Vib Arya, chief operating officer at Shufro Rose, at Wealth Stack, part of Wealth Management Edge at the Diplomat Beach Resort in Hollywood Beach, Florida, is exploring the idea of removing friction through automation. He said that the company, which has a long history, has placed it at the center of its technology stack.
“We have a multigenerational relationship and that is very valuable to us,” he said. “We want our advisors to spend as much time as possible with their clients.”
Shufro Rose uses AI technology through CogniCor as part of its technology stack and can incorporate AI assistants.
Leslie Dentinger, Dynasty Financial Partners' deputy chief technology officer, said the company built the data lake for its “comprehensive data strategy.” Also, Jon Meyer, his CTO at Captrust, said the company uses his Microsoft Copilot for code creation, his ChatGPT for marketing, and creates its own in-house chatbots. I did. Meyer said the company is focused on aggregating data into CRM systems for maximum efficiency.
“Once you understand how to incorporate it into your CRM, you can easily use it elsewhere in your business,” he said.
But Dentinger said that for companies with less than $2 billion in assets under management, following in the footsteps of these larger companies can be cost-prohibitive. Wealth management is a relationship business, so they see their technology as a selling point.
“[Advisers]can say, 'I take your data security and privacy seriously,'” she says. “Use technology to sell who you are and what your company experience will be like.”
Because Dynasty is a network of companies, this means different things to each advisor based on which channel they belong to.
“We are trying to create a technology stack that is flexible enough to accommodate different needs,” she said.
Alia says his company is always trying new things to stay adaptable, which was especially helpful when COVID-19 first hit.
“Advisors have realized that they can work just as well from home as they can in the office,” he says. We have instilled in our people the mindset and confidence to leverage technology. ”
Dentinger said Dynasty is carefully considering how adding new elements to its technology stack can benefit its operations.
“There are a lot of shiny objects out there,” she said. “We really try to ask ourselves, ‘What problem are we trying to solve for our clients?’ Is this a better mousetrap or a new coat of paint?” Is that the mousetrap you did?”
