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Why Advisers Should Update at Least One Tech System Every Year

According to this article on Investment News advisers should be making technology changes if they want to keep up with their competitors and take advantage of opportunities to improve their client experience. That is, of course, an investment-focused view. 

Now take the insurance one. From suspect to one month after first annual review a financial adviser focused on insurance has multiple systems to work from. Desktop software, or the cloud equivalents, a main CRM, marketing tools, cloud storage, quote tools, research, cloud marketing programmes, accounting software (probably also cloud) and so on. But the same lesson applies: you need to review and upgrade your systems regularly. In fact, the guideline of one system per year must really be a minimum: at that rate you would only work your way through the list above every seven years, which is an awfully long cycle for IT. But at least reconciling yourself to annual upgrade cycles will keep the issue on your annual planning agenda. 


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