Providing the best experience for consumers and advisory firms

Pershing Panel on Integration being Key to Delivering Optimized, Digitized, Ultimate Experience
Gartner’s Paul Sussman, Albridge’s Tony Johnson, NextCapital’s Rob Foregger, and I discussed and answered questions at Pershing’s Integration, Optimization, and Digitization panel.

In hindsight, I believe most of the crowd got stuck on the word “integration”. They thought we were discussing basic data flows among software programs (ie. contact data, AUM, reports, etc as shown below).
However, we panelists used the word “integration” to refer to a system that is both staff and client-facing and also interacts with the advisory firms’ partners (ie. custodians, other partners). The trifecta is built into one system, as visually shown below.
We all wish for less, separate software programs. We all need more operations efficiency to keep the business thriving, manageable, and profitable. And we have to thank the latest round of visionaries like NextCapital and VC firms that are investing in trifecta system development. We also have to be patient. Anything this amazing will take thought, planning, time, and a serious investment of money.

So my take away to advisory firms is this:

Stop waiting for the trifecta
Instead, find the right mix of software programs that integrate. Embrace the time savers and better experience that is available today. Waiting for the trifecta or ‘silver bullet’ means your business is not evolving. You are missing opportunities with consumers that are evolving at a rapid rate. Your consumers, of all ages, have 24/7 needs and expectations that only a better client experience can offer. And your staff are evolving too and need a better work experience to stay engaged.

If this seems overwhelming or of no interest, it might be time to find a larger firm and refocus your time on client meetings and servicing. If you want to evolve, feel free to check out our master list of software vendors by category and start mixing and matching to build your own VirtualCOO™ or use our one-time Boost Call to propel your firm forward.




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Good luck. And as always, health and sanity to you!

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