Spend to win. While it sounds like a cheesy slogan plastered on the front of some $2 scratch- off lottery ticket, it also sums up how advisory firms plan to approach wealthtech in 2023.
Practices are ready to put their money where their technology is. It's an attitude that persists amid market difficulties and the tech industry suffering smackdown after smackdown over the past 12 months.
New studies from Financial Planning parent company Arizent and Orion Advisor Solutions paint the picture. Both reports, released this week, find that most firms are planning to either increase or maintain their technology budget this year amid economic headwinds.
And they're all looking to make it rain in service of the end client. While matters like compliance, cybersecurity, portfolio management and artificial intelligence will be a big part of this year's wealthtech agenda, customer experience has risen to the top.
Be it client-facing or client-supporting, the industry has come to understand that rising customer expectations demand a user experience a bit closer to cutting edge.
Check out the full story, and where wealth managers see room for improvement in their stacks, at Financial Planning.
Anything else on your mind? Drop me a line at [email protected]. Have a great rest of the week!
Regards,
Justin | | Justin Mack
Reporter, Financial Planning
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| By Justin L. Mack 8 min read | Economic headwinds be damned, new research shows that advisors are ready to spend on tech in 2023. Here's where those dollars will be going. Read story → |
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| | | By Justin L. Mack | In addition to the major robo-advisory deal, this week's recap features new partnerships for Vestwell and Riskalyze, and a new leader at Advisor360°. Read story → |
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| | | By Justin L. Mack | While income saw a massive increase, platform assets were down year over year for the California TAMP. Read story → |
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| If you are looking to make a career move there are some key factors to consider before you start submitting your resume. Learn more → |
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| | | By Justin L. Mack 6 min read | The partnership brings Opto's private market software to Merchant's slate of partner firms managing more than $140 billion in assets. Read story → |
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| | RESOURCES | | | WEB SEMINAR | | Thursday, March 2, 2023 2:00 PM EST | ROI matters. But how do you quantify if your data aggregation approach delivers revenue growth and operational efficiency? Learn More → | SPONSOR CONTENT FROM ENVESTNET | YODLEE | | | WHITEPAPER | | | Read our whitepaper to find out how making the leap to better tech can help advisors build client loyalty from day one. Download Now → | SPONSOR CONTENT FROM Betterment | | | WHITEPAPER | | | Find out which tools our community of Financial Professionals are using to educate clients about fluctuating economic conditions. Download Now → | SPONSOR CONTENT FROM Avantax | | | WEB SEMINAR | | Tuesday, March 14, 2023 2:00 PM EDT | Join us for a conversation on how an uncomplicated, tech-enabled onboarding process can help advisors better meet evolving consumer expectations and deliver a quality client experience from day one. Learn More → | SPONSOR CONTENT FROM Betterment | More resources → |
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