Red Flags When Setting Up Your Firm’s Integrations

The right technology can be a huge boon to financial advisors – automating processes, providing more insights and analytics, and giving clients a better experience. Modern advisors often have a suite of tools they use daily, and whether they are using an all-in-one solution or best-in-breed, the firm’s technology platform can often bring some “red flags” that should be watched out for. In this blog post, we’ll outline some of the key things financial advisors need to look for as they integrate new technologies into their businesses.

With any new technology implementation, there are a few key things to keep an eye out for.

First and foremost, advisors need to make sure that the technology they’re adding will actually save them time and improve their workflow. There’s no point in adding a new piece of software if it’s just going to create more work for you and your team, no matter how popular that tool may be. Make sure you do your research and ask around before making any decisions – chances are someone else has already made the mistake and has written about it or would be quick to share!

Data security is another area that brings increased compliance issues and regulatory red flags. When you’re dealing with sensitive client information, you need to be absolutely sure that your data is safe and secure. Do your due diligence and research the security protocols of any technology you consider adding to your firm. The last thing you want is for your client’s data to be compromised because you didn’t do your homework.

Finally, advisors need to hold their technology tools accountable and make sure they’re getting what they pay for. Technology can be expensive and often takes up a sizable percentage of home office operating expenses, so you need to be sure that the benefits outweigh the costs. Make a list of the features you need and compare it against the price tag. If something seems too good to be true, it probably is. A common request is to receive a free trial to “test drive” the tool before doing so, and during this demo, you can visit the integration options.

Overall, a firm’s unique technology platform is a growing asset and competitive differentiator, but only if it’s integrated correctly. Be on the lookout for these red flags when you’re considering adding new technology to your firm, and you’ll be sure to make the best decision for your business.

If you would like to learn more about Milemarker’s innovative integration solutions, you can schedule some time to meet with us here.

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Kyle Van Pelt

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