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Show Me The Tech

March 8, 2018

Financial advisors are on the move.

Some seek the flexibility of independence, while other younger advisors are looking for an established professional to take them under their wing. No matter what their situation, there is an ample supply for RIAs trying to recruit more advisors to their firm.

But attracting these advisors can be a tricky proposition, especially considering the hundreds of other firms eager to stake their claim in the battle for fresh talent.

One way to differentiate your firm from the competition when recruiting advisors is to tout your financial technology offerings. The dual benefits of the right tech stack can save advisors time spent performing back office operations and add value to the client experience. But in today's race to bolster your technology, finding the right mix of value-adding, cost efficient and easy-to-use resources is much more important than buying the newest shiny object to hit the market.

In that light, here are the capabilities advisors actually care about that can go a long way in attracting talent to your firm.

Streamlined back office operations mean more client facetime

Financial advisors spend far too much time entering and updating client data in static Excel spreadsheets. Attempting to then model recommendations surrounding this data can be a mind-numbing and ultimately time-wasting process. The right financial planning technology will organize and maintain this data in a manner that offers the advisor a holistic view of the client's financial life. Block trading algorithms make transactions a breeze, and client portals empower the client with the ability to constantly be in touch with their financial plan from anywhere and at any time they choose.

These capabilities open up additional hours throughout the week for the advisor to focus on what they do best -- building financial plans that add value to their clients' lives and ensuring their goals are being met.

Break down geographical barriers with remote capabilities

Advisors are busy people, not only in the workplace, but in their personal lives as well. When it comes to balancing their family, their own financial situations, and their personal interests, offering technology that enables advisors to work remotely can add convenience and stability to their lives. Also, if a crisis occurs and a client needs their assistance immediately, there won't be any late-night trips to the office to retrieve a document. Additionally, for advisors who operate out of multiple locations, there is seamless integration for the documents and records they may need to access. All client data can be retrieved and maintained from anywhere when it's stored in the cloud.

Video conferencing, client portals, and other remote capabilities also expand the potential geography in which an advisor can offer their services. Gone are the days when advisors were limited to only serving the folks from their local communities.

Training programs to offer a firm grasp on the capabilities at hand

Learning the robust capabilities of a new financial technology software platform and how to use them requires a massive time investment, and advisors simply aren't willing to put in the effort to get acquainted on their own. That's why it is important to build out training programs that quickly and easily bring new advisors up to speed. Typically, advisors are only using a fraction of the technology they pay for, simply because no one explicitly taught them how to use the other capabilities.

This also brings up the importance of selecting a technology partner that offers a support team willing to help the advisor utilize the platform to its fullest potential. Too often tech vendors refer advisors to FAQs or simply fail to pick up the phone when a question needs answering.

Let tech lead you to recruitment success

While it's far from the only factor playing into a prospective advisor's decision, the right technological resources have the power to sway a potential recruit one way or another. As a recruiter, don't be shy about your technology offering. Promote it on your website and social media, and be able to tout your technology at a moment's notice. In the fight for fresh talent, it could be the deciding factor that makes a difference.