Did you know that 77% of advisors report having lost business due to inadequate technology to interact with clients during the pandemic? The pandemic also showed that 71% of Americans think their financial planning needs improvement.

For Shufro Rose, an independent wealth management firm headquartered in New York, NY, a focus on technology and evolving financial planning services is continuing to enhance its daily work life and the client experience. By striving to utilize the full suite of Envestnet | Tamarac solutions – Reporting, Trading, and CRM – together with Envestnet | MoneyGuide, the team looks forward to growing its business, servicing its clients better, and creating a more efficient and consistent service and communications experience.

When clients can see a complete picture of their wealth while working with you on creating a goals-based plan, the result can help them achieve financial wellness. Here are four tips from Shufro Rose to help RIAs evolve their practice with technology:

  1. Fully embrace your tech tools. While some might look at new technology as a way to replace old systems, it’s critical to take advantage of all that a new platform can offer. Work closely with your technology partner’s support team to get a sense of tips and best practices. Institute processes and training to maximize effective adoption of technology.
  2. Explore integrated solutions. With financial planning solutions that can respond to specific client needs, you can uncover more opportunities. And when goals-based planning is combined with a complete picture of your client’s wealth, you can move from financial planning to investment management with ease and consistency.
  3. Enhance immediate and transparent communications. Industry-leading technology can help your clients engage digitally, thus enhancing the overall experience. By utilizing Tamarac’s Client Portal, your team can meet with clients – either in-person or virtually – and discuss important account details in real-time.
  4. Ensure firmwide integration. Build an internal team dedicated to your technology platform’s governance and adoption. With this team’s leadership, technology will then cascade seamlessly to your broader organization.

Learn More

To learn more about how Shufro Rose Wealth Management discovered the benefits of bundled solutions on a unified platform, read the case study here.

We are committed to supporting your practice’s needs through best-in-class solutions that include portfolio rebalancing, performance reporting, customer relationship management software, goals-based planning, and so much more. Time to rethink the value of integrated solutions? Visit https://tamaracinc.com/envestnet-suite/ or give us a call at 866-525-8811.

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