Cultivating your tech strategy: Tips from other advisors

Digital tools can help you run your firm more efficiently, reduce costs, and give your clients a simpler experience. But one thing technologies can't do is tell you how to find the right tools for your firm's goals and optimize your investment.
We asked four advisors who have embraced technology for their insights on becoming a digital-forward firm. Here's a sampling of their advice. Be sure to check out the full case studies for more detail.
Harness the power of your CRM
Some firms use their customer relationship management system (CRM) to store client data and little else. Calling their CRM "the heartbeat of our organization," Jamie Wilson believes advisors should think bigger. Much bigger.
Jamie's advice
- Build as many workflows as you can into your CRM. By going all in, you'll deliver great client experiences and save a lot of time in the end.
- Build with integration in mind. Add applications only if they play well with your CRM and other systems. That will help you boost efficiency, save time, and minimize errors.
- Don't be afraid to explore new technology. Keep asking, is there a better CRM? Can we make the client and employee experiences better? Schwab's consultants and resources can help you think through these decisions.
Read how Jamie's firm embraced technology and transformed client service with its CRM.
Use your tools to their full potential
Deciding which technologies to use can feel like a make-or-break decision to smaller firms. Stephanie Barnier recommends focusing on efficiency and workflows first, so you have more time to deepen client relationships.
Stephanie's advice
- Get the most out of the tools you have in place. Don't stack up a bunch of technology just to have it. Learn how to increase efficiency and improve workflows with your current tools first, then think about new investments.
- Focus on automating routine tasks to save time, such as client invoicing. It will make invoicing faster and easier—and your clients won't miss paper statements.
- Build infrastructure early to save pain later. There's usually some back-end work involved when starting up a new technology in your firm, but you won't regret it once the benefits start flowing.
Learn how Stephanie's firm made digital tools the default option for clients.
Adopt a digital mindset across the firm
How can a team of paper pushers become a tech-savvy firm? According to Matt Reiner, it comes down to giving everyone a stake in the process.
Matt's advice
- To build a digital company, build a digital culture. Empower everyone in your firm to suggest changes in your digital processes or take the lead on new digital tools. Treat your successes—and failures—as learning opportunities.
- Assign a project owner for each project. Give this person primary responsibility for working with vendors and Schwab to integrate the technology, train others in your firm, and troubleshoot early issues.
- Don't try to do too much too quickly. Focus on one business vertical at a time. Consult with Schwab's tech experts to make sure you're investing in technology your firm actually needs.
Read how Matt's firm successfully tackled DocuSign integration during COVID-19.
Put clients first in your digital decisions
Most firms view their tech investments through a cost-benefit lens. But Mike McCann says technology can also be measured by answering a simple question: Am I making the client experience better?
Mike's advice
- Make clients your North Star. Put them at the center of your decision making by focusing on tools that help you improve client relationships.
- Invest early in case of disruption. By digitizing trading and day-to-day work now, you'll be able to give clients your full attention in a crisis. You don't want to be bogged down learning new tools when your clients are worried about their futures.
- Log your clients' stories in your CRM—not just their data. Include items like family relationships, key notes, recent emails, portfolio allocations, and other bits of client info. It will help your colleagues keep up a high level of service if you're not available.
Check out how Mike's firm used an annual ADV update to help clients transition to digital.
What you can do next
- See how your Schwab digital tools measure up to your peers with our technology adoption dashboard.
- Learn how to jumpstart your digital journey.
This material is for institutional investor use only. This material may not be forwarded or made available, in part or in whole, to any party that is not an institutional investor.
Schwab Advisor Center® is a website of Schwab for the exclusive use of advisors who custody at Schwab
Schwab Advisor Services™ includes the custody, trading, and support services of Charles Schwab & Co., Inc. ("Schwab"), a registered broker-dealer and Member SIPC, and the technology products and services of Performance Technologies, Inc. ("PTI").
Schwab and PTI are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent of each other. PTI's integration solutions integrate data about accounts custodied at Schwab.
API integration is available through Schwab OpenView Gateway®, which is provided by PTI. Single sign-on is provided by PTI. Daily data files and trading integration are available through Schwab. Schwab OpenView Gateway® and Schwab OpenView MarketSquare® are services of PTI.
References to third parties (whether such parties are vendors participating in a service of PTI or independent advisors using a service of a participating vendor) are not an endorsement or recommendation of, an opinion (favorable or unfavorable) or advice about, or a referral to any product or service of any third party. Advisors are solely responsible for evaluating, selecting, and purchasing products and services offered by third-party vendors. Unless indicated otherwise, third parties are independent and not affiliated with PTI or its affiliates.
Schwab Performance Technologies® ("SPT") provides technology solutions to independent investment advisors, while Schwab provides them and their clients with custody, trading, and related support services. SPT and Schwab are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent from each other.
Schwab Advisor Portfolio Connect® is a product of SPT.
Institutional Intelligent Portfolios® ("IIP") is a technology and service platform made available by SPT to independent advisors who maintain a business relationship with Schwab Advisor Services.
Charles Schwab & Co., Inc., and Charles Schwab Bank® are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products, including the Schwab One® brokerage account, are offered by Charles Schwab & Co., Inc., Member SIPC.
Brokerage Products: Not FDIC Insured | No Bank Guarantee | May Lose Value
Schwab Alliance is a website of Schwab for the exclusive use of clients of advisors who custody assets with Schwab. Schwab Alliance requires a wireless signal or mobile connection. System availability and response times are subject to market conditions and mobile connection limitations.
Functionality may vary by operating system and/or device.
Schwab does not provide legal, tax, or compliance advice. Consult professionals in these fields to address your specific circumstance.