Without careful planning, your technology can become more of a â€śball and chainâ€ť than a means of growing your practice. Before you know it, you’ll have several very different applications, a web of data passing between systems and a list of impressively marketed features you don’t really need. You can handle this situation in a more effective, inexpensive way.
Having been a former business owner of a technology consulting company to large, fast-growing RIAs, I have insight into the industry that a typical technology manufacturer doesn’t. Technology is about solving problems and creating efficiency â€” not just about bells, whistles and integrations; those are the means to the end. My experience has been that each RIA is unique and has business requirements driven by numerous factors that were developed without consideration for the current technology landscape. The burden of selecting the correct technology for an RIA requires sorting the unique from the mundane, the efficiency creators from the web of complexity and the necessary from the unnecessary. Using the following steps can help ensure a successful technology selection: