Wealth Management Technology: Financial Advisor Adoption, Utilization, and Performance
May 29, 2024
The correlation between financial advisor technology adoption and practice performance is growing stronger. According to our latest research, advisory practices considered heavy users of technology tend to outperform other practices in terms of new client growth rates and assets under management (AUM) growth rates. In fact, nearly 30% of heavy technology users are identified as being higher-growth practices over the most recent three-year period, compared to just 9% of light users.
Cerulli’s Michael Rose, MST, shares insight into what technologies are having the most impact on advisor productivity and growth and challenges blocking adoption.
This Session Explores:
·How advisors are accessing technology stacks and how this differs across wealth management channels
·Adoption rates for wealth management technology among advisors and future expectations
·Perceived gaps in the technology made available to financial advisors by their broker/dealers and/or custodians
·Top technologies adopted and benefits provided
·The types of advisors most likely to switch vendors and why
Presented by:
Michael Rose, MST
Director
Bio →
Michael Rose, MST
Director
Michael is a Director and co-head of Cerulli’s Wealth Management practice where he leads a team of analysts dedicated to developing data and insights to support Cerulli’s published research and consulting business. Michael specializes in research and consulting related to the delivery of wealth management services by broker/dealers in addition to wealth management technology utilized across all channels and he is the lead author of Cerulli’s Broker/Dealer Marketplace report and State of U.S. Wealth Management technology reports. Michael regularly engages with key constituents across the wealth management ecosystem, including financial advisors, wealth management firms, asset management firms, and technology providers, in order to measure key market characteristics and to advise executives.
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 market researcher and consultant for IDC, where he was responsible for researching trends within the infrastructure software marketplace and advising senior business executives on technology and product strategy.
Full biography here.
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