5 considerations when evaluating your technology stack for 2018

January 5, 2018 by Zach Weidman

about the author:

Zach Weidman

Enterprise account executive

Zach strives to help enterprise firms stay out in front of the pack with technology by helping to implement easy and repeatable internal processes. Zach enjoys learning more about a firms process to help fit technology and strategy together to achieve their goals.

Now that the calendar has flipped, advisory firms are starting to prepare their game plan for 2018. FinTech has continuously grown year-over-year and has become an integral part of many firms’ business. The following items are important to keep in mind so that you can ensure that you are getting the most out of your vendors.

Compile a list

Get an understanding of everything you get when paying third-party providers. The start of the year is a great time to make sure you understand what you will get for the following year.

Having this document will make it easy to keep tabs on your technology spending and usage. As a best practice, keep your contacts’ phone numbers and email addresses in the document so you have an easy place to go when you need to reach out.

Understand terms of your contract

When you are compiling your list, make sure that you have a firm grasp of your contract terms. Some things to identify are: when your contract ends, how often you pay, if the price changes over time, and other important items that could impact your budget and/or how much you can use the technology.

Explore new features and updates

Most technology that you pay for is likely investing its capital in itself to add more value to their offering. This means new updates, features, and support you may not be aware of that either came out in 2017 or is coming in 2018.

Take 15-30 minutes with your contacts to learn what is new in your tools so that you can see the value it may provide to your practice; this could mean an increase in value to your clients or becoming more efficient with your process. This also allows you the ability to give critical feedback to your technology providers, as most companies build out their product roadmap based upon the demands and expectations of the greater industry.

Keep up with the trends

The previous three steps help you address your current tech stack and how to get the most out of it. Once those tasks are completed, kicking off the new year is a great time to evaluate alternatives to some of the technology that may not be offering you significant value.

By understanding when your contracts end and what is new with your current technology, you can reach out to new vendors that you may not have evaluated before and see if their offering can provide more value to your firm. This is also a great opportunity to evaluate new technology that you may not have today.


Having worked with advisory firms for over four years, it is very easy for me to see why the successful ones have such a good grasp over their technology; it is because they do not just sign up for things with no strategy or actionable items in place — they follow their process year after year.

It allows them to stay agile with the technology that they use and not waste budget on services that are underutilized or not providing a healthy amount of ROI. Though it is incredibly important to execute these items this year, it is equally as important that you do it again every year to ensure the best value for your firm.

To learn how Advicent technology can significantly improve ROI at your firm, click here.

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