T3 Conference, March 3-6, 2025, Dallas, TX – REGISTER NOW
Technology Tools for Today – Save $200 With Our Code: T32025RIACHAN
Joel P. Bruckenstein, Financial Services FinTech Expert and President of Technology Tools for Today (T3), joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how advisors need to consider the needs and profile of their clients when planning a portfolio of technology solutions.
Bruckenstein encourages those advisors to consider a holistic technology framework rather than evaluating each technology and vendor in their own silo. All of the technology has to work together. The T3 Technology Conference, which takes place March 3 to 6 in Dallas, will showcase all of the key fintech solution providers used by financial advisory firms.
After a career as a financial advisor, Bruckenstein pivoted to technology consulting. When deciding on a new tech stack, advisors need to consider their typical client profile and how to best serve their needs. Key determinants of technology needs include the age of the clients and the complexity of their investment portfolios.
While everyone is talking about artificial intelligence, advisors should have goals for what they want to accomplish with AI. Not everything today needs a big dose of AI. AI will not work unless it has access to standardized data. Before implementing AI, advisors need to understand the regulatory environment. It is relatively safe to use AI, such as notetaking applications, for client service. It can be challenging to use AI to provide advice or for portfolio construction, as the SEC wants transparency in the process, which is not yet provided by AI solutions. While AI will totally revolutionize the industry, it will not replace advisors. Each advisory firm has its own process and intellectual property that AI can magnify.
Industry growth has been fueled inorganically through private equity investments, mergers, and acquisitions. To foster organic growth, Bruckenstein notes that advisors need to leverage technology and think strategically about what is important to building relationships. The typical advisor may spend half their time on back-office issues and portfolio construction. By leveraging technology to reduce the time spent on these tasks, advisors can spend more time with clients and prospects to accelerate organic growth.
T3 Conference, March 3-6, 2025, Dallas, TX – REGISTER NOW
Technology Tools for Today – Save $200 With Our Code: T32025RIACHAN
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