’s technology is to help protect it against cyber attacks. Cyber attacks are getting more advanced, and technology has to keep up with it – and think ahead of it – to protect vital systems.
Upgrading to Docupace gives your firm government-grade encryption and tools to help maintain compliance and security standards that you rely on. Comply with rules 17a-3 and 17a-4, track user actions, and assign permissions only to authorized users with our document management solution for wealth management.
Conclusion
These are just three reasons that it’s time to update your wealth management firm’s technology. Taking the time to review current technology to make sure it’s working well for your company is the key to keeping up with competitors and making your business secure and efficient.
About Docupace
Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Los Angeles, California, Docupace is proud to serve some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry. For more information, please visit www.docupace.com.
