What are the Benefits of Integrated Technology Solutions

Technology is arguably the most important factor in the wealth management sector today. Think about it. The number of spreadsheets, reports, and research you complete, all done on a computer with the help of technology. With technology comes the need to integrate, ensuring they all play together nicely.

For example, the firm that creates your data storage may not build reporting software. But those two may need to talk with you document signing software, which isn’t made by those two firms either. Having wealth management technology solutions for RIA are more important now than ever before. Not only from a necessity standpoint but from a benefits standpoint as well.

Cross-Platform Integration

Like in the example above, you may be running a handful of different software products that are not from the same firm. This can potentially make it difficult when it comes time to pull data or produce a piece of research.

Using integrated wealth management software solutions for advisors can allow all of your CRM systems to play nicely, giving you the power to be the trusted advisor your clients turn to. The last thing you need is a client request going unfulfilled due to inadequate technology.

Compatibility

Secondly, a benefit to integrated technology solutions is the compatibility problems it can solve. As mentioned, not all software companies create equal products. Also, if you’ve ever had to be a part of a core conversion, then you know the vast amounts of data an organization has.

For your RIA firm, looking for a proper solution will allow all your systems to play nice. For example, when looking to create a report from several different data points, instead of manually compiling the data, a proper integrated technology solution should allow you to pull everything together in one place. This saves time and ultimately money.

Dashboards

Lastly, your clients will likely be using a dashboard through their online profiles. This allows them to see data and information without needing to contact an advisor. However, the potential is some of that data may not be included in the system that builds the dashboard, meaning it’ll need to be pulled.

Again, the benefit of an integrated technology solution is it will allow you to pull that data from another software product. Ultimately, this allows you to build a dashboard based on your client’s request.

Just because your RIA firm has severely different software products, doesn’t mean your firm has to be slow. The implementation of a proper integrated technology solution will allow your firm to remain adaptable, providing true value to your clients. 

If you find that your firm needs to update and combine technologies, Hexaview is here to help. Our mission is to customize software that gives you the ability to combine all current technologies and give you the most control possible. Feel free to reach out with any questions and we look forward to hearing from you.