Integrating Technology

Integrating TechnologyDo you ever wonder just how much technology you need for a successful practice? The answer is easy: As much as you can get…or, perhaps, afford.

But independent financial advisors who attended the recent 8th Annual Technology Tools for Today Conference in Miami heard a slightly different message loud and clear: The biggest mistake you can make, they learned, is to think of technology as an expense rather than an investment.

Numbers make the point. For example, research shows that a $100,000 investment in technology by a mid-sized RIA can equal a $1 million increase in business value.  Another study, published in a 2011 white paper, found that firms with sophisticated software-based client management systems generated 46% more revenue than competitors using paper-based files.* Yet current surveys find the average firm spends only 3% to 5% on new technology.

Whether the challenge is aggregating investment data or communicating with clients through social media, technology has become an integral part of any financial advisor’s practice. And it’s not only younger clients who expect this. Retirement gives older clients more time to learn to play with their iPads, iPhones and mobile devices. Whether you like it or not, some clients assume they can contact you 24/7.

As demanding and intrusive as this perpetual availability may be, the right technology opens up new opportunities. Who needs to stay local when a good website can attract clients from anywhere in the country or around the world while video-conferencing can stand in for office visits?

Integrating technology into your practice takes time and effort as well as money. For most advisors, it also takes expert evaluation to select the right tools. At Summit Brokerage, we feel we’ve covered all the bases. Between the technology platforms of our two clearing firms ─ Pershing’s NetX360 and First Clearing’s SmartStation ─ your transactions are handled with the highest standards of accuracy and efficiency.

Summit Brokerage also offers world class platforms including Redtail CRM, Albridge Solutions data aggregation and Docupace’s paperless office solutions for performance reporting, data management, and compliance. We work with the top firms in website development and maintenance so that advisors can expand their online presence. And thanks to our partnership with Erado, a leading archivist of electronic communications, Summit advisors make the most of popular social media outlets like Facebook, LinkedIn, and Twitter.

When it comes to technology, we’ve done the groundwork and made it affordable. This may be something you can’t afford to pass up. For more information on Summit Brokerage Services, or contact us at (800) 354-5528.

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