The wealth management industry has an ever-evolving relationship with technological transformation. It is simply impossible for firms or other financial institutions to ignore their digital strategy, given that Generative AI and LLMs are proving better than humans when it comes to efficiency, reliability and other advisory-related tasks.

Of course, as the World Economic Forum puts it, “while the technology may soon exceed human performance on technical tasks, it cannot yet replicate the empathy required in complex social contexts.”Advisers themselves are waking up to this new reality with one report even finding that 90% would ditch a firm with sub-par technology. If this is the case, why then is adviser adoption of new technologies such a challenge?

Advisers and technology

According to an article from 2023, “93% of advisers who said they work with state-of-the art technology reported that they had gained new clients as a result of a competitor’s bad technology.”

But while financial advisers do want more technology, they also admit to struggling with it, citing portfolio management, integration, and time to dedicate to learning the technology as the biggest barriers to adoption.

Forbes, on the other hand, cites everything from incorrect technology in the first place to hiring the wrong talent to inappropriate processes as the reasons for failure.

Whatever the specific issue, the fact of the matter is that it comes down to strategic planning. 

This is not a Field of Dreams Hollywood movie where “if you build it, they will come.” No, once you are sure you are going to implement the correct technology, you need to spend as much time and energy into promoting adoption.

How to develop a successful adviser adoption program

There is no one correct way to develop an adoption program as much of it depends on your specific context and situation. We would recommend contacting your technology provider – or better yet discussing the adoption strategy before you make the investment decision. 

At Unblu, for example, we have a dedicated services team, including access to marketing support, to help ensure that your implementation of our Digital Customer Interaction Solution is successful.

That said, there are some general guidelines we can follow to get started. 

Choose the right technology

It goes without saying that the platform you choose fits with your specific use case and offers secure connections. There are ways to go about this.One is to look at the capabilities of the platform. At Unblu, we offer a platform for conversational support, including a wide range of channels and adviser tools in both remote  and in-person contexts.

But beyond the specific digital tools that save time, it is essential that the platform promotes simplicity. According to one report, 85% prefer simpler tech tools that emphasise integrated features rather than additional ones.

Look at available integrations

This point is important and deserves some attention in itself. The more that the platform can fit into the way your financial advisers already work, the higher chances of acceptance. 

That is why we work with the biggest partners in the industry, including Avaloq, Pershing, Wealth Dynamix, and much more. When making your decision, look at what your financial advisers already use and find the solution that best integrates with these.

Integrated tool suite

Some of the top integrations with third-party tools that Unblu Spark has to aid wealth advisers include:

Client View Integration
Real-time, contextual conversations can be embedded directly into the client dashboard, supporting activities like portfolio reviews, financial planning, and goal tracking.

Inbox Integration
Advisers can manage all communications from their primary workbench or CRM software, with seamless single sign-on (SSO) and notification support. This offers the familiarity of email while maintaining compliance.

Accounts Overview Integration
Proactive outreach and follow-up are enabled by adding widgets, such as the Secure Messenger, to essential pages like account overviews or transaction histories, allowing for client engagement when they interact with their data.

Call Summary Capture
After voice or video meetings, financial advisers can continue or initiate conversations within the platform (e.g., Secure Messenger) to summarise decisions, share documents, and with an archiving service to maintain compliant records of advice in secure cloud storage.

Co-Browsing + Messaging
Financial advisers can launch Co-Browsing sessions directly from message threads to help clients complete forms, navigate complex documents, or explain proposals.

Secure Messenger Workflows
Automated processes can be initiated directly from client engagement conversations in predefined situations, such as next steps after an investment proposal confirmation or automated ID verification with associated recordkeeping.

Creating your adoption campaign

No matter how good the technology is on paper, encouraging adoption will always involve a concerted campaign focusing on communication and education. 

Successfully rolling out digital interaction platforms hinges less on technical integration and more on fostering behavior change. The key is to position this shift as a strategic advantage that follows market trends rather than a mere compliance program. Senior leadership must clearly articulate expectations and highlight the value of robust digital interactions for both client experience and operational efficiency.

Crafting your message

Agree on a tagline
Simplicity is key for framing the initiative. Develop a concise campaign tagline to be prominently featured in all internal communications. Examples include:

• “The way you have always worked. But better.”
• “Messaging. The easy way.”
• The experience they deserve.”

Campaign channels
To reinforce new behaviors, build an internal narrative around the updated workflow through storytelling, not just emails or memos. While a launch email introducing the tagline is a good starting point, it should not be the only communication method. Identify the most effective channels, which may include:

• Email communication
• Internal collaboration tech tools (Microsoft Teams, Slack, etc.)
• In-platform notifications
• Other relevant channels

Empowering financial advisers
Instead of overwhelming wealth or portfolio managers with generic training, create personalised learning paths tailored to different user personas, from digital champions to cautious adopters. These should include:

• Hands-on workshops on client meeting preparation, portfolio reporting software, and other relevant use cases.
• In-platform guidance while connected to the client portal software.
• Contextual tips for tech tools tied to common use cases (e.g., onboarding, lead generation tools, portfolio analysis, servicing requests, etc.)
• Empower local champions to provide peer-to-peer support, integrating adoption into daily operations.

Building momentum
Drive momentum by sharing real client outcomes, adviser testimonials, and usage metrics. Utilise dashboards to help team leaders track adoption and identify areas where support or incentives are needed.

Evolving the program
The adoption program must evolve over time. Implement continuous feedback loops to – through surveys, adviser interviews, and help desk insights – to track your goals and refine the product and update training. This approach transforms the platform from a mandatory digital tool into a natural and preferred solution.

Unblu Spark: more than a platform – a partner

The Unblu Spark platform is an indispensable digital tool for modern wealth management firms and private financial institutions, especially given the rising risks of fraud, privacy concerns, and regulatory compliance. The question is not if to incorporate such technology, but when.

However, successful implementation goes beyond the technology itself. The available integrations and post-implementation strategies are equally crucial for boosting adviser adoption and efficiency, ultimately fostering stronger, trust-based client relationships.

Recognising that every organisation is unique, a one-size-fits-all campaign would not suffice. While the advice above outlines key elements for a robust communication and education program, developing a truly tailored messaging approach requires in-depth collaboration and ongoing support.

If you are interested in implementing Unblu Spark and maximising adoption rates, download our full whitepaper on the topic.

Read the original article here.