As I stood amidst the crowd of advisors and fintech experts in sunny San Diego at InvestmentNews’ RIA Activate, I was reminded of the dynamic blend of challenges and aspirations that today’s wealth managers face. During my recent panel discussion with three incredible minds, we dove deep into the core of how RIA firms can achieve true efficiency through technology—not by adding more tools but by maximizing what they already have.

Here are the three major takeaways from that discussion, and these aren’t just theoretical. This is the reality that RIAs, faced with tech stack overload, are sharing from the trenches.

1. Efficiency Isn’t About More Tech—It’s About Maximizing the Tech You Have

The first takeaway was a hard truth that the wealth management industry needs to embrace: more tech does not equal more efficiency. Sure, it’s tempting to assume that each new tool or platform will finally solve your issues, streamline your workflows, and improve your bottom line. But that approach often leads to a bloated tech stack that’s underutilized and poorly integrated.

Instead, real efficiency comes from a meticulous strategy around your current tools. For many RIAs, the key lies in evaluating and optimizing the technology already in place. Ask yourself: Are you leveraging all the features? Are you integrating this data with other systems to avoid duplicate entry and fragmented insights? It turns out that “doing more with less” doesn’t just save money; it streamlines operations, reduces staff frustration, and improves the client experience.

2. Data Normalization: The Key to Unlocking Efficiency

During the panel, data normalization emerged as the most critical factor in extracting maximum value from your tech stack. Advisors are using systems that generate data in vastly different formats, from CRMs to portfolio management tools and beyond. Without data normalization, these systems don’t “speak the same language,” which limits the usability of that data.

Normalizing your data means creating a consistent structure, format, and standard across all data points, which allows for easy integration, reporting, and automation. And the best part? Once your data is normalized, you can start to unlock efficiency across your entire tech ecosystem. Firms that invest time and resources into cleaning and structuring their data reap the rewards tenfold, from faster insights to smarter automation. Data normalization transforms data from a passive asset into an active tool for decision-making.

3. Liberating Your Data for Better Control Over Processes and People

The third and perhaps most empowering takeaway was the importance of data liberation. It’s no longer enough to have data “locked” within a single platform, accessible only through that platform’s reports or dashboards. Advisors today need data that is free to move across different systems and workflows.

Why? Because liberated data allows RIAs to customize processes, tailor technology to their specific needs, and empower their teams in ways that were previously impossible. Advisors shared that by taking control of their data, they’re able to structure workflows that align with their unique business processes and client needs. In a world dominated by AI and automation, the freedom to control and direct your data allows for a high-touch, personalized service—exactly the kind of experience clients value.

The Real Goal: Making High-Touch Service More Efficient

Amidst the AI buzz, there’s a concern: while AI and automation drive efficiency, can they still support the personal touch that high-net-worth clients expect? Advisors at RIA Activate were clear—they don’t want to simply be “efficient.” They want efficiency that allows for a better, more intimate service experience.

For RIAs, the way forward isn’t choosing between automation and personalization. Instead, it’s about strategically applying tech to make the personal touch more scalable. Whether that means freeing up time by automating back-office tasks or using insights from normalized data to anticipate client needs, the ultimate objective is high-touch service that’s efficient and, above all, personal.

In Summary: Data Is Your Core

If there’s one lesson from the InvestmentNews RIA Activate event, it’s this: your data is the heart of your business. Technology is essential, but without a data strategy that emphasizes normalization and liberation, your tech stack may actually hold you back. For firms looking to scale while delivering exceptional client experiences, the journey starts with harnessing the power of your data.

As the industry continues to evolve, the winners will be those firms that transform their data from a static resource into a dynamic driver of value, efficiency, and service excellence.