The Top 5 Myths About New Financial Technology
Are you hesitant to introduce new technology into your financial advisory firm because you believe it will be too expensive or disrupt your current process? If so, you are not alone. Many financial service decision makers have these same concerns. However, in this blog post, we will debunk the top 5 myths about new technology and show you how the right tool has the potential to drive compliance, revenue, and growth for your wealth management business.
Myth #1: New technology is too expensive.
It’s a common misconception that introducing new technology to your financial advisory firm is too expensive and won’t provide the return on investment you’re looking for. While this is sometimes the case, it comes down to assessing the technology ROI and the value the technology will bring to your firm. The way to get the most bang for your buck is to find the technology that provides a solution to your firm’s unique needs that you will integrate firmwide. The truth is that financial advisor technology that offers value to your firm will have a better technology ROI. To find the best tool for your firm, evaluate ways technology could streamline your processes, increase your efficiency, or help grow your business. You can see Nitrogen’s proven ROI results in our success stories.
Myth #2: New technology will disrupt your processes.
Advisory firms worry that the time and effort it takes to implement new technology will not be worth the disruption it causes to their process. We all know that onboarding new technology can be challenging. If your processes work for you, why fix what isn’t broken? However, the most successful firms regularly evaluate their tech stack and leverage new technology to stay ahead of the competition. Changing or enhancing your current process with the help of the right tool could be the best path for your firm. Look for technology that has highly rated customer service and onboarding support. Getting connected with a great, experienced implementation team will work wonders when it comes to reducing the potential disruption of new technology. At Nitrogen, we pride ourselves on bringing advisory firms many options to learn the ins and outs of the software from 1:1 coaching to regularly scheduled office hours. We have an entire department dedicated to advisor success! You can see some of the feedback we’ve received on Nitrogen’s Wall of Love.
Myth #3: New technology will not have high firmwide adoption.
Some advisory firms and home office executives are hesitant to introduce new technology into their firms because they believe that it won’t be adopted by employees. This concern is higher in firms where the technology decision makers are not the technology users. However, this is not always true. Technology that makes advisors’ jobs easier by freeing them to build client relationships and the best portfolios, is a technology that will often see a high firmwide adoption rate. The ideal adoption rate varies widely depending on an advisory firm’s size. A great indicator of adoption success is finding a technology that has robust marketing and brand awareness and prioritizes advisors’ and clients’ needs. These indicators are critical in identifying technology that will be widely accepted by all the employees in your firm and provide the benefits you are looking for. At Nitrogen, our mission is to empower the world to invest fearlessly. We do that by equipping advisors with world-class technology that makes their lives and jobs easier. You can learn more about why we do what we do on our about page.
Myth #4: New technology won’t have sufficient compliance oversight.
One of the main concerns that decision-makers have is whether or not new technology will be able to provide sufficient compliance oversight. This is a valid concern, as firms are responsible for adhering to a variety of regulations and documenting their clients’ best interests. However, many solutions available today are specifically designed to help firms with compliance. These solutions often provide extensive tracking and reporting features, so firms can easily see how they are performing in terms of compliance. Ultimately, it is important to do your research and find a well-vetted and trustworthy solution. But rest assured that it is possible to achieve compliance with ease. At Nitrogen, we offer Nitrogen Compliance as part of our Ultimate package. With Nitrogen Compliance, your compliance team is empowered with the tools to review thousands of accounts at a glance and take action on client accounts that need attention.
Myth #5: New technology will slow you down.
Some advisory firms think that new technology will create more work instead of less work. Any technology that is going to decrease your efficiency is not worth your investment. Thankfully, a lot of technology on the market today focuses on increasing firms’ efficiency. In fact, many financial advisory firms see a decrease in the time it takes to complete tasks after implementing new technology. For technology to increase your efficiency, it needs to be user-friendly, intuitive, and integrated across your tech stack. Look for technology that has many integrations and automation. At Nitrogen, we’re proud to increase efficiency for advisors and firms across the U.S. We helped transform an advisor’s 14-click process Into a 3-click workflow, scaling profit margins and revenue. This is one of many examples of how we’ve been able to help skilled advisors achieve tremendous results.
As you can see, the benefits of implementing new financial advisor technology far outweigh the potential drawbacks. If you have been hesitant to introduce new technology into your financial advisory firm, we hope that addressing these myths has given you the confidence to take the next step.
If you are looking for a comprehensive financial software solution for your advisory firm, then look no further than Nitrogen Ultimate. With Nitrogen Ultimate, you can achieve greater compliance oversight, increased revenue, and improved efficiency.
The biggest myth about Nitrogen is that it is only a risk alignment platform. The truth is that Nitrogen Ultimate is capable of so much more for your firm. With Ultimate, you can maximize the combined power of all that Nitrogen has to offer from analyzing investments to portfolio analytics, in addition to Nitrogen Compliance which filters accounts in seconds and makes compliance a breeze.
Schedule a demo today to learn more about how Nitrogen can help your financial advisory firm reach new heights.