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Technology is Another Wedge Issue for Financial Professionals

Technology is critical to operate effectively and provide high-quality client experiences.

Technology is critical for financial professionals, both in terms of operating their business and providing high-quality client experiences, so it’s not surprising that it ranks high on the list of issues that drive financial professionals to seek out a new broker/dealer. Nearly one in three (30%) of survey respondents say better technology could draw them to another broker/dealer — among the top three motivators along with better compensation and the prospect of their current broker/dealer being acquired by a larger firm.

Moreover, among respondents who are likely to change broker/dealers in the next two years, only 38% report satisfaction with their current firm’s technology platform. That’s compared to 71% of total respondents who report some level of satisfaction, including 25% who are “very” or “extremely” satisfied.

One reason tech is such a critical issue for financial professionals considering a switch is that it’s easy to compare between broker/dealers. The difference between best-in-class platforms and technology that’s behind the curve is easy to spot and evaluate. That said, some financial professional  report switching to a new firm for other reasons, only to realize the difference in technology when they arrive.

When asked to name the most important technology options, financial professionals cited an advisory platform/wealth management platform (51%), financial planning software (51%) and performance reporting (44%). In addition, financial professionals tend to report dissatisfaction with technology that’s out-of-date and/or not financial professional-specific. The technology financial professionals appreciate, meanwhile, is accessible, flexible, scalable and secure.