Implementing Strategic Technology in Your RIA • Financially Simple


In today’s high stakes business world, staying ahead of the curve is crucial for success. As a financial advisor-owner, you’re probably always on the look out for ways to improve productivity, increase assets under management (AUM), and boost revenue. That’s where strategically implementing technology in your RIA can be a game-changer. Of course, if you’re not in the financial services industry, technology could be just as valuable to the growth of your business. So, while I’m continuing my conversation with RIA owners, don’t miss the valuable nuggets of wisdom that could be applied to your business, regardless of the industry you work in. With that said, let’s take a look at strategically implementing technology in your firm.

Follow Along With The Financially Simple Podcast!

This week on the Financially Simple Podcast:

  • (0:03) Tangible benefits of embracing technology

  • (3:34) Evaluating your current tech stack

  • (6:36) Technology in 8 Key Areas

  • (7:25) Planning

  • (8:44) Leadership

  • (10:41) Sales

  • (11:26) Marketing

  • (12:30) People

  • (15:13) Operations

  • (16:22) Finance

  • (17:09) Legal

  • (18:15) Steps to implementation

Evaluating Your Current Technology Stack

Recently, I came across a study by ThoughtLab. They found that wealth and asset management firms that embrace digital transformation increase their productivity by 13.8%, AUM by 8.1%, and revenue by 7.7%. Friends, I don’t know about you, but I would love to have increases like this in my company. So where do you fall in this area? Would your contemporaries say that you embrace technology and digital transformation? No matter how you answered that question, it’s important to evaluate your current tech stack.

You see, business owners often find themselves frustrated with technology. It evolves rapidly, and staying up to date can be a challenge. Common pain points include dissatisfaction with the current tech stack, loss of clients due to antiquated technology, high human capital costs associated with the existing tech, and reliance on subject matter experts who can become a bottleneck for progress. So, is your current tech stack helping you to become hyper-efficient and scalable? Does it offer unique and innovative solutions for you and your clients? In what ways do you wish it performed better? These are just a few of the questions to ask yourself as you review the technology in your firm.

Similarly, it’s important to consider how your technology stack aligns with your long-term goals. During the planning phase, evaluating your current technology suite becomes paramount. You must determine whether it aligns with your strategic goals, or if it’s costing you excessive time and money. Additionally, it’s essential to examine whether your technology is integrated across all eight key areas of your business.

Technology in the Eight Key Areas of Your RIA

As I often teach, business owners must be in a constant state of strategic planning in order to reach their desired destination. As we march toward the objective, we frequently have to stop, regain our bearings, and assess where we are going. It’s similar to being on a boat on the ocean. In fact, I’m about to spend some time down in South Florida where I plan to do some offshore fishing. We’re hoping to pull in some mahi mahi, tuna, and wahoo, while we’re down there.

Inevitably, however, the waves will crash against the side of your boat and you have to navigate those waves to stay on course. The same is true with strategic plans. As you begin working to improve one area, it affects others, creating a need for readjustment. So, how does your technology play into all of this?


Did you know that you can build technology that tracks your KPIs? Or that you can outline your goals and see the measurement of success towards your goals? There’s tech that can help with that. Likewise, social listening can be a huge help in your firm’s planning efforts. Basically, you want to keep your ear to the ground to remain apprised of the latest trends and technology in your field.

Advisors across the industry are beginning to embrace and invest in technology to grow their business. In fact, a recent wealth technology survey by Orion Advisors found that 47% of advisors expect to invest in technology this year. Thirty percent of those advisors said they would specifically invest in planning tech. Now, this isn’t exclusive to financial planning technology for clients. It includes planning tech for their firms as well.


Before transitioning my company, we had a bulletin board in our CRM that would notify our team of important dates and details. As I logged in to that bulletin board, I could include messages that would be shared throughout our team. Each time I logged in and added a message, I was reinforcing our vision, our mission and the value of the day. 

Another thing you can do with technology is to recognize your team for outstanding work and achievements. In my currentcompany,  we have is a system that allows us to recognize otheremployees for good acts. We can exchange tokens that can be cashed in to buy things like gift cards or coffee or things of that nature. Now, money is what’s driving it, but nonetheless, the technology allows us to recognize our teammates.


In the sales department, technology is essential for tracking the sales process, collecting data, and analyzing what works and what doesn’t. By integrating customer relationship management (CRM) systems, nurturing campaigns, and request for proposal (RFP) tools, technology can streamline the sales journey and set proper client expectations. Additionally, technology can help narrow your prospects down to only those who are qualified.


Friends, marketing is inundated with technology. Marketing technology is currently used in email, social media, and even nurturing client relationships. But if you use your marketing tech correctly, it can show you an ROI for your marketing dollars. It can pinpoint where your dollars are giving you the best results. 

The marketing departments, KPIs are powerful for me as a business owner, because if I can see what’s happening in marketing the top of the funnel. I can predict where our company is going to be in 12 to 18 months just by looking at the data points from the technology in our marketing department. 

This is why I get so frustrated with so many business owners. Too often, we business owners, especially those of us who are financial advisors, seek instant gratification. We want to pour our dollars into marketing and if we don’t see results by next week, we’re canceling it. But the reality is this… if set up properly, we can use marketing technology to deliver data that we can analyze and create actions from.


You know, I talk about processes, efficiencies, operational efficiency, SOPs, and all these various things that we needin order to drive efficiency within our company, ad nauseam. But did you realize that there is technology that allowsyou to structure processes into a training environment? Veteran industry technology observer, Joel Bruckenstein, says, “Most wealth management firms are only reaching50% of the functionality their tech tools provide, due toinsufficient training and practice.”
Similarly, the CEO of Whatfix Software Company states that, “Digital adoption platforms (DAPs) are a vital tool in the development of personalized training. DAPs integrate with digital tools already in place to provide automated training tailored to the user in the flow of work. A DAP will assign each learner task lists that include relevant walk-throughs, showing employees the best way to perform their tasks at each step. DAPs also make it easy for employers to track learning progress. All of the data working together to improve the overall workflow.” So, you can use technology to create in-depth, streamlined, and scalable training processes.


Efficient operations are vital for a successful business. Technology can optimize your operational processes, improve workflow, and enhance overall efficiency. Inventory management systems, project management tools, supply chain software, and automation solutions can all contribute to streamlined operations and cost savings. But how can operational tech help to improve your client experience?

Well, according to the ThoughtLab study I referenced earlier, just 18% of investors say they are “very satisfied” with the digital experience being provided by their primary providers. Lending further credibility to the impact technology can have on client experience, is a statement made by financial services marketing strategist, April Rudin. She says, 64% of high-net-worth individuals are counting on their future relationship with their financial adviser to be digital.”


Now, I would be willing to bet you’re already using some form of technology in your finance department. At the very least, as a business owner, you have some sort of an accounting software. But technology has revolutionized financial management. From accounting software to expense tracking tools, technology simplifies financial processes, enhances accuracy, and provides real-time insights into your business’s financial health. Moreover, digital payment systems, online banking, and financial planning software enable seamless transactions and effective financial planning.


Recently, I was with a client of mine who works in the coal mining industry. And his job is to educate according to the Mine Safety and Health Administration’s (MSHA) rules, which is the government body of the United States regulators for the coal mining industry, his job is to make sure that the coal mines are in compliance with the regulations. So, did you know that technology can do your compliance training for you?

Friends, this is a game changer for those of us in the financial services industry which is one of the most highly-regulated industries in the world!

Incorporating Technology In to Your Strategic Plans

Folks, the reality is that in all areas of our business, there is a technology suite that can enhance our business, it can move us along the path to the eight figure exit. Maybe you’re saying, “Justin, I want to align my firm with the eight-figure exit so that whenever it’s time to transition, I have the technology that the buyer would want me to have so I can integrate seamlessly.” Not a bad move, in my opinion. So the ultimate question is this… How do we incorporate technology into our strategic plan?

  1. Alignment with Business Goals: Identify your business goals and ensure that the technology you implement aligns with and supports those objectives. It’s important to have a clear understanding of how technology will drive growth, improve efficiency, or enhance customer experience.
  2. Integration and Scalability: Ensure that your technology stack is integrated seamlessly across different departments and functions. Compatibility and scalability are crucial to accommodate future growth and changes in your business needs.
  3. Change Management: Implementing new technology often requires changes in workflows and processes. It’s important to communicate the benefits of the technology to your team, provide training and support, and address any concerns or resistance that may arise during the transition.
  4. Data Security and Privacy: With technology comes the responsibility to protect sensitive data and maintain privacy. Implement robust security measures, data encryption, and compliance protocols to safeguard your business and customer information.
  5. Continuous Evaluation and Improvement: Regularly assess the effectiveness of your technology solutions and make necessary adjustments. Keep an eye on emerging technologies and industry trends to stay ahead of the competition and identify new opportunities for innovation.

Wrapping Up…

Folks, there you have it. Embracing technology and strategically implementing it can propel your RIA toward sustainable growth, increased productivity, and improved customer satisfaction. However, it’s important to consider the challenges and ensure a thoughtful implementation process to reap the full benefits of technology. With the right approach, technology can be a powerful tool that transforms your firm and positions you to achieve your long-term goals.

Look, I know life is hard, but life is good. Truly, it is. Integrating technology to drive toward your eight-figure exit can be frustrating. It doesn’t have to be. By following these steps, you can make tech adoption at least, financially simple. Let’s go out and make it a great day!

Knowing how and when to implement new technology to best serve you and your clients’ needs doesn’t have to be difficult. Reach out to our team. We’re always here to help!

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