Lisa Gray

ContactLisa Gray has been a wealth writer since 2001. She has been involved in the wealth management industry since 1988. She is the author of two bestselling books—The New Family Office and Generational Wealth Management.
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graymatter Strategies LLC

Survey Finds Technology Purchases Don't Mean Much Without Integration Of Systems To Provide Better Service edit
Wednesday, July 18, 2012 10:38

Tags: Advisor businesses | client satisfaction | technology

Most advisory firms have been struggling to ramp up their technology capabilities including getting involved in social media. But a recent survey by SEI found that 61% of firms are having difficulty integrating their various systems.


They’ve provided advisors with updated tools but the survey notes that advisors are either not taking advantage of the tools or are not using them as effectively as they could.

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Better integration means greater efficiency, cost control, and improved client experience. Despite that fact, firms acknowledge that technology is not a lead selling point in client decisions to hire them.
Financial planning and client relationship management systems are top of mind focal points for advisors. From the advisor view, better reporting capabilities and better website experiences are the two main points of interest for clients.
The need for better training and education on how to utilize technology systems is apparent. Just buying the technology doesn’t do much to help advisors and firms achieve their objectives. What’s needed is to make technological tools relevant to advisor practices and show advisors how these tools can help them streamline their businesses and provide better service to their clients.
Technology is one of those things where, when everything is working right, few people notice it but the minute something breaks down, it’s a huge problem. So, although clients may not be that interested in technology during the decision making process, a well-integrated technology system can improve quality of service to a point where it can be a selling point for advisors.

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