The Pandemic Pivot (and the Influence of Technology)

  • The Advantages for Those with Top Tier Tech
  • The Need to Commit to a Digital Client Strategy
  • Tech Integration’s Role Post Pandemic

The pandemic forced almost everyone to drastically alter the way they work. At first, advisors found themselves in unchartered waters with in-person client meetings out of the question and a new office set-up in their homes. They were up against new challenges, many of which revolved around technology and staying digitally connected while being forced to stay physically apart. But, they overcame these challenges – albeit in varying degrees of success and with varying levels of support from their wirehouses and broker-dealers.

Fidelity Investments conducted a study that included 422 advisors from various firms to look at the correlation between technology and performance during the pandemic. The results underscore the importance of digital and tech integration — here are the key takeaways from the study:

Tech Integration

It should come as no surprise that tech integration has played a huge role during the pandemic. As technology continues to evolve and new solutions keep popping up, the critical demand for integration will continue. 

  • 94% of advisors expect to see the number of technology providers they use to rise.
  • 82% anticipate the importance of integration to continue to rise over the next 5 years.
  • Tech integration was also one of the top technology changes that advisors have been facing and expect to continue to struggle with moving forward.

Technology Utilization

The pandemic created a need for advisors to pivot and adopt technology to bridge the gap that was created due to in-person client or prospect meetings being impossible.

  • 75% of the respondents noted that the pandemic created an accelerated adoption of digital processes.
  • 67% explored new fin-tech options to add to their existing platforms tools. 
  • In the wake of a strong reliance on technology through the pandemic, many firms developed a formal digital client experience strategy and a firm-wide digital strategy for the first time.
  • Many firms have committed to formally implementing these strategies within the next few years. 

Needless to say, technology’s role in an advisor’s business is only going to continue to grow. The questions are whether you are being well served by your wirehouse or broker-dealer and whether you are prepared to harness the power, efficiency, and new business potential that technology offers.

Digital Empowerment

Technology, when used correctly and to its full extent, can make a world of difference for advisors looking for increased efficiency and growth opportunities. Yet, only 30% of advisors felt their firms had a strong commitment to technology and digital empowerment. While the pandemic forced firms to digitize their service, advisors from more digitally empowered firms have fared better in terms of performance. 

  • 87% of advisors at digitally empowered firms reported gaining greater efficiencies as a result of COVID-19 and 91% reported much improved workflows, compared to 55% and 64% of other firms. 
  • In terms of growth, 84% of those at digitally empowered firms, versus 49% of other firms, felt that the pandemic forced tech improvements that made them a more attractive option for prospective firms, 
  • 86% of advisors at digitally empowered firms, versus 60% at other firms, felt the improvements will help them to retain their current clients. 

The technology landscape is ever-changing and is creating a digital divide separating advisors with and without the tech resources needed to grow. Now more than ever it’s important to stay on the correct side of that divide in order to see the best performance for your business. The vast difference of firms that were already committed to technology and those that were a little late to the game shows just how big of a role it can play for long-term success. 

If you’re not satisfied with the tech options at your current firm, or are just worried about their commitment to stay ahead of the curve, it might be time to consider a move to help you be at the top of your game and stay competitive. 3xEquity is here to help you find exactly what you’re looking for in a new firm. In a matter of days, we can get you offers from the best broker-dealers around and will help you vet each one, making sure each box on your list is checked off.

Click here to get the process started today. 

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