The most successful firms don’t just react to change — they anticipate it. In a landscape where technology shifts overnight and client expectations evolve just as quickly, standing still can quietly erode your competitive edge. What once felt like a cutting-edge solution might now be the very thing slowing you down. And while it’s easy to delay change in the name of comfort or caution, the firms that win are the ones willing to ask: Is there a better way? Keep reading — you might just find the answer you didn’t know you were looking for.
Encourage Change and Innovation
Evolving with new technology and adopting new systems and processes can be daunting, especially for firms with established procedures. But staying stagnant means risking getting left behind. The first step to evolving your firm is adopting a mindset of change and challenging the status quo.
A digital transformation doesn’t happen overnight. Think of your firm’s technology journey as a marathon instead of a sprint. You don’t need to change everything at once; instead, embarking on a digital transformation means being willing to change with technology, staying updated on new digital systems, and emphasizing innovation.
These five questions can help jumpstart your journey and highlight quick wins or areas with the biggest opportunities for impact:
- What are your roadblocks or frustrations?
- Where is your risk?
- What are the gaps in your software applications?
- Are you getting value from your technology?
- What do successful firms do differently?
By continually reviewing these questions, your firm can embrace change and create a mindset that looks for innovation and opportunities.
Identify Significant Opportunities
When implemented correctly, digital transformation and new technology create scalable growth opportunities and are tied to significant increases in revenue. But not every system needs to be replaced as soon as an updated digital version becomes available. Instead, focus on the technology changes that provide the most significant growth opportunities for your firm. What tools can be updated to have the biggest impact on client experience, back office operations, or security? Be strategic about your technology to find solutions with the highest ROI.
Many firms perform technology audits to look for roadblocks or inefficiencies in their systems, such as new client onboarding that takes longer than necessary or cumbersome and error-prone back-office data entry. Target the processes where technology can make the most impactful change. And then continue that evaluation process as technology evolves.
Match Technology with Client Preferences
Evolving with new technology isn’t just about chasing new trends—it’s about getting to the core of the client relationship to provide more convenient service, increased personalization, and a seamless all-around experience. Clients increasingly want digital services, and the firms and advisors offering those tools stand out.
When adopting new technology, clients should always be central. What systems will improve the client experience? How can current processes be streamlined or digitized to attract new clients or create a competitive advantage?
Not every system will be client-facing, but even back-office tools that clients never see still impact their experience by freeing advisors and employees to spend more time building relationships and staying organized than navigating outdated systems.
Use Technology to Stay Safe and Compliant
Technology makes it easier for firms to stay compliant, especially when storing and organizing documents and client information. When choosing new technology, keep compliance top of mind and look for tools and systems that streamline compliance instead of adding to the headache. Leveraging digital tools allows firms to easily track regulatory changes, maintain and organize the appropriate documentation, and manage all forms and paperwork for the auditor. A scalable solution means your firm can stay compliant as you grow.
Similarly, a major benefit of evolving with new technology is maintaining updated cybersecurity barriers. As cyber-attacks increase and become more sophisticated, every firm must prioritize protecting private data. Without a robust data strategy system, you risk exposing clients’ information and putting their trust at risk.
Technology is evolving faster than ever — and so are client expectations. With PreciseFP, you can deliver a modern, secure experience that gives clients the privacy and confidence they need to make thoughtful financial decisions. We use the highest-bit encryption available, all information is non-transactional, and we conduct routine internal audits to ensure your data-gathering process is as secure as possible. You’ll also gain peace of mind knowing whether the data you’ve collected meets FINRA’s “Know Your Client” criteria, thanks to our complimentary data quality score. Ready to give your clients the experience of working with a premier, security-conscious firm? Start your free trial of PreciseFP today and see the difference.
