With the financial services industry going through a digital transformation, it's becoming increasingly difficult for smaller firms to keep up with the latest technology and practice management tools. As a result, they are struggling to keep up with the pace of change or need more resources or expertise in-house to keep up with the latest developments. What can financial professionals do to meet new challenges in the digital age, especially regarding technology and delivering high-quality services?
In this episode, Ryan and George talk with Joel Bruckenstein, President of T3 Technology. Joel is an expert on applied technology for financial professionals and the Publisher of Technology Tools for Today (T3). He is also the producer of the annual T3 Advisor Conference, a technology conference for independent financial advisors, and the T3 Enterprise Conference, an annual gathering of top executives from independent brokers/dealers and large RIAs.
Joel talks with Ryan and George about the trends shaping the financial services industry, what role technology plays in the acquisition and merger of financial services companies, and the emerging technologies advisors are adopting today.
Key Takeaways
[01:19] - Joel's takeaways from the 2022 T3 Conference.
[03:31] - How the merging of large financial firms affects the financial services industry.
[07:08] - What the T3 conference will be like in 2023.
[08:31] - The biggest mistakes firms make when it comes to technology.
[11:28] - The most likely reason why advisors contact Joel.
[13:34] - Among the biggest trends large firms will look for in the future.
[15:34] - The role technology plays in both the acquiree and the acquirer.
[20:29] - Some of the emerging technologies advisors are adopting today.
[25:47] - Survey on adoption, market penetration, and risk tolerance for 2023.
[31:01] - The expected release date of Joel's survey results.
Quotes
[09:04] - "There are two big mistakes that firms make. One is that they don't think holistically about their tech stack. And the other is they get stuck in whatever they've done in the past." ~ Joel Bruckenstein
[13:54] - "With interest rates going up and already pretty high, it changes the math on some of the acquisitions. Given the current atmosphere, some firms hoping to be acquired may have unrealistic numbers about their worth." ~ Joel Bruckenstein
[26:08] - "Advisors spend more time thinking about risk after the horses have left the barn than when everything's going well and when they should be worrying about where the next big risk is coming from." ~ Joel Bruckenstein
Links
Joel Bruckenstein on LinkedIn
Joel Bruckenstein on Twitter
T3 Conferences
Daniel Crosby
Connect with our hosts
Ryan Donovan
George Svagera
Subscribe and stay in touch
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1946-OAT-10/17/2022
