In this insightful discussion, Advisor360°’s VP of Enterprise Sales, Eric Esfahanian, and VP of Client Onboarding, Lenny Vernovsky, delve into the evolving landscape of wealth management technology and its impact on advisor experience.
They examine key decisions firms face in implementing new technology, from building in-house to partnering with providers. By exploring trends like personalized onboarding and white glove support, they show how firms can enhance adoption, mitigate risks and create a seamless advisor and client experience.
Eric Esfahanian
In today's market, technology plays a pivotal role in enhancing advisor productivity in differentiating firms in the eyes of clients and their prospects. Wealth management firms are increasingly grappling with a critical decision: Should they build their own technology, partner with external providers, or pursue a hybrid approach?
Each route has its risks. Building can be costly, and buying may present challenges in execution and ongoing support. What are the key trends in client onboarding and technology adoption in wealth management today?
Lenny Vernovsky
Industrywide, there’s a shift towards understanding clients' business needs early in the onboarding process. It now focuses on long-term success, with firms matching technology solutions to business goals and implementing strong post-support plans. This “white glove service” ensures users quickly adapt and feel confident transitioning to new platforms.
Eric: Why is "white glove service" crucial, and where do firms get it wrong?
Lenny: First impressions matter, especially with new technology. White glove support provides hands-on help during the transition, resolving issues quickly to maintain positive momentum. Many firms fail by treating onboarding as a formality, leading to user frustration and disengagement.
Eric: What risks do advisers face during digital transformation, and how can they be mitigated?
Lenny: Change management is challenging because users resist disruptions. Minimizing these and clearly communicating the benefits—like increased efficiency or time savings—helps. Involving clients early in the decision-making process also reduces resistance.
Eric: What role does the support team play in successful technology adoption?
Lenny: Involving support teams early in the client journey ensures a smoother transition. Previously, support entered at the end of implementation, but engaging them from the start builds a relationship that avoids inefficiencies and makes clients feel supported throughout.
Eric: What’s the next big shift in wealth technology?
Lenny: There will be deeper integration between technology and advisory services, with a focus on transformational FinTech. Expect AI-driven insights, personalized tools and platforms that anticipate future needs, creating a seamless ecosystem for both advisors and clients.
Eric: How is Advisor360° addressing these trends?
Lenny: At Advisor360°, we focus on creating a seamless experience through early client engagement and a tailored solution. Our onboarding includes Hypercare—immediate support post-launch to ensure confidence. We involve support teams early to maintain a smooth transition and build relationships from the start.
