Experts Weigh In on Their Biggest Efficiency Challenges in Wealth Management [NEW DATA + INFOGRAPHIC]

Experts Weigh In on Their Biggest Efficiency Challenges in Wealth Management [NEW DATA + INFOGRAPHIC]

If there’s one thing everyone uses technology for, it’s to be more efficient. From communication to cooking, our use of gadgets and software allows tasks to be completed faster, cheaper, and at scale so there is more time available for other activities - whether that means more time to add value as a professional or more time for just relaxing. Wealth management is no different, except that the financial industry in Canada (and around the world) has been slow to adopt technology. We wanted to hear from wealth managers today about how they’re viewing the dynamic between technology and efficiency, so we asked them.

We surveyed 53 Canadian advisors to get their input about the biggest efficiency challenges they face at work. The results were very interesting, view the full infographic below to see them.

Technology and Efficiency in Wealth Management

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Of the advisors we surveyed, they had a clear understanding of what their biggest challenges were and three top themes emerged:

  1. Regulatory Compliance
  2. Document Management
  3. Client Communication

The result of these challenges is that advisors have less time to do what would be considered more high-value work. One respondent explains:

“Transactional communication with clients takes time away from doing deep advisory work.” 

To overcome these types of challenges, advisors felt, almost unanimously, that technology could help them to be more efficient. With such a strong response across the board, it’s puzzling why more advisors aren’t engaging with technology. 

Advisors explained that there were two main reasons why technology wasn’t more prevalent already. The first was simply that they couldn’t find the right technology solution to fit their needs. The second was that clients can be reluctant to change or adopt new ways of working. As a result, most wealth managers are either quilting a technology stack to attempt to meet all of their needs, and creating an additional technology management burden, or still working manually with paper processes. 

Our latest ebook unpacks these topics in detail, looking at how technology can actually make wealth managers more compliant, how they can navigate vendor selection processes, and how to increase technology adoption among staff and clients. 

In Pursuit of Efficiency:

Working with Technology to De-paper Wealth Management Processes

Download Complete eBook

If you’re interested in learning more about Mako Fintech or participating in our 2022 survey, please download our ebook above and visit our website.