At the 2023 Technology Tools for Today (T3) Advisor Conference in Tampa, Florida last month, financial advisors and representatives from across the fintech industry attended a two and a half day conference. Hosted by Joel Bruckenstein and his team at T3 Consulting, the conference will cover how technology providers continue to expand their capabilities and integration capabilities, to how advisors manage their own expanding technology stacks, such as ChatGPT. Everything was covered, down to the ever-present question of how to use AI tools. Influencing the advisory industry.
In this guest post, Craig Iskowitz, CEO and founder of Ezra Group, a financial technology consulting firm, recaps the highlights of this year’s conference in his signature Twitter-driven recap, highlighting the unique financial planning software platform. Kick off with presentation highlights from MoneyGuide. A version of the increasingly popular “one page financial plan”. This reflects a greater demand from advisors to streamline printed plan materials. Additionally, MoneyGuide has rolled out a new “Plan Pulse” dashboard that allows advisory firms to look at all of their clients’ plans and identify those who are behind.
Another ongoing theme at the conference, which has been going on for several years, is extending software integration capabilities to enable clients to communicate without gaps when one tool cannot communicate with another. It’s an ongoing effort to ensure that all parts of the plan are covered. What companies are doing to achieve better integration – Are they working to improve integration with various third-party software tools (such as MoneyGuide), or have a variety of products that can be purchased separately but integrate seamlessly with each other? Do you offer a product or service (e.g. Morningstar) or combine virtually any type of technology tool into a single “growth platform” (e.g. try to provide to
Other major highlights from the T3 Advisor Technology Conference include:
- Brian McLaughlin, President of Orion Advisor Technology, talked about how advisors can add value in ways AI can’t, and about the company that recently integrated ChatGPT into their RedTail CRM software.
- The resources that advisory firms invest in new technology can be wasted if employees don’t know how (or why) to use it. As Trevor Chuna, Chief Technology Officer at Sequoia Financial explained, a software deployment plan includes not only initial training, but also new feature updates, ongoing training, and regular communication for continuous results. It is included.
- A recent Fidelity update provides data that suggests clients are increasingly looking to their financial advisors for help in areas other than investment management. Cost of providing investment control.
- In the final stages of its integration with TD Ameritrade (which is expected to be completed before next year’s T3 conference), the latest from Schwab is that TDA’s Veo Advisor platform (allowing for integration with many third-party platforms). and its thinkpipes confirmed. iRebal trading and rebalancing tools will be retained and migrated to Schwab.
- According to Shirl Penney, founder of Dynasty Financial Partners, RIA owners sell their companies to large RIA aggregators based solely on overall price without fully understanding the terms of the deal. You may regret your decision.
Finally, the annual T3/Inside Information Software Survey, which evaluates software programs used by financial advisors, found nearly every software category to be highly adopted among advisors. This only adds to the challenge of navigating and maximizing the value of numerous software tools through the enhanced integration capabilities of the software platform itself.
Ultimately, the 2023 T3 Advisor Conference will bring together vendors, industry thought leaders, financial advisors, and students to explore the rapid growth and change in the financial planning industry and the new technologies available to help your financial planning business thrive. I was able to get some insight into the tools. It was also noted that with the vast array of upcoming technology solutions, how to use not just the tools themselves, but the entire suite of technology solutions will undoubtedly continue as a topic for future conferences. . Give your clients a seamless planning experience!
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