In recent years, the financial services industry has seen two clear trends emerge: The value of having business owners as clients and the power of adopting technology.

Especially now, considering inflation rates, market volatility, and other economic challenges, clients rely more than ever on their advisors to provide comprehensive advice that helps them navigate what the current environment means for them and for their financial goals.

This is especially true of business owners, who will feel the effects of inflation and a potential recession more acutely than most investors.

So how can advisors provide the most value during periods of uncertainty and beyond?

“Advisors need to be mindful of clients and their needs always – regardless of advancements in the industry,” said Penny Phillips, President and Co-Founder of Journey Strategic Wealth. “We say we’re in financial services, but we’re really in the business of solving problems for clients.”

“That problem-solving, client-focused mentality should be applied to everything an advisor does,” Phillips explained. “When advisors are thinking about their next decision, such as making an investment in new technology, they should always bring it back to the client.”

And advisors are frequently faced with making decisions about new technology. To remain competitive in our industry, they need to keep up with the rapid pace of technology spend and implementation, accelerated by the necessity to adapt and find new ways to connect with clients  due to the COVID-19 pandemic.

Even as we emerge from COVID, the demand for digital engagement from clients and the promise of tech-enabled efficiency for advisory firms has only hastened the pressure advisors are under to invest in new technology. 

According to Forbes, technology creates two distinct benefits for financial firms:

  • Financial benefits, including revenue and profit growth, as well as cost reductions
  • Operational benefits, including accelerated time-to-market, better business intelligence and improved risk management

As a result of next-gen tech adoption, firms reported:

  • 56% decrease in costs
  • 51% increase in revenue
  • 42% profit growth

But the advantages of tech don’t necessarily outweigh the challenges of vetting, implementing, and adopting it.

As advisory firms are solidifying their 2023 budgets, the overly saturated technology landscape coupled with market challenges makes the process of evaluating new technology more complicated. 

Add on the sheer volume of technology available to advisors today and determining which solutions are worth their attention and fiscal resources makes decision-making on the next tech investment nearly impossible.

If you’re facing the ever-expanding Kitces map and wondering how to determine the technology that will enable you to bring better, more comprehensive advice to your business-owning clients while making a significant impact for your business, we have just the webinar for you.

Tech-Enabled Advice: How Top Advisors Leverage Best-in-Class Technology to Provide Better Advice

Looking for more information about how to turn technology into your competitive advantage? In our recent webinar, BizEquity’s President of Business Operations, Jason Early, joined Penny Phillips, President and Co-Founder of Journey Strategic Wealth, to discuss:

  • What advisors should consider when deciding which technology to adopt
  • How to leverage tech to scale services
  • What to do now to attract prospects and drive growth

Tune in to watch it on demand by clicking here!