State of U.S. Wealth Management Technology 2024
Drivers of Technology Use within the Advisor Practice
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.
A Note From the Author
Advisor Technology Stacks Are Fueling Practice Growth
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.
Advisors considered heavy users of technology tend to outperform other practices in terms of new client growth rates and growth rates in AUM. According to our research, nearly 30% of heavy technology users are higher-growing practices in terms of new client acquisition over a three-year period, compared to just 9% of light users.
Enhanced technology usage is fueling greater efficiency and productivity across practices, driving better outcomes for advisors and their clients. The tools advisors attribute most to improving operational efficiency include e-signature (65%), CRM (44%), and video conferencing (29%). These technologies also happen to be among the most frequently used within advisor practices, ranking first, second, and fourth most widely utilized technologies among advisors, respectively.
Explore our latest research on the financial technology advisors find most important to growth and why with Cerulli’s report, State of U.S. Wealth Management Technology 2024. Wealth managers can use this report to evaluate advisor use of technology and develop strategies to optimize the advisor/client experience and outcomes. WealthTech providers can leverage this research to better understand the factors that are influencing how technology is being deployed and utilized across the retail financial advisor universe, drivers of technology satisfaction, and to identify attractive client segments.
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