10 Years, 10 Truths – Number 10 OR Spend money on technology and then spend money on an expert to help you learn it, integrate and get the most from it
So, here I am. Truth number 10. I have had so much fun writing these and I hope you have picked up a tip or two.
My final truth has to do with technology and how you use it. As any of you who have been in this business for more than 10 years know, the technology related to the Financial Planning and Investment arena has probably changed more over this timespan than anything else. Ten years ago, there weren’t very many choices. Now there are so many, sometimes it is head-spinning. However, as we also know, it is technology that will play a bigger and bigger role in your firm, both from an internal aspect as well as with your clients.
Within my “family” of clients, I would say the number one complaint I get is about technology. The advisor has purchased new technology and now there is buyer’s remorse. About 90% of the time, it is because the owner of the firm did not make training a priority. Someone bought it, integrated it, got everyone a password and off they went. So now, in most cases, they are only using maybe 25% (on the high side) of the capabilities of the technology.
One thing you can sure of going forward. The technology is going to get more robust, not less. So, when you purchase and integrate the new technology, have a training plan in place and make it mandatory. Talk about how everyone in the firm will use the technology so it’s consistent from the onset. This, as you well know, is a big monetary investment. Make sure you act like it is!
If you really want to get the most from your technology, I HIGHLY recommend you reach out to Jennifer Goldman at MyVirtualCOO (www.myvirtualcoo.com). Jennifer can help you work smarter, not harder by optimizing the selection and use of your tech, integrations and providers.
So, again, here I am at the end of “10 Years, 10 Truths”. If you want to see any you may have missed, just go to my blog on my website (https://thestrategicimplementer.com/index.php/blog). There is also a pdf out there with all of them listed.
Thanks for listening and please provide me with feedback if you so choose.