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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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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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.
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A Note From the Author
Advisor Use of Front-Office Tools Is Here to Stay
As director of the Wealth Management practice, Michael is responsible for researching trends within the wealth management industry that impact broker/dealers. In this capacity, he regularly engages with key constituents that comprise the wealth management ecosystem, including investors, financial advisors, financial institutions, and technology providers, in order to measure key market characteristics and to advise financial institutions. Michael also collaborates with his Cerulli colleagues in support of the firm’s broader research into the wealth management industry.
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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