{"id":9221,"date":"2023-12-27T08:00:05","date_gmt":"2023-12-27T08:00:05","guid":{"rendered":"https:\/\/emoneyadvisor.com\/blog\/?post_type=thought_leadership&p=9221"},"modified":"2023-12-19T15:18:37","modified_gmt":"2023-12-19T15:18:37","slug":"the-ria-tech-stack-what-you-need-to-deliver-an-exceptional-client-experience","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/the-ria-tech-stack-what-you-need-to-deliver-an-exceptional-client-experience\/","title":{"rendered":"The RIA Tech Stack: What You Need to Deliver an Exceptional Client Experience"},"content":{"rendered":"

Navigating the ever-evolving landscape of technology can be a daunting task for financial advisors. A recent study highlighted that 75 percent of advisors express concern about staying abreast of tech changes and effectively managing their tech stack. Integration issues closely follow, with 73 percent sharing similar worries.1<\/sup><\/p>\n

Given the swift pace of technological advancements, piecing together a seamless experience poses a near-universal challenge. In this blog post, we’ll delve into the fundamentals of the RIA tech stack, spotlight commonly used advisor software, and introduce some promising new tools to keep on your radar.<\/p>\n

What Is an RIA Tech Stack and Why Do You Need One?<\/strong><\/h2>\n

Your RIA tech stack is the comprehensive suite of essential software solutions your business needs to offer an exceptional client experience. A powerful, cohesive RIA tech stack is critical for meeting soaring client expectations in the era of personalized, digital-first experiences.<\/p>\n

But beyond simply meeting client expectations, there are numerous benefits that come with having an optimized tech stack: enhanced efficiency, increased ROI, streamlined services, and ultimately, superior client outcomes. It’s not just about what software you use\u2014it’s about strategically assembling a tech suite that maximizes the value you deliver as an advisor.<\/p>\n

So, what software does an RIA need? The answer lies in customization, tailoring your tech stack to your business’s unique requirements. Yet, industry trends also play a role\u2014consider what software most financial advisors use for a roadmap to get started.<\/p>\n

What Software Does an RIA Need?<\/strong><\/h2>\n

For RIAs, there are three technology solutions that consistently see the highest adoption rates: customer relationship management (CRM) platforms (94 percent adoption), financial planning software (93 percent), and performance reporting\/portfolio management (88 percent).2<\/sup><\/p>\n

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Source: 2023 AdvisorTech Study<\/a><\/p>\n

Each of these tools are able to execute a variety of tasks across essential functions of an advisor\u2019s business, including financial planning, investment management, and maintaining client relationships. However, it\u2019s important to note that they\u2019re also adept at performing a number of secondary tasks adjacent to their core functionality.<\/p>\n

For instance, CRM platforms extend beyond client management, incorporating functions like workflow support and notetaking. Some financial planning software solutions can handle specialty planning topics such as tax and estate planning, and may come with a client portal and account aggregation features. Performance reporting\/portfolio management tools excel not only in tracking investments but can also support billing AUM fees.<\/p>\n

It\u2019s for this reason that tech stacks are typically built around the three core technologies and their specific capabilities.<\/p>\n

Some secondary software solutions you may want to consider, depending on the capabilities of your core technology, can include:<\/p>\n