We got asked a great question about how firms should approach the process of adding new technology. The thing is you don't start with thinking about the tech that's the last step! And don't worry we got you covered on all the steps! Let me break down our approach to building strong foundations before adding new tech: 1) Start with Change Readiness The first crucial step is ensuring there's genuine organizational commitment to transformation. Without this foundation, even the best tech solutions will struggle to deliver value. 2) Define Strategic Priorities Take time to clearly articulate your firm's top priorities - whether that's accelerating AUM growth, expanding revenue streams, or elevating client experience. These become your North Star for all decisions. 3) Process Alignment Audit Evaluate every system and process through the lens of these priorities. Ask yourself: "Does this directly support our core objectives, or is it creating friction?" This helps identify which elements need transformation or elimination. 4) Think Process, Not Products The key mindset shift is focusing on your data flow (inputs, processing, outputs) rather than specific tools. Technology should serve your process, not dictate it. Start by designing your ideal workflow without any tech constraints. 5) Simplify Before Sophistication Look for opportunities to eliminate unnecessary steps or redundant processes before adding new solutions. Often, the best optimization isn't adding technology - it's removing complexity. Only after these foundations are solid should you evaluate which tech stack best supports your reimagined workflow. Remember: Technology is just the vehicle to get you from point A to B. The real value comes from having the right destination and a well-mapped route to get there. #wealthtech #ria #fintech #wealthmanagement #assetmanagement #wealthtechselect #digitaltransformation
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I mean, we don't disagree with WealthTech Select, then again, they are our sister company. We like to think some of this rubbed off from the way we think about tech. #copycats #wealthtechselect #wealthtech #ria #digitaltransformation #financialadvisor
We got asked a great question about how firms should approach the process of adding new technology. The thing is you don't start with thinking about the tech that's the last step! And don't worry we got you covered on all the steps! Let me break down our approach to building strong foundations before adding new tech: 1) Start with Change Readiness The first crucial step is ensuring there's genuine organizational commitment to transformation. Without this foundation, even the best tech solutions will struggle to deliver value. 2) Define Strategic Priorities Take time to clearly articulate your firm's top priorities - whether that's accelerating AUM growth, expanding revenue streams, or elevating client experience. These become your North Star for all decisions. 3) Process Alignment Audit Evaluate every system and process through the lens of these priorities. Ask yourself: "Does this directly support our core objectives, or is it creating friction?" This helps identify which elements need transformation or elimination. 4) Think Process, Not Products The key mindset shift is focusing on your data flow (inputs, processing, outputs) rather than specific tools. Technology should serve your process, not dictate it. Start by designing your ideal workflow without any tech constraints. 5) Simplify Before Sophistication Look for opportunities to eliminate unnecessary steps or redundant processes before adding new solutions. Often, the best optimization isn't adding technology - it's removing complexity. Only after these foundations are solid should you evaluate which tech stack best supports your reimagined workflow. Remember: Technology is just the vehicle to get you from point A to B. The real value comes from having the right destination and a well-mapped route to get there. #wealthtech #ria #fintech #wealthmanagement #assetmanagement #wealthtechselect #digitaltransformation
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Want to succeed with your technology investment and reduce tech expense? Financial advice is not an innovative space ?? , and as this report from McKinsey illustrates, changing culture is the first and foremost challenge in extracting value from your tech expenses ?? . Most digital transmissions fail because of the absence of the necessary culture. A key aspect of this is the absence of technical understanding and appreciation in more senior positions. ?? Success comes from differentiation and expressing the value in the differentation ?? . Want to learn more? Take the time to read this report. #financialplanners #financialadvisors #financialadvisers #financialadvice #wealthmanagement #privatebanking
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Where's the Value in IT Due Diligence? Even though Tech Due Diligence isn't yet mandatory, it's increasingly crucial for firms relying on technology. Here's the basics: ???????? TEAM: Ensure your team can scale. If there are skill gaps, address them cost-effectively to support growth. ?? STRATEGY: Build a roadmap that delivers value, eliminating guesswork. Investors want to see ROI. ?? TECHNOLOGY: Identify tech scalability and resilience issues. A tech stack riddled with debt won't support sustainable growth. ??TECH BUDGET: Efficient use of capital matters. Investors demand effective fund deployment for optimal returns. But more interestingly, it also determines the value technology provides, identifies opportunities to optimise and improve, and uncovers ways to make tech teams more productive. Navigating a downturn requires strategic foresight, and IT Due Diligence is the cornerstone for ensuring your tech stack supports your goals. #TechDD #DueDiligence #Strategy #Investment
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Great insight, Hutton! While these crucial step can sometimes be missed or undervalued, I've seen first-hand how a strategic and human-centric approach to tech due diligence can transform potential into tangible value. So keep up the great work! #DigitalValueCreation #TechStrategy #BusinessTransformation
Where's the Value in IT Due Diligence? Even though Tech Due Diligence isn't yet mandatory, it's increasingly crucial for firms relying on technology. Here's the basics: ???????? TEAM: Ensure your team can scale. If there are skill gaps, address them cost-effectively to support growth. ?? STRATEGY: Build a roadmap that delivers value, eliminating guesswork. Investors want to see ROI. ?? TECHNOLOGY: Identify tech scalability and resilience issues. A tech stack riddled with debt won't support sustainable growth. ??TECH BUDGET: Efficient use of capital matters. Investors demand effective fund deployment for optimal returns. But more interestingly, it also determines the value technology provides, identifies opportunities to optimise and improve, and uncovers ways to make tech teams more productive. Navigating a downturn requires strategic foresight, and IT Due Diligence is the cornerstone for ensuring your tech stack supports your goals. #TechDD #DueDiligence #Strategy #Investment
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Many advice firms are now seeking simplicity in their tech stacks. Careful evaluation is needed to ensure that the technology is fit for purpose and suitable for your business size and capability. Technology investment is critical, but it should be in the right areas. #wealthtech #simple #techdesign #execution
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Executive Managing Director / Head of Property and Facilities Management Work Dynamics
Financial services organizations have shifted investment priorities and digital transformation initiatives since 2020. Discover the key catalysts driving transformation for CRE in the #FinacialServices industry. Read our latest Financial Services: Future of Innovation Hubs report to explore more >>
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Today’s investors are accustomed to streamlined and friction-free digital experiences across all facets of their lives. For many advisors, delivering on this expectation is dependent upon the technology put in place by their wealth management firms, which have traditionally been fraught with siloed systems and disparate workflows. When those inefficiencies get passed on to the client in the form of additional paperwork, data inconsistencies and confusion, retention, experience and satisfaction suffer at every level. Learn more about the impact of disconnected tech on the client experience: https://hubs.ly/Q02W824H0 #FinancialAdvisor #WealthManagement
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Senior Director & Head of Engineering @ Acuity Knowledge Partners | AI-enabled Digital Products and Solutions | DevSecOps Evangelist
Digital transformation is not just about adopting the latest tools or technologies. It's more about the mindset shift. Many banks and financial services have invested heavily in modern IT infrastructures, yet less than 10% have fully transformed their operations around a true digital core. Why? In my role, where I have been leading teams to embrace new technologies, I have come to understand that there are three key pillars for any change management process to succeed: 1?? Customer Experience First: Customers are the centre of focus for an organization that is supposed to drive digital transformation. The client does not worry about using the backend, which is what competitors do. They care about speed, ease, and security. 2?? Operational Excellence: It's not enough to create a slick interface. To truly transform, organizations must ensure that their back-end operations are robust. This is where the magic happens – combining tech with real-world applications to create meaningful experiences. If you are still doing what you were doing earlier with no major change in the steps and stages of the process, you are probably not doing it right. 3?? Scalability: The financial landscape is evolving rapidly, and one-size-fits-all is no longer an option. Leveraging cloud-based solutions allows for flexibility and scalability, letting financial institutions grow with their customers' needs. In practice, those pillars have served well in leading the changes I have learned from various instances. In my own experience, these pillars have been critical in driving transformation. It’s not about applying tech for the sake of it; it’s about strategic tech adoption to truly reshape the way businesses operate. Pro tip: Keep your end goal clear—delivering value to the customer. With the right tools and a focused approach, digital transformation is within reach for every financial institution. #DigitalTransformation #Fintech #CustomerExperience
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Financial services organizations have shifted investment priorities and digital transformation initiatives since 2020. Discover the key catalysts driving transformation for CRE in the #FinacialServices industry. Read our latest Financial Services: Future of Innovation Hubs report to explore more >>
Financial Services: Future of Innovation Hubs
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If you haven’t embraced technology, your business might have a hidden value gap. Read our latest article to learn how investing in a digital transformation can boost your company’s value and drive more revenue. #TechEnablement #DigitalTransformation
SEI | Insights | Closing the Value Gap with Technology
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