State of U.S. Wealth Management Technology 2023
The Technology-Enabled Advisor
Using Technology to Unlock Growth
- Understand how wealth management industry participants are making decisions about WealthTech
- Learn how leveraging technology can increase the efficiency of advisors, improve the client experience, and unlock organic growth
- Gain insight into the ways industry participants are buying, building, and renting technology
- Evaluate the WealthTech addressable market
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Jeremy Fodaski
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Summary
Wealth management firms have increasingly turned to technology to increase the efficiency of their advisors, improve the client experience, and unlock organic growth. This report will examine how wealth management industry participants, including broker/dealers, RIAs, bank wealth managers, and financial advisors, are making decisions about WealthTech. The report will include an original survey of WealthTech decisionmakers to understand the decisions of these participants to buy, build, or rent technology and how this differs by type of tool.
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A Note From the Author
Advisor Use of Front-Office Tools Is Here to Stay
Michael Rose, MST
Director
Bio →
Michael Rose, MST
Director
Michael is a director within Cerulli’s Wealth Management practice, where he researches key elements of the wealth management industry, with an emphasis on broker/dealers and wealth management technology. In this capacity, he regularly engages with constituents across the wealth management ecosystem, including retail investors, financial advisors, and executives within wealth management, asset management, and technology firms, in order to support Cerulli’s market research initiatives.
Prior to joining Cerulli, Michael spent eight years working as a financial advisor, providing comprehensive wealth management services to high-net-worth individuals and families. Prior to his role as a financial advisor, Michael served as a research analyst for IDC, where he was responsible for researching trends within the technology industry and advising senior business executives on product strategy.
Full biography here.
Driven by the need to facilitate a digital work environment, advisor use of certain front-office technologies has grown significantly over the past three years. Our latest research finds front-office technology has made a lasting impact on client satisfaction and advisor productivity.
According to the research, there are seven different types of core front-office technologies that are currently being used by a majority of advisors, including six different technologies (e-signature, investment research, video conferencing, client portal, CRM, and financial planning) that are being used by more than three-quarters of all advisors.
E-signature is the most frequently used technology among financial advisors (92%), up 22 percentage points from 2019 to 2022. The technologies that are most frequently cited as positively impacting the client experience include e-signature (77%), video conferencing (75%), and client portal (64%). Likewise, the technologies that are most frequently cited as positively impacting advisor productivity include video conferencing (75%), e-signature (73%), and CRM (70%).
To learn more, access our latest report, State of U.S. Wealth Management Technology 2023: The Technology-Enabled Advisor. Use this research to evaluate how advisors source their technology, the types of technology they are using and why they are using it, how it is enabling their practices, and the factors that limit their ability to leverage technology.
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