For financial advisors, the message is loud and clear: invest in technology now or risk being left behind. But there is more to investing in technology than just writing a check.
According to Stuart DePina, President, Envestnet | Tamarac, to extract the most value out of your technology investment, significant planning is required. Implementing technology can be difficult if there’s poor planning, few resources, and no leadership behind the initiative. That’s why RIA firms should spend time developing a plan that supports their investment.
The plan should steps to identify and develop talent – people who can embrace technology and play a key role in the transition. Overall, RIA firms should look for employees who have the interest and enthusiasm for adopting new technology and can infuse that excitement throughout their organization.
True technology champions should embody:
TAMARAC TRAINING AND SUPPORT
The Envestnet | Tamarac onboarding process includes Tamarac University, a three-day classroom program, where new clients hear from both Envestnet | Tamarac consultants and industry peers. The University allows firms to become oriented with the Envestnet | Tamarac platform. This education includes exposure to best practices.
DePina emphasizes, however, that completion of the University program is not the end of the training journey, rather it is the beginning of a process. “Implementing our platform is an evolution,” he says. As users become proficient in some aspects of the platform, they continue to learn about more advanced features, which adds additional value. “It is often a multi-year journey”, DePina says.
More recently, Envestnet | Tamarac is taking much of their educational content and moving it online, which makes it easier for users to continue to improve their skills. They are implementing virtual classrooms as well. In addition, the firm hosts a series of user groups across the nation. The content is advisor driven, but Envestnet | Tamarac provides logistical support. More recently, the firm is launching a virtual users group for those who cannot attend the live events.
Looking forward to 2018, DePina says that the firm will leverage data science to help firms improve performance. The plan is to leverage insights from the data to further improve operational efficiencies at advisory firms.
DePina says that firms deriving the most value from the Tamarac platform have some common characteristics:
For more information, visit: http://www.tamaracinc.com.