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.
