The final mile of advisor technology

The capital market.

As advisor technology continues to grow and evolve with the latest technologies and innovation, advisors face a constant game of catch up.

What was cutting-edge only a few years ago is now often a dated application that doesn’t integrate with other systems as well as it should. Advisors may also find themselves with capable systems that do not meet today’s needs– for example, mobile access or fiduciary compliance requirements.

According to InvestmentNews: 2017 Adviser Technology Study, the majority of advisory firms have the core technology infrastructure in place to manage their wealth management businesses.  However, “the capabilities that current adviser technologies offer have fractured and evolved dramatically in the last few years,” the study concludes. Given this backdrop, firms looking to “support a modern client experience and enable workflow efficiencies and growth” shouldn’t rest on the laurels of existing infrastructure

Firms that understand the continued need to assess new technologies are using solid decision-making practices to screen their options. According to the same study, the top factors when evaluating existing technology performance or considering new solutions are improving workflows to free up professional’s time and driving needed efficiencies to improve profitability.

Thinking of technology as strategic lever to improve overall business performance is leading firms to make intentional decisions about adopting the right technologies to solve their business problems, rather than just chasing the next shiny object.

Along these lines, firms are also increasing their investments in client-facing technologies to improve the service experience they can deliver online. According to the study, client portals are now a top area of investment as firms see the benefits a fully featured, mobile friendly and integrated portal can bring to leveling the playing field with new digital competitors, while providing a rich, service platform that will drive client satisfaction and open up new business development opportunities from aggregated wealth views.

Additionally, the number of firms planning to offer robo services has doubled in the last couple of years, as these white label digital advice platforms show promise to automate the investment process, while also opening up opportunities for firms to attract new client segments.

Ultimately, these changes identified by the research report, all point to a convergence of technology that advisors need. Having a comprehensive, integrated and fully featured technology stack that can bring all the components of both front and back office applications into one unified system can be a powerful way to start to cross that final mile.

The new Black Diamond Wealth Platform brings together all of these components, from CRM to portfolio management to financial planning to data aggregation, as well as risk analysis into a single, fully integrated system that is immediately future ready.

However, as we know, the final mile never really ends. There will always be innovation and new technologies that can make a real difference in how wealth advice will be delivered. The key message here is that in order for advisors to continue to manage this challenge, they need to partner with the right technology firm that will continue to invest and innovate on their behalf. In a more competitive and challenging future, advisors can find themselves on the wrong-end of innovation if they try and go it alone.

Here at Black Diamond, it is our commitment to provide you with the tools, resources and continued investments on your behalf to keep you on track to complete that final mile.

Learn more about the Black Diamond Wealth Platform at


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Posted in Advisors, Black Diamond Performance Reporting, Technology, Wealth Management and Financial Planning

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