wealth management--technology as a revenue generator not an expense item

Technology: A Revenue Generator, Not An Expense Item RIA Summit West, March 26-28, Colorado Springs

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Most financial services firms think about technology as an expense item--only investing when something breaks. Turn your thinking upside down!

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Technology:

A Revenue Generator, Not An Expense Item

RIA Summit West, March 26-28, Colorado Springs

April RudinApril Rudin is the founder of The Rudin Group, a

wealth marketing firm that helps financial services

firms attract the high-net-worth clients they deserve.

A recognized expert in UHNW/HNW financial services marketing:

Frequent public speaker for groups such as the Family Office Exchange (FOX), Tiger 21, and

industry conferences.

Frequent contributor to Huffington Post, Family Wealth Report and many other publications on

wealth, next gen and technology.

Chair of HNW Advisory Board for the HFA (Hedge Fund Association).

Member of Advisory Board for PAM (Private Asset Management).

Page 3: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Which Are You?

Digital Immigrant Digital Native

Page 4: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Digital Immigrants

Born before existence of digital technology.Adopted use of e-mail, smart phones, etc. late in career.Still may not be using social media. (Why not?!)

Page 5: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Their Attitudes Toward Technology

“If it’s not broke, why fix it?”“The last thing we need is another

expense.”

Digital NativesGrew up using digital technology.Never known a work environment without e-mail, video conferencing, etc. View social media as an integral part of their personal and professional life.

Page 7: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Their Attitudes Toward Technology

“I need the latest tech tools to stay ahead of my peers and the competition.”

“Technology is an investment.”

Page 8: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Why There Are Problems

Digital immigrants tend to hold senior positions at firms.

Resulting Problem #1: The “technology is an expense”

mentality infects the entire firm, which leads to:

Problem #2: The company is light years behind the

competition in terms of technology and operations, and

Problem #3: Talented, tech-savvy younger workers

leave for better opportunities.

Page 9: Wealth Management--Technology As A Revenue Generator Not An Expense Item

I Know What You’re Thinking

“My clients haven’t complained yet.”

“Having better technology would be nice but we can’t afford it.”

Page 10: Wealth Management--Technology As A Revenue Generator Not An Expense Item

A Shift in Perspective

“Technology is an expense.”

must become

“Technology is a revenue

generator.”

What Tech Can Help

Client Reporting

Tech tool: 3D Printer

Aesthetically pleasing client

reports

Something new to show to clients

Tech tool: Client apps

Mobile reporting

Tech tool: Better CRM software

Segmented and targeted

marketing and client reporting

Page 12: Wealth Management--Technology As A Revenue Generator Not An Expense Item

What Tech Can HelpAttracting New Clients,Keeping Current Clients Happy

Tech tool: Social media training for staff

Maintain regular contact with

current and prospective clients

Create a “web persona”

Tech tool: Better web site

News flash: Your current web site

may be a turnoff.

Page 13: Wealth Management--Technology As A Revenue Generator Not An Expense Item

What Tech Can Help

Speeding Up Processes

Fact: Better technology leads to smarter, faster work.

Thus, it saves money.

Ask yourself : “What’s my

hourly rate?”

Need an example? Generating

client reports via CRM software

versus Excel spreadsheet.

Page 14: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Your Choice

“Hey, It Still Works” Mentality

• Results in patched-together, mismatched infrastructure.

“Technology = Investment”

Mentality

• Makes you look like a leading-edge firm.

Page 15: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Time for An Upgrade

“To improve is to change; to be perfect is to change often.”

– Winston Churchill

Page 16: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Q&A + Discussion

Page 17: Wealth Management--Technology As A Revenue Generator Not An Expense Item

Thank You!

Contact:[email protected]

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