The Rise of Wealthtech


In today’s day and age, one of the biggest differentiators that an advisor can have to make them stand apart from their peers is their technology. The right tech stack can be the difference between pulling ahead of the competition and losing the race—as well as clients. 

The pandemic fueled a shift in the focus of wealthtech towards the early stages of engagement; starting new relationships via digital connection rather than in person. And, while many advisors have returned to in-person meetings, the convenience, ease, and efficiency of initiating and onboarding new prospects digitally isn’t going away anytime soon. 

2022 was a tumultuous year, to say the least, and was especially tough for the technology sector. But despite all that and with ongoing economic concerns, advisors are still going to be investing in wealthtech. Why? One big reason is that prospects and clients expect it.

Orion recently released their inaugural wealthtech survey and the results show that there will be a healthy investment in wealthtech over the next four months. Of the advisors surveyed, 47% say they expect to invest in more technology in 2023, with only one in every ten advisors saying they already have all the technology that is needed.  

According to the survey, Orion expects technology spending to grow by 7%. The big tech focus for advisors in 2023 is going to be regarding client-facing technology. They’re looking to invest in technology that can help deliver a personalized client experience, meet growing client expectations, and personalize asset management.

While the biggest barrier advisors say they face when it comes to tech integration, adoption, and full utilization is time constraints, more and more advisors are finding the time and making the commitment to rounding out their tech stack. As more and more studies suggest tech adoption and integration will increase operational efficiency, save time and money, and fulfill prospect and client expectations, advisors will need to ensure they have a powerful tech stack supporting their efforts and pushing them ahead of the pack—or risk falling behind. 

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