Technology for retention

Inefficient technology affects retention

• Respondents said technology was not the only factor involved in retaining staff. However, they suggested that advisors are more likely to leave a firm if and when the technology there becomes inefficient and disjointed.
   
• How technology was maintained, configured and improved was also discussed. Many mentioned a lack of proper communication and engagement around new technology in particular, which may also affect adoption and retention.

Involving advisors with new technology is important

• Participants highlighted the importance of involving advisors early and throughout the implementation of new technology or the enhancement of an existing one.
   
• Many respondents mentioned using peer groups, pilot groups, and councils when implementing new technology.

Participants note the worth of technology in future-proofing a business

• Advisors valued firms’ steps to future-proof the business from a technological standpoint.
   
• According to the respondents, more technology integration enables growth by reducing manual tasks and making processes frictionless.
   
• Some of the most important aspects of technology implementation mentioned were account opening, lead generation, and CRM.

Technology adoption is essential to improve performance

• Firms were keen to encourage technology buy-in to enhance performance.
   
• Opinions were mixed on whether technology implementation was enough to measure how good a firm is.
   
• Compensation is tied to advisor performance, not technology adoption.

Technology for recruitment

Technology can support the recruitment process

• For those who saw technology as playing a role in recruitment, it was thought that discussing technology during the recruitment process was a good idea.
   
• Some firms mentioned offering a live demonstration to showcase their technology and ensure prospective advisers are fully informed about what to expect.
   
• The overall feeling was that new advisers would be moving to grow their book of business, and most felt technology was essential to facilitate that.

A technology gap exists for the next generation of wealth holders

• There was a broad recognition of the needs of the next generation of wealth holders and heirs. However, respondents felt that only a small number of advisors are addressing the needs of the next generation.
• Participants recognized that the right offering and related technology could attract and retain the next generation during their acquisition of wealth and the start of their growth journey.