3 Steps in Adopting Financial Technology

For advisors, the two greatest challenges in adopting financial technology are getting your clients onboarded and facing your own fears associated with technology. The fear of the unknown and comfort with the status quo can cause anyone to be a little hesitant when it comes to new technology, but getting ahead of the technology curve is vital to stay relevant in the industry.

Do you like change? Some consumers do. Some consumers don’t. Here’s what wealth management advisors had to say about adoption to new technology.

How to get ahead of the technology adoption curve:

1. Start small, but get started.

Whether your business is brand new or you’ve been in the game for 25 years, it’s never too late to become tech-savvy. The first step to staying ahead of the adoption curve is to actually start. If your practice is currently a tech-free zone, start with something as simple as a customer relationship management (CRM) system. It can be tempting to go ‘all in’ and implement intricate technology into your once tech-less business, but remember, you need to learn to crawl before you can walk. Once you take that initial step, cutting through the weeds of technology will get easier.

2. Do your research.

Advisors are no strangers to research – we research and analyze market trends every day in order to keep our clients’ portfolios strong and happy. Bring that same mentality into your business operations. Would you invest your client’s money into the technology industry if the market was leaning that way? Absolutely. So why not consider your business as a portfolio as well? Do your research on consumer behavior and industry trends, and then determine how much of your ‘portfolio’ you need to invest in certain business practices, and how.

3. Ask questions.

There’s no such thing as a foolish question, especially when it comes to technology. Don’t be afraid to ask your current and past colleagues what technology trends they’re seeing in the market. Conversely, ask your clients how they think technology could help you improve. A lot of the time, our clients are more knowledgeable about new tech than we are – especially if you’re serving millennials.

The easiest way to get ahead of the begin adopting technology into your practice is to utilize technology that is already ahead of the game. Introducing Benjamin, the world’s first digital assistant created for advisors by advisors. We know just how intimidating technology can be in our space, and that’s why we created Benjamin to be user-friendly for both advisors and clients. With Benjamin, you’ll be able to…

  • Build strong client-advisor relationships through the power of smart, automated communication.
  • Seamlessly integrate current technologies and software such as Outlook and Salesforce.
  • Create a customizable dashboard to flawlessly onboard new clients.

Interested in seeing what Benjamin can do for your business? Reach out to us here and we’ll get you started with a free demo.

man using tablet to show how adopting financial technology can help