Your 2017 technology New Year’s resolutions

January 18, 2017 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.

With every new year, people tend to make New Year’s resolutions. Some of these are simple to achieve such as giving up soda or candy. Sometimes these goals are complex and may take the whole year like losing weight or making a lifestyle change. Either way—in some shape or form—these goals tend to be a commitment to become a better version of yourself with each passing year.

Creating your technology New Year’s resolutions

Advisory firms should look to embody this same mindset with their technology each year as well. As the way clients interact with their advisors and want to be serviced is evolving, so is the technology. Below is a checklist to get you started with your 2017 technology New Year’s resolutions:

1. Inventory

Every firm should have an evolving document that has all of the technology within the firm for which the firm is paying. It is of your benefit to have the fees and the terms to which the firm has agreed handy for regular evaluation. This will provide a consolidated report that showcases when contracts expire or are up for renewal.

2. Utilization

Have a good understanding of which technology is most vital to your business. Too many firms pay for technology the employees either do not utilize or underutilize. By having a system that can rank the most utilized technology, the firm can find out which tools are no longer necessary or can allow opportunities to cost shift to a tool that fills the same need at a lower cost.

3. Review

It is not uncommon to annually review each platform to understand any updates and determine if the firm can be reaping more benefits from the technology. Too often, new features and functionalities of technology can get lost in emails from vendors. Having a half hour conversation with your vendors to learn more and truly understand any enhancements can be beneficial. Review can also help when evaluating new technology or alternatives to your current technology. Having a good understanding of the best technology that can boost firm efficiency and client experience will put you in a good position for 2017.

4. Implementation

Whether “implementation” for your firm means higher utilization of a current tool or the implementation of something new, having a good game plan of how you want to grow the practice is crucial. Figure out where your technology can work together and help you be more efficient. Try to understand more about a tool than you did the year before.

By following this workflow year in and year out, you can experience incremental growth with all of your technology. It can help your firm better understand where your dollars are being invested and ensure that you are getting the most out of each technology. Even small steps forward each year will allow you to work more efficiently and stay on the forefront as new technology comes to market.

Click here to learn more about how Advicent APIs can enable your firm to create personalized technology solutions to enhance your digital client experience and empower your advisors to be more efficient.

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