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In an era where the seamlessness of banking apps and smart home devices has become a benchmark for user experience, the realm of professional advice technology often leaves much to be desired.

Advisers are more dependent on technology than ever before, yet while technological advancements continue to skyrocket, adviser satisfaction levels have plummeted to an all-time low.

Why are practices struggling to find advice technology solutions that meet their needs?

There are plenty of high-quality advice technology solutions out there. The challenge for most practices lies in having the resources (time, money, and capability) to allocate towards designing an efficient and effective advice process, sourcing the advice technology capable of delivering it, and then successfully integrating the system into their business.

And the stakes are high. The right technological investments can significantly enhance operational efficiency, improve client satisfaction, and drive business growth; while the wrong choices may lead to inefficiencies, data breaches, and lost opportunities.

This brings us to our next question…

How can practices find advice technology solutions that meet their needs?

When you are time-poor and have an immediate pain point, it’s easy to be tempted by the hype of new software, a sexy sale pitch, or the promise of a seemingly quick-fix solution.

Unfortunately, these “solutions” can often lead to a patchwork of incompatible systems, increased costs, and missed opportunities for genuine efficiency and growth.

The evaluation of advice technology requires a strategic mindset, one that prioritises long-term success over short-term gains. And that begins with getting clear on your needs.

Identify your Needs and Goals

Every financial advice practice is unique, with its own set of challenges, client demographics, operational workflows.

Before jumping into the sea of technology options available, take a step back and assess your own practice’s unique needs and long-term goals. You can do this by conducting a thorough analysis of your current operations:

• What processes consume the most time?
• Where do you see bottlenecks in your workflow?
• How do your clients prefer to interact with your services?

The answers to these questions will help to highlight the specific areas where technology could have the most significant impact.

It’s also important to consider how technology aligns with your practice’s long-term goals. The technology you choose should not only address your immediate needs but also support your practice’s growth and evolution over time. Consider the following:

• Are you looking to focus on expanding your client base?
• Will you be offering new services or making changes to existing services?
• Do you have plans to onboard additional team members?

By understanding your practice’s unique needs and aligning technology with your long-term goals, you can create a strong foundation for making informed technology decisions.

Technology Evaluation – A step-by-step guide

Now that you have a clearly identified your needs, you can begin to explore how technology can address your immediate challenges while also positioning your practice for future success.

A structured and critical approach to is best when evaluating advice technology:


Step 1 – Research and Shortlist




Start by identifying technology solutions that meet your basic requirements and have a good reputation in the industry.
Step 2 – Trials and Demo




Most providers offer free trials or demos. Take advantage of these to test the technology’s functionality, user experience, and integration capabilities.
Step 3 – User Feedback




If possible, get feedback from other advisors who have used the technology. User experiences can provide invaluable insights into the solution’s real-world application.
Step 4 – Cost-Benefit Analysis




Assess the technology’s cost relative to the benefits it delivers. Consider not only the upfront cost (including onboarding) but also ongoing expenses such as subscription fees, maintenance, and training.

Step 5 – Training & Support




Evaluate the level of support and training the vendor provides. Good vendor support can significantly ease the technology adoption process.


This comprehensive evaluation process ensures that investments in technology drive efficiency, compliance, and business growth.

However, evaluating technology for your business involves more than just comparing features and prices. It also requires you to consider the bigger picture and how a technology solution aligns with your practice’s needs and long-term strategy, both now and into the future.

We have identified three key areas to consider when navigating the technology evaluation process:

User Experience

A technology solution can have all the advanced features in the world, but if it’s not user-friendly for both advisers and clients, its effectiveness is compromised.

Tips for evaluating user experience:

• Evaluate the user interface for intuitiveness and ease of use.
• Consider how the technology will fit into your daily workflow and whether it will enhance or hinder your productivity.
• Seek feedback on whether client-facing technologies are accessible, engaging, and support interaction.

Integration Capabilities

In today’s digital environment, financial advisors often use a suite of tools and applications to manage different aspects of their practice. A new technology solution should seamlessly integrate with your existing systems to ensure smooth data flow and prevent disruptions in your workflow.

Tips for evaluating integration capabilities:

• Check for compatibility with your current software.
• Assess the ease with which data can be transferred between systems.
• Ensure integration reduces manual data entry, minimizes errors, and saves time.


As your practice grows, your technology needs will evolve. The technology solutions you choose should be able to scale with your business needs and support your long-term goals.

Tips for evaluating scalability:

• Assess the provider’s ability to offer additional features, users, or data capacity.
• Incorporate future additional features costs into cost-benefit analysis.
• Consider whether the technology aligns with long term goals.

Navigating the tech landscape is a continuous journey for financial advisers. The goal is not to simply keep pace with technological advancements but to leverage them in a way that propels your practice forward and enhances your client relationship.

While following our comprehensive approach to evaluating advice technology will go a long way in helping you to find the right technology for your needs… there’s still one major challenge that we often see in working with practices.

Spills the tea

Quite often the solutions exist and the functionality is there, Advisers just haven’t been given the support and tools they need to successfully integrate the technology into their business.

Put simply, Advisers aren’t being set up for success with their tech.

If you want to work with a team that prides themselves on not only providing great technology, but in ensuring you are set up to get the most of it, reach out to the team at intelliflo today.