What is an advisor to do when the wealthtech they expected to grow their practice is actually shrinking it? Unfortunately, many advisors say it's a problem they're trying to overcome.
A new study published this week by Advisor360° found that most financial advisors believe their tech choices have gotten in the way of their growth. In a survey of 300 professionals, 65% of those polled in the firm's inaugural Connected Wealth Report said they had lost business from clients or prospects due to outdated wealth management software.
Richard N. Hart, the senior vice president of corporate development at Advisor360°, said the results underscore how organizations with the right tech empower advisors to offer robust financial guidance.
But getting it wrong means getting left behind in an increasingly competitive environment.
"Technology can be a game changer for advisors who want to grow their business," Hart said. "Firms that can't innovate to today's standards or don't stack up to peers are leaving money on the table."
Check out the full story and additional insight 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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