The right technology strategy is essential for firms looking to grow and thrive in a competitive market. Solutions for advisors, home office, and investors demonstrate the need for tech and business strategies to work together, particularly when integrating these solutions into existing systems.

Automation was confirmed by the panelists as a critical (yet often undervalued) line item for any tech strategy. According to session moderator Noam Tasch, Head of Revenue at BNY Pershing X, “Automation is the forgotten cousin of AI.” Becky Gallo, Information Technology Manager for Beacon Pointe Advisors, reaffirmed this sentiment. “We've recently seen more companies come out with bots to assist—which I think are underrated. If you use them correctly, you can have a clear process and workflow.”

Continuing the automation discussion, Mark Evans, President and CEO of Conquest Planning, added that automating wherever possible can move things forward significantly. “But do it in a way that you're using intelligent automation,” he cautioned. “That's one of the things we’re really working on with some of the AI components we’ve been integrating.”

Mohan Gurupackiam, CIO of Steward Partners Global Advisory, sees cloud-based technologies and data aggregation platforms as crucial tools to help firms transform their operations. “If automation is the forgotten cousin of AI, the home office experience is the forgotten cousin of the advisor experience,” Gurupackiam said. But, by using advanced networking models and cloud ecosystems, firms can achieve a holistic view of their clients’ portfolios and help advisor provide more comprehensive and timely advice.

Having a robust tech stack is also crucial for attracting and retaining top talent, according to Bryan Kucholtz, EVP at Texas Capital Bank, emphasizing the need for evolving technology to keep pace with expansion. “If you don’t do that right, you can hire all the great salespeople in the world and it’s not going to do you any good.”

Implementing Your Plan

Insights from the session, Technology Leadership: Innovation, Speed to Market and User Experience

Technology has nearly limitless potential in the financial advisory sector, but realizing this potential requires a strategic approach to implementing your tech stack. Careful planning and prioritization can help ensure that technology investments pay off.

As highlighted by session panelists, the journey to an ideal tech stack often involves a mix of large transformations and incremental innovations. Michael Kollar of Lincoln Investment Planning believes that some systems require a complete overhaul, while others can be gradually improved through new workflows and APIs. “For us, we usually do a little bit of both.” Kollar shared.

The adoption of cloud technology plays a crucial role in this process. By moving to the cloud, firms can transform their cost structures from fixed to variable, as explained by Michael Lewis, CIO of BNY Pershing, and session moderator. This shift not only reduces the need for capital investments in infrastructure but also provides greater flexibility — something that’s critical for sustained growth. “You’ve got to build knowing that you will make some pivots, and things will change over time.”

Cloud migration isn’t a simple process but the value it can bring to clients is worth the effort, asserted Dan Adler, CTO of BNY Pershing X. “Yes, we successfully migrated our entire front end and infrastructure [of Wove]. But, what’s more exciting, is the promise of that migration.”

AI and automation also came up as key components of a modern tech strategy. While there is some skepticism around AI, its potential to enhance productivity and streamline processes can’t be overlooked. As discussed by Madhu Kotian of NMIS Investments, AI can be used to automate repetitive tasks, provide more personalized client interactions, and generate insights that help advisors make better decisions. “You need to have clear process and workflow,” Kotian advised, stressing the importance of a solid foundation for successful AI implementation.

By carefully balancing large-scale transformations with incremental innovations, all while taking a thoughtful approach to tech adoption, firms can not only enhance their operational efficiency but provide greater value to clients.

Tech Wrap-up

Our panelists made it clear that embracing new technologies, using innovative solutions to promote growth, and carefully implementing your tech stack, can help advisors and firms confidently take steps to modernize their practice and deliver an exceptional experience.

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