Interoperable Moments: Redefine Your Tech Standards to Improve Your Business

Advisors’ tech stacks seem to grow taller every year. But does adding more tools really make life easier?

Too many of today’s advisor tech platforms are focused on building more, not bridging more. How often do you find yourself juggling a tangled web of software, trying to find and open one application without closing another? Are you wasting time by doubling or tripling your data entry efforts? Have you resorted to manually built workarounds to get everything working, even though your technology was supposed to do that for you?

Disconnected tech leads to disconnected experiences. Without the ability to execute core business functions quickly and efficiently, you lose out on time with clients, time with prospects, and time to plan and prepare for the growth of your business. In fact, employees who toggle back and forth between applications can waste as much as two hours of productivity per day¹.

You know what we’re talking about: you sign into your CRM, enter some client information, then open your financial planning application. The so-called “integration” between the two applications allows you to sign into your planning software without re-entering a password (after an embarrassingly long digital handshake between the two applications), but the client information you put into your CRM has been scrambled across different data fields.

It’s your reputation on the line if the information isn’t correct, so you need to take a second look at the information that’s been populated in the next level of your tech stack. If you’re lucky, that’s the worst of it. If you’re not, you need to re-enter the same information.

Now, rinse and repeat this across an ecosystem that routinely tallies up to at least a half a dozen tools² and it’s little wonder that 57% of advisors report that integrations are their biggest tech-based pain point³. Yes, the pain is still there, despite years of promises and investment.

Fortunately, we’re introducing a new standard: interoperability.

Interoperability: The Solution for Integration Headaches

At its core, interoperability is about connection. Imagine a central data hub that stores the entirety of your clients’ information. Applications connect to this hub, retrieving and updating information as needed.

There’s no need for manual data transfer between programs, painful data rekeying, or mind-numbing data reconciliation.

Traditionally, integrations involved one-to-one connections between applications. Besides limiting data flow, this approach required advisors to use specific software and kept them beholden to their vendors’ development plans and roadmaps. If you and your clients preferred working with two or more tools that weren’t integrated, your only options were to build a manual workaround or wait until your vendors rolled out an integration.

An interoperable solution allows data to flow freely between multiple applications, regardless of vendor, giving advisors greater flexibility. No more re-entering data in multiple applications or using a spreadsheet to ferry data between different software applications.

We pioneered the concept of multi-custodial technology. Our KPI is your productivity. We believe that executing your daily tasks with true efficiency means having everything you need in one place. That’s why we’re building an experience that’s so seamless you won’t even know you’re moving from one application to the next.

Benefits of Interoperability:

• Reduces time spent on data entry
• Improves data consistency across applications
• Saves advisors valuable time
• Provides a holistic view of client information
• Increases flexibility by allowing advisors to choose their preferred applications

Advisors spend less than 20% of their time meeting with clients⁴, resulting in massive missed opportunities to provide value and advice that their clients expect. Underserved clients mean higher client turnover, wasted client acquisition spend and reduced profitability.

In other words, back-office headaches come with real monetary consequences. Extra steps create inefficiencies.

We Report to You

With Wove, we’re turning friction-filled frustrations into interoperable moments. Instead of leveraging disparate third-party platforms to access your data, why not use the most powerful tools available from the firm that originates the data in the first place?

Wove delivers on the promise of interoperability in the following ways:

• Search across your book of business from one place, quickly finding information about your clients, prospects, households, and groups.
• Initiating and validating data within custom workflows.
• Receive seamless updates across your system, and trust that data is reconciled automatically and securely.
• Benefit from a unified experience across all your applications.
• Surface alerts across your dashboard, so you can prioritize your workflows and tasks.
• Plan and personalize your client’s financial well-being while keeping their goals at the center of it all.
• Access to our Tax Scenario Planning Tool including sophisticated tax optimization capabilities, transition evaluations, and scenario modelling, all from one dashboard.

Our platform was built to combat today’s disconnected tech challenges. Recent research found that companies that focused on interoperability are growing their revenue six times faster than competitors who are unwilling to give up their traditional workflows.¹

We’ve designed Wove to work seamlessly across all your applications, freeing up more of your day to focus on meeting client needs and driving business outcomes more efficiently.

Wove Is Connection

We built Wove because the future of fintech depends on it. No more disconnection. No more wasted effort. No more missing client data, redundant workflows, and painful rekeying.

At Pershing, we’ve built the bridge advisors have been waiting for—connecting you, your clients AND your data in a seamless and meaningful way. It’s centered around a sophisticated, powerful set of must-have apps and features, with an intuitive, easy-to-use experience unlike anything you’ve experienced before.

Interoperability is here, and the opportunity to drive powerful interoperable moments has never been greater.

To learn more about Wove — and put disconnection on notice — schedule a demo today. 

¹ McGuigan, E., van den Bremen, J., McKillips, B., Roy, P., and Mukherjee, S. (2002). "Interoperability: Value untangled". Accenture

² Mack, Justin L. “Show Me Your Stack: How many tech tools does an advisor need?.” Financial Planning, December 18, 2023, https://www.financial-planning.com/list/how-many-tools-does-an-advisor-need-in-their-tech-stack

³ Neal, Ryan W. “The trouble with tech integration.” Investment News, June 21, 2022, https://www.investmentnews.com/fintech/in-depth/the-trouble-with-advisers-technology-integration-222842

⁴ Kitces, Michael. "How Do Financial Advisors Actually Spend Their Time And The Limitations Of Productivity?." Nerd's Eye View, March 18, 2019, https://www.kitces.com/blog/how-do-financial-advisors-spend-time-research-study-productivity-capacity-efficiency/.