Every month, the Kitces Fintech Map grows bigger—an impressive visualization of the countless tools available to financial advisors. From CRM platforms like Redtail and Wealthbox, to performance reporting tools like Orion, to financial planning systems like eMoney or MoneyGuidePro, the sheer variety of software is staggering.
But here’s the catch: while this map showcases the incredible potential of fintech, it also highlights the industry’s biggest problem—swivel chair syndrome.
What is Swivel Chair Syndrome?
Swivel chair syndrome happens when advisors are forced to juggle multiple disconnected systems, bouncing between tools for everything from client onboarding to performance reporting to compliance.
• You’re using Orion for portfolio accounting but exporting data into Excel for custom reports.
• Your client notes are logged in Redtail, but your task management lives in Asana or a standalone workflow system.
• Compliance data might live in Schwab Advisor Center while your marketing team toggles between HubSpot and a separate email platform.
This disjointed workflow doesn’t just slow advisors down—it creates data silos, inefficiencies, and unnecessary friction that ultimately impacts client experience.
The Case for a Single Pane of Glass
A single pane of glass eliminates the chaos by integrating these systems into one unified platform. Imagine logging into a single dashboard where CRM, portfolio management, compliance, financial planning, and reporting all work seamlessly together.
Benefits include:
• Improved efficiency: No more logging into 5+ tools to gather basic information.
• Accurate insights: Real-time data syncing eliminates the need for manual updates.
Why the Kitces Fintech Map Reflects the Swivel Chair Problem
The Kitces Fintech Map is both a blessing and a curse. It shows the breadth of technology available to advisors but also underscores a harsh reality: most firms haven’t solved integration.
• An RIA might adopt Orion Risk for risk tolerance and pair it with Snappy Kraken for prospecting, but without integration, those tools function in silos.
• A hybrid IBD might rely on Addepar for client reporting and Salesforce Financial Services Cloud for CRM, but with no bridge between them, advisors are stuck toggling.
• Even advisor platforms like Black Diamond or Tamarac often struggle with fully integrating data from custodians or third-party planning tools like RightCapital.
Advisors are left swiveling between systems, manually entering data, and relying on workarounds to bridge gaps that shouldn’t exist.
1. Audit Your Tech Stack: Use the Kitces Fintech Map as a guide to map out your current tools. Identify where inefficiencies and redundancies exist.
2. Define Key Workflows: Focus on high-impact processes like client onboarding, portfolio updates, and compliance reporting. Where is swivel chair syndrome costing you time or accuracy?
3. Adopt Integration-First Solutions: Look for platforms that prioritize integration, such as Milemarker, which offers seamless data pipelines for tools like Wealthbox, Orion, eMoney, and more.
4. Leverage Automation: Automate repetitive tasks, such as syncing CRM data with custodial platforms like Pershing NetX360 or compliance tracking via ComplySci.
The ROI of Integration
Moving to a single pane of glass isn’t just about cutting down on frustrations—it’s about unlocking exponential growth:
• Better Advisor Efficiency: Advisors can focus on clients, not admin work.
• Stronger Data Accuracy: Integrated systems reduce manual errors and provide real-time insights.
• Enhanced Client Experience: Faster reporting, more personalized planning, and consistent communication create happier clients.
Are You Swiveling or Scaling?
The Kitces Fintech Map is a wake-up call. If your tech stack has turned into a cluttered mess of disconnected systems, you’re not alone—but you can’t afford to stay there. Swivel chair syndrome isn’t just inconvenient; it’s a barrier to growth, efficiency, and profitability.
The future of wealth management belongs to firms that can break free from fragmented tools and embrace true integration. It’s time to stop spinning and start scaling.
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Frequently Asked Questions
What does single pane of glass mean?
A single pane of glass refers to a unified interface that provides a comprehensive view or control over multiple systems or components from a single dashboard or platform. This integrated approach simplifies management, enhances efficiency, and streamlines operations by consolidating information and functionalities into one centralized location.
What is single pane of glass monitoring?
Single pane of glass monitoring refers to a unified dashboard that provides a comprehensive view of an organization's entire IT infrastructure, applications, and services in one centralized location. This approach streamlines monitoring, analysis, and troubleshooting processes by consolidating data from various sources into a single interface, enhancing operational efficiency and decision-making.
What does the single pane of glass approach in cybersecurity refer to?
The single pane of glass approach in cybersecurity refers to a unified platform or interface that provides a comprehensive view of an organization's security posture and allows for centralized monitoring, management, and control of security tools and processes. This approach aims to streamline security operations, enhance visibility, and improve overall efficiency in managing cybersecurity defenses.
What is meant by single pane of glass?
A single pane of glass refers to a unified interface that provides a comprehensive view of multiple systems or data sources in one centralized location. This integrated approach allows users to monitor, manage, and analyze various aspects efficiently without the need to switch between different tools or platforms.
Why fintech is the future?
Fintech is the future due to its innovation, efficiency, and accessibility. It revolutionizes financial services, enhances customer experience, and drives financial inclusion. With advancements in technology and changing consumer preferences, fintech companies are reshaping the financial landscape and paving the way for a more convenient and inclusive financial ecosystem.
How fintech is disrupting traditional banking?
Fintech is disrupting traditional banking by offering innovative digital solutions, enhancing customer experience, and increasing accessibility to financial services. Through mobile banking, online payments, and automated investing, fintech companies are challenging traditional banks to adapt and evolve in the digital age.
Is fintech regulated?
Yes, fintech is regulated by various financial regulatory bodies worldwide, such as the SEC in the United States and the FCA in the UK. Regulations aim to ensure consumer protection, data security, and overall stability in the financial technology industry. Compliance with these regulations is crucial for fintech companies to operate legally and ethically.
Why fintech interview question?
Fintech interview questions are crucial for assessing candidates' knowledge of financial technology, problem-solving skills, and industry understanding. These questions help evaluate candidates' suitability for fintech roles, their ability to innovate, and their grasp of emerging technologies in the financial sector.
What does single pane of glass management mean?
Single pane of glass management refers to a unified interface that allows users to oversee and control multiple systems or applications from a single dashboard. This centralized approach streamlines operations, enhances efficiency, and provides a holistic view for better decision-making.
How does fintech enhance RIA operations?
Fintech enhances RIA operations by streamlining processes, improving client communication through digital platforms, providing data analytics for better decision-making, and offering automated investment solutions. This technology increases efficiency, reduces costs, and enhances the overall client experience in the rapidly evolving financial landscape.
What challenges do IBDS face with integration?
IBDs face challenges with integration such as data migration complexities, system compatibility issues, and resistance to change from employees. Effective communication, thorough planning, and training can help mitigate these challenges and ensure a successful integration process.
How does single pane of glass improve efficiency?
A single pane of glass improves efficiency by providing a centralized interface for monitoring and managing various systems or processes. This unified view reduces the need to switch between multiple tools, streamlining workflows, enhancing visibility, and enabling quicker decision-making.
What are common fintech regulatory hurdles?
Common fintech regulatory hurdles include compliance with anti-money laundering (AML) regulations, data privacy laws, cybersecurity requirements, and obtaining necessary licenses. Additionally, navigating cross-border regulations and ensuring consumer protection pose significant challenges for fintech companies. Staying updated on evolving regulatory landscapes is crucial for success in the fintech industry.
How does fintech impact traditional banking models?
Fintech impacts traditional banking models by introducing innovative technologies that enhance customer experience, streamline processes, and increase competition. This leads to improved efficiency, lower costs, and the need for traditional banks to adapt by embracing digital transformation to remain competitive in the evolving financial landscape.
What cybersecurity benefits does a unified interface offer?
A unified interface in cybersecurity provides streamlined monitoring, centralized control, and simplified management of security tools. It enhances visibility, reduces complexity, and improves response times by consolidating data and alerts into a single dashboard, leading to more efficient threat detection and mitigation.
How do RIAs benefit from tech integration?
RIAs benefit from tech integration by streamlining operations, enhancing client communication, improving data security, and enabling better decision-making through data analytics. This integration boosts efficiency, scalability, and client satisfaction while reducing manual tasks and errors, ultimately leading to increased productivity and profitability for RIAs.
What are the latest fintech trends for RIAs?
The latest fintech trends for RIAs include AI-driven analytics for personalized insights, blockchain for secure transactions, and robo-advisors for automated portfolio management. Additionally, digital client onboarding and cybersecurity solutions are gaining traction in the RIA industry.
How does single pane of glass aid decision-making?
A single pane of glass consolidates data from multiple sources into one interface, providing a unified view for decision-makers. This streamlined access enhances visibility, simplifies analysis, and facilitates quicker, more informed decision-making processes.
What role does fintech play in financial innovation?
Fintech plays a crucial role in financial innovation by leveraging technology to enhance financial services, improve efficiency, increase accessibility, and drive new product development. It enables faster transactions, better risk management, personalized services, and promotes financial inclusion by reaching underserved populations. Fintech also fosters competition, spurs creativity, and challenges traditional financial institutions to adapt and evolve in the digital age.
How does integration affect IBDs competitive edge?
Integration can enhance an IBD's competitive edge by streamlining processes, improving efficiency, and offering a seamless customer experience. It allows for better coordination between different departments, leading to quicker decision-making and a more cohesive approach to serving clients. Additionally, integration can provide access to real-time data and insights, enabling IBDs to make informed decisions and stay ahead of the competition.
What are the key features of fintech platforms?
Fintech platforms typically offer features such as online payments, peer-to-peer lending, robo-advisors for investment management, blockchain technology for secure transactions, and AI-driven chatbots for customer service. These platforms prioritize user experience, accessibility, and innovation in financial services.
How does single pane of glass streamline workflows?
A single pane of glass streamlines workflows by providing a centralized interface for accessing and managing various tools and resources in one place. This integration enhances efficiency, reduces complexity, and improves visibility across different systems, leading to better decision-making and productivity.
What fintech solutions are essential for RIAs?
Fintech solutions essential for RIAs include robust portfolio management tools, automated client onboarding systems, secure data encryption services, and integrated financial planning software. These technologies streamline operations, enhance client experience, and ensure regulatory compliance for Registered Investment Advisors.
How does technology simplify client management for RIAs?
Technology simplifies client management for RIAs by automating tasks like client onboarding, portfolio monitoring, and reporting. It streamlines communication, enhances data security, and provides real-time insights for better decision-making. Additionally, technology enables RIAs to offer personalized services efficiently, improving overall client satisfaction and retention.
What are the risks of fintech integration?
Fintech integration poses risks such as cybersecurity threats, data breaches, regulatory compliance challenges, and potential disruptions to traditional financial systems. It also includes concerns about data privacy, financial stability, and the need for robust risk management strategies to mitigate these potential risks effectively.
How does fintech collaboration improve client services?
Fintech collaboration enhances client services by fostering innovation, streamlining processes, and offering personalized solutions. Through partnerships, fintech companies can leverage each other's strengths to deliver more efficient and customer-centric services, ultimately improving the overall client experience.
What are the best practices for fintech security?
When it comes to fintech security, implementing multi-factor authentication, encryption protocols, regular security audits, employee training on cybersecurity best practices, and staying updated on the latest security threats are crucial. Additionally, partnering with reputable cybersecurity firms and complying with industry regulations like GDPR can enhance overall security measures.
How does single pane of glass facilitate compliance?
A single pane of glass facilitates compliance by providing a centralized view of all systems and data, streamlining monitoring and management processes, ensuring consistency in security measures, and enabling quick identification and resolution of compliance issues across the organization.
What are the cost benefits of fintech adoption?
Fintech adoption offers cost benefits through reduced operational expenses, increased efficiency, lower transaction fees, and enhanced risk management. It enables streamlined processes, automation of tasks, and access to affordable financial services, ultimately leading to cost savings and improved financial performance for businesses.
How does fintech integration support portfolio management?
Fintech integration supports portfolio management by providing real-time data analytics, automated trading, risk assessment tools, and personalized investment recommendations. This technology streamlines processes, enhances decision-making, improves portfolio performance, and increases efficiency in managing investments. By leveraging fintech solutions, portfolio managers can access a wealth of information, optimize asset allocation, and adapt quickly to market changes.
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The Importance of Integration in Financial Technology
In the fast-paced world of financial advising, the ability to integrate various technology platforms is crucial for success. As the Kitces Fintech Map continues to expand, advisors are faced with an overwhelming array of tools that promise to enhance their practice. However, without proper integration, these tools can become more of a hindrance than a help. By adopting an integration-first approach, firms can streamline their operations, reduce the time spent on administrative tasks, and ultimately provide a better service to their clients.
Integration not only improves efficiency but also fosters a more cohesive client experience. When advisors can access all necessary information from a single dashboard, they can make informed decisions quickly and respond to client needs in real-time. This seamless flow of information eliminates the frustration of swivel chair syndrome, allowing advisors to focus on what truly matters: building relationships and delivering value to their clients.
Strategies for Overcoming Swivel Chair Syndrome
To effectively combat swivel chair syndrome, RIAs and IBDs must first identify their key workflows and the tools that support them. By mapping out processes such as client onboarding, portfolio management, and compliance reporting, firms can pinpoint areas where integration is most needed. This strategic approach ensures that the right technology is in place to support advisors in their daily tasks, ultimately leading to improved efficiency and client satisfaction.
Additionally, firms should prioritize partnerships with technology providers that emphasize integration capabilities. Solutions like Milemarker offer robust data pipelines that connect various platforms, enabling a seamless flow of information. By investing in these integration-first solutions, firms can break free from the limitations of disjointed systems and unlock the full potential of their technology stack, paving the way for growth and enhanced client experiences.
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Frequently Asked Questions
What does Milemarker do?
Milemarker simplifies data centralization, unifying advisors for business growth. Clients Control Data. Connects Systems. Automates Insights. Compliance & Reporting.
How does technology enhance wealth management?
Technology enhances wealth management by centralizing data, providing insights, automating processes, improving efficiency, and enabling informed decision-making for advisors. It also facilitates scalability, compliance, and client satisfaction through data-driven strategies. By leveraging technology like Milemarker, firms can streamline operations, increase productivity, and deliver personalized services to clients, ultimately driving growth and success in the wealth management industry.
What tools do finance advisors recommend?
Finance advisors recommend using Milemarker to centralize data, simplify business operations, and gain valuable insights. Milemarker allows for easy access and management of data, integrates with various systems, and provides efficient workflows for scalability and growth. Milemarker enhances operational efficiency, billing processes, and overall business performance, making it a preferred tool for finance advisors.
What is the role of fintech in advisory?
In advisory, fintech plays a crucial role in simplifying operations, centralizing data, and providing valuable insights for better decision-making. It helps automate processes, enhance efficiency, and improve client experience through digital solutions and analytics tools. By leveraging fintech, advisors can streamline workflows, access real-time data, and deliver more personalized services to clients.
How do tech platforms improve client advising?
Tech platforms enhance client advising by centralizing data, automating insights, and simplifying workflows. They ensure real-time access to information, support compliance, enable scalability, and facilitate collaboration among advisors. Through customizable models and efficient billing processes, platforms like Milemarker empower advisors to deliver tailored and informed guidance to clients.
Can technology streamline wealth management processes?
Technology, like Milemarker, can streamline wealth management by centralizing data, automating insights, enhancing efficiency, improving billing processes, and enabling easy access to crucial information for advisors. Milemarker enhances connectivity, simplifies data management, and empowers firms to scale operations effectively.
What technologies are changing investment advising?
Technologies changing investment advising include data centralization platforms like Milemarker for insights, workflow efficiency, and compliance. Business Intelligence tools such as PowerBI, Tableau, Sigma Computing, and Looker enhance data analysis. Automation and connectivity solutions streamline operations and improve client service.
How do advisors utilize data analytics?
Advisors leverage data analytics through Milemarker to centralize and unify data, automate insights, and enable informed decision-making. They can access customized models, scaling capabilities, and enhanced billing processes for efficient operations and growth. Milemarker's approach ensures data ownership, connectivity with various systems, and seamless integration with BI tools for comprehensive data utilization.
What are the benefits of advisor software?
Advisor software, like Milemarker, provides data centralization, automation, and insights for improved business operations. It simplifies workflows, increases efficiency, and promotes growth. Additionally, it enhances collaboration, scalability, and compliance, all while giving advisors better access to crucial information.
How does technology impact financial planning?
Technology greatly impacts financial planning by automating data analysis, enhancing insights, improving efficiency, and ensuring compliance. It enables advisors to centralize data, streamline operations, and provide more personalized and efficient services to clients. Additionally, technology facilitates real-time monitoring, risk management, and the ability to adapt to changing market conditions swiftly, ultimately leading to better decision-making and outcomes in financial planning.
What are the latest trends in wealthtech?
The latest trends in wealthtech include data centralization, automation of insights, customizable business logic, efficient billing processes, and seamless system integrations. Wealthtech solutions like Milemarker aim to simplify operations, enhance data accessibility, and drive scalability for advisory firms, ultimately fostering growth and client satisfaction.
How do digital solutions support wealth advisors?
Digital solutions support wealth advisors by centralizing data, providing insights, automating processes, and enabling better decision-making. These solutions streamline operations, enhance scalability, improve efficiency, and offer access to valuable analytics tools like PowerBI, Tableau, and more for enhanced client service and growth.
What are the key features of advisory tech?
Advisory tech key features include centralizing data, streamlining workflows, automating insights, and providing control over data access and management. Milemarker facilitates data connectivity with various systems, efficient billing processes, and customizable business rules for easy advisor adoption, enhancing overall advisory efficiency and growth.
How is client data used in wealthtech?
Client data in wealthtech is utilized by Milemarker to centralize, simplify, and unify business operations. Through automation, data is unlocked for insights, shared with teams, and aligned with individual firms' unique insights. Milemarker enables firms to control their data, connect systems, and digitize business rules, enhancing efficiency and scalability.
What security measures do financial platforms employ?
Financial platforms employ robust security measures such as encryption protocols, multi-factor authentication, regular security audits, and secure data storage to protect sensitive financial information from unauthorized access and cyber threats.
How is artificial intelligence applied in advising?
Artificial intelligence is applied in advising through automated data analysis, personalized recommendations, risk assessment, and predictive modeling. AI algorithms sift through vast amounts of data to provide insights, improve decision-making, and offer customized financial strategies to clients, enhancing overall advisory services.
What role does data play in wealthtech?
Data is central in wealthtech for driving insights, streamlining operations, and enhancing client experiences. Wealthtech solutions like Milemarker leverage data to simplify businesses, unify advisors, and provide clarity for better decision-making and growth. Through data centralization and automation, firms can optimize processes, enhance compliance, and scale operations effectively in the wealth management industry.
How do advisors customize tech solutions for clients?
Advisors customize tech solutions for clients by leveraging Milemarker's scalable deployment of unique sorting, business logic, and associations. They can build bespoke models, access SMAs, and Alts all in one centralized platform, simplifying the process and enhancing client outcomes.
What are the challenges of adopting new tech?
Adopting new tech can present challenges such as integration issues, training needs, data security concerns, and potential resistance from team members. It's essential to address these obstacles proactively to ensure a smooth transition and maximize the benefits of the technology.
How do regulatory changes affect wealthtech solutions?
Regulatory changes impact wealthtech solutions by requiring compliance adjustments, data security enhancements, and transparency measures. Providers must adapt their platforms to ensure adherence to evolving regulations, potentially leading to increased costs and implementation challenges for users. Additionally, regulatory changes may necessitate updates to functionality and reporting capabilities within wealthtech solutions to maintain compliance standards and mitigate risk for users and firms.
What is the future of digital wealth advising?
The future of digital wealth advising involves centralizing data, automating insights, and scaling operations efficiently. Advisors will leverage technology like Milemarker to unify data sources, streamline workflows, and empower advisors with actionable insights for growth and client success. Embracing connectivity, automation, and digitization will drive innovation and enhance client experiences in the digital wealth advisory landscape.
How can advisors leverage tech for growth?
Advisors can leverage tech for growth by utilizing Milemarker to centralize data, automate processes, gain insights, and enhance collaborations. This platform offers seamless connectivity, scalability, and control over data, enabling advisors to streamline operations, improve efficiency, and focus on client growth while leveraging advanced Business Intelligence tools for analysis and decision-making.
What tech skills should financial advisors have?
Financial advisors should have tech skills such as proficiency in financial software, data analysis tools, CRMs, and cybersecurity awareness. Additionally, knowledge of automation, digital communication platforms, and basic coding can enhance their efficiency and client service.
How does cloud computing benefit wealth managers?
Cloud computing benefits wealth managers by providing access to centralized data, enabling efficient workflows, ensuring data security and compliance, and facilitating scalability. It also allows for seamless integration with various systems, real-time collaboration, cost-effectiveness, and enhanced agility in adapting to market changes.
What are effective data visualization tools for advisors?
Effective data visualization tools for advisors include PowerBI, Tableau, Sigma Computing, and Looker. These tools help advisors make informed decisions, track performance, and communicate insights effectively to clients. They offer interactive dashboards, advanced analytics, and customizable reporting capabilities, enhancing overall data understanding and decision-making processes.
How do mobile apps assist financial advisors?
Mobile apps assist financial advisors by providing access to real-time data, client information, and financial tools on-the-go. These apps enhance communication with clients, simplify workflows, and enable advisors to stay organized and responsive. Additionally, mobile apps often offer secure access to investment platforms and portfolio management tools, promoting efficiency and client satisfaction.
What analytics software do advisors prefer?
Advisors prefer using analytics software like PowerBI, Tableau, Sigma Computing, or Looker, which Milemarker seamlessly integrates with to provide comprehensive insights for their businesses. These tools enable advisors to access, analyze, and visualize data effectively to make informed decisions and drive growth.
How does tech enable real-time financial advice?
Tech enables real-time financial advice by providing instant access to centralized data, insights, and workflows through platforms like Milemarker. Advisors can make informed decisions, analyze trends, and offer personalized recommendations efficiently, fostering growth and control for businesses and their clients.
What are the compliance considerations for advisor tech?
Compliance considerations for advisor tech include data security, data ownership, system integration with existing tools, and adherence to industry regulations like GDPR and SEC guidelines. It's essential to ensure that advisor tech solutions prioritize data protection, user access controls, and seamless data sharing capabilities to meet compliance standards effectively.
Milemarker's platform is designed to simplify your business operations by centralizing and unifying your data. With easy access to insights and workflows that actually work, you can say goodbye to chaos and hello to clarity, control, and growth.
Our client success stories speak for themselves, with industry leaders like Laura Hubbell, Christopher Horvath, and Kevin Cuff praising Milemarker for its ability to provide greater access to data, scalability, and efficiency in operations. Discover the power and value of your data with Milemarker today.
Cutting-Edge Wealth Management Solutions
Designed specifically for modern wealth management firms, Milemarker's platform is built to meet the unique needs of advisors, employees, and firm leaders. From automating data insights to connecting with best-in-class Business Intelligence tools, Milemarker simplifies the process of digitizing business rules and unlocking the full potential of your data.
With Milemarker, you have full ownership and control of your data, ensuring compliance, reporting, and analysis are easy to manage. Connect with us today and join our growing community of clients benefiting from efficient data connections and powerful insights to drive your firm's success.
