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What Is An RIA Technology Stack?

I'm Brad Wales with Transition To RIA (TransitionToRIA.com). This is episode #59 of my question and answer series where I answer RIA related questions I get from advisors just like you. At it's core, transitioning to the RIA model is simply an exercise in identifying what your current firm provides for you, and determining how to replicate those resources on your own. Technology is a key part of that. In the RIA model, the various technology solutions needed to run a modern day advisory practice, are brought together into a "tech stack". In this episode of my RIA explanatory series I explain, among other things: What a tech stack is. The types of solutions that make up a tech stack. Important considerations to be aware of when designing a tech stack. Why technology is so important for your practice. Come take a look! What I do: At Transition To RIA I help financial advisors understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. RESOURCES & LINKS ___________________________________________ 🔹 Website: https://TransitionToRIA.com/ 🔹 Show notes: https://TransitionToRIA.com/what-is-a... 🔹 Contact me: https://transitiontoria.com/contact/ 🔹 List of all questions I've answered: https://transitiontoria.com/videos/ 🔹 Podcast: https://transitiontoria.com/podcast/ 🔹 Whitepaper ("11 Ways The Economics Of The RIA Model Are Superior To Other Advisor Affiliation Options"): https://transitiontoria.com/whitepapers/ 🔹 Transcription of video: What is an RIA technology stack? That is today's question on the Transition To RIA question and answer series. It is question #59. Hi, I'm Brad Wales with Transition To RIA, where I help you understand everything there is to know about why and how to transition to the RIA model. If you're not already there, if you head on over to TransitionToRIA.com, you can find all of the resources I mention on today's episode. The show notes, the entire video series, podcast series, whitepapers I've made, all sorts of resources to help you understand the RIA model. Again, TransitionToRIA.com. On today's episode, we're going to talk about what is an RIA technology stack, or commonly referred to as a tech stack. If you were to move into the RIA model, part of what you would have available to you either because you would build it out yourself under your own RIA or potentially join an existing RIA that would provide it, is a technology stack. And so the question is, what exactly is that and what goes into one? That's what we're going to talk about here today. To start with, I want to touch on a few quick items on why technology is so important in the RIA model. The first one is the reality that advisory practices have become much more efficient over time. There was a time when to rebalance a client's account involved dumping data into a spreadsheet, doing some calculations, and then account by account going in and manually adjusting the account to rebalance it back to whatever the desired parameters are. Now you can rebalance your accounts with a single click. And in some instances, it's not a click at all, it's set to do it automatically based on particular rules you have set for the account or parameters. You say, “Under these circumstances, then rebalance in this fashion.” That's just one example, but the reality is technology continues to rapidly evolve, and to stay competitive with your peers and what investor-clients are going to expect, you must stay competitive with technology. That trend is never going to change. It's important to understand, how do I build that in the RIA model? What does that look like so I can take advantage of that technology? Related, and this has been spoken about over and over again is fee compression in the industry that, oh, advisors are going to have to lower their fees. And the reality is if you look at some of the studies over the past couple of years, that that is not really happening. The fee is generally not coming down. It varies by client size, household size, things like that. But, that fee is holding firm. What has happened though is advisors in turn have generally had to provide more value, more services for that same fee than they did before. Where once upon a time perhaps solely the construction of an asset allocation and occasional rebalance was enough value to justify the 1% fee, the world has evolved to the point where perhaps you need that and other value-added services in the mix as well. Question is, well, how do you do that without shrinking your margins any more than necessary? Con't.... View remainder of transcription here: https://TransitionToRIA.com/what-is-a... Disclaimer: https://transitiontoria.com/terms/