How Do Advisors Choose the Right Technological Solution For Their Business

– Chris Henien

This topic is coming up more and more within the Financial Advisory world. What technology solution is right for my business? What do I need at a bare minimum? Should it be state of the art? Should I be open to newer platform providers to save on costs?

No matter what stage of the process you are in, there is a solution to help navigate through. With so many tech inventions available on the market today, rest assure almost all of them can be exciting with many benefits.

As with all new users, you are wondering what the next investment should be and how would it be applicable to your business? AI or ML powered or both? The underlying question is what does your business exactly need?

When financial advisors venture out on their own the following platforms are needed:


Compliance is the name of the game and is such an essential necessity for all firms operating in the financial services space. Accessing a robust compliance platform can help financial advisors relieve some of the burden of operating a firm and play a role in assisting a dedicated compliance officer with company needs. Any compliance platform should have access to the necessary documentation required to working with clients, compliance document templates, employee supervision, due diligence and more. Furthermore, many of these tools may come in the form of a web-based platform and or an app with built-in features. Chris Henien states that the industry is evolving, and tools will help financial advisors do business effectively, efficiently and fast.

Customer Relationship Management

Salesforce and Advent used to dominate the CRM space for a long period of time up until newer, smaller, niche platforms started to emerge over time. In a space where more participants start to enter the market, the costs tend to go down and become more affordable. From a technology participant perspective, the market would tend to get saturated. This is of course highly dependent on the jurisdiction of the business and knowledge of working in key geographies. Chris Henien tends to see more technology participants in developed markets than in small or emerging markets. Henien eyes the low hanging fruit so to speak.


All financial advisors in the industry of managing client money must have partnerships with key custodians and or brokerage platforms. Such partnerships will help financial advisors invest, allocate and manage client money. Depending on the jurisdiction you and your clients are in, working with entrepreneurially & technology focused custodians with a knowledgeable framework of serving financial advisors are important.


Utilizing new technologies into a business environment is important for any financial advisor to consider. Common requirements obviously fall under compliance, reporting & consolidation, CRM and custodial are few prime examples. New platforms and directories are also helping financial advisors optimize their online presence. Platforms like plays a role in helping potential clients find financial advisors. Think of Yelp for Financial Advisors. There are platforms that help financial advisors design and create investment products cost-effectively. Chris Henien understands that financial advisors are wary of what platforms are out in the market and with the right branding and strategy, smarter choices can be made.

Choosing the right technology for your financial advisory business is never easy. There are common tools that are commonly selected as part of the startup journey. They tend to change over time, depending on the level of the business, number of staff including financial advisors and planners. All stakeholders play an important role in this journey of serving client.

Related Stories