CRM? Check.
Financial Planning Software? Check.
MS Office or Google Workspace? Check.
Portfolio Management, Risk Tolerance, Rebalancing, Zoom, AI Assistant, Behavior Assessment, Client Portal, Scheduling App, Tax Review Software, Social Security Analyzer, Estate Planning App, Document Management, Advisory Billing, Compliance, File Sharing, Communications, Prospect Generator, Data Gathering, E-Signatures, Education Planning, Business Metrics, Proposal Generator, AI Chatbot, Notetaker? Check, Check, Check???
My goodness, when did our tech stacks get so out of control? If you look at the Kitces FinTech Map you'll find FOUR HUNDRED different software tools for advisors.
Do we really need all of this tech to effectively serve our clients? Or are we being sold plug-ins and add-ons that don't bring any additional value but cost us time and money every month?
This bloat doesn't happen overnight. Often, these tools are added onesy-twosy as a firm evolves. You see something cool at a conference and decide to do a free trial. Now you pay a monthly fee. You heard another advisor brag about his new app and you get FOMO, and now you have another piece of software to manage.
Each new app doesn't just mean another monthly subscription, it means time spent learning the software, installing updates, building integrations, and training new hires. It also adds one more potential exposure point for your clients' data.
Worst of all, it often adds unwarranted complexity without adding substantive value to a client's financial well-being. Seeing yet another indecipherable chart in their annual review doesn't make them sleep better at night.
Your clients don't want to drown in numbers, they want reassurance from a trusted person that they are on the right path.
And the funny thing is, while you thought you were filling in a missing gap in your tech stack, your existing software could already perform that task, you just didn't realize it.
The next time the office slows down a little consider performing an audit on your tech stack. What do you currently own? How much are you currently paying? Have you fully optimized your core apps? Are you duplicating functionality anywhere? Is everything integrated that could be?
Performing this audit on a regular basis can not only reduce your monthly overhead, it can be the life buoy that keeps you from drowning in a sea of tech.