An RIA’S Tech Stack: Your Most Important Decision

A software’s tech stack is a massively important decision for modern RIA’s. Since advisors and their staff interface with software almost constantly, what goes into an RIA’s tech stack impacts growth, efficiency, and results.

Technology is the core to any successful RIA practice because it enhances client services and deliverability. 

Software drives business systems and dictates workflows in almost every aspect of the firm. From accounting and reporting to trading and rebalancing, from customer relationships to marketing, from billing to wealth planning, technology paves the road to growth for RIAs. Technology is what allows advisors to provide personalized services to clients at scale. Technology can be an advisory firm’s competitive advantage, but only when the RIA’s tech stack has been chosen carefully and intentionally.

What’s In An RIA’s Tech Stack

There are three main prongs to an RIA’s tech stack: portfolio management, financial planning software, and a CRM. 

Portfolio management software enables end-to-end trade management and processing, helping advisors become more efficient across every aspect of trading, from client cash demands to avoiding trading errors. Financial planning software gives advisors the ability to better incorporate their clients’ personal goals. Customer relationship management software, or CRM, allows advisors to send targeted communications to clients. 

How to Choose Your RIA Tech Stack

Some advisors might choose software purported to be an “all-in-one” approach that includes portfolio management, financial planning, and a CRM – but many find that it lacks the robust and customized features that independent platforms provide. Certain areas in “all-in-one” softwares may be subpar or rudimentary.

Other advisors might go with the “best in breed” approach, which means they select a specific piece of software that addresses one or two of the three requirements. Although it is generally viewed as a burden to deal with multiple software vendors, advisors get the “best in class” functionality for each requirement.

One factor to consider whenever you are choosing new technology is security. There are two factors to consider for security: the cloud and peace of mind.

The Importance of a Private Cloud

Not all clouds are equal. In a public cloud server, resources are shared and data from unrelated companies may coexist, which can increase risks. A private cloud offers cost savings, security, increased control and increased flexibility and should be part of every advisor’s tech stack. At Blaze Portfolio, we have dedicated hardware and infrastructure that is not shared with other firms, and are optimized for our application. Our goal is to deliver the most responsive and stable system in the industry, and our private cloud delivers.

While some assume that the “all-in-one” approach would provide increased peace of mind, that’s not necessarily the case. By using pre-trade risk and compliance monitoring software, and intraday accounting, advisors can avoid trading errors and always ensure compliance with regulatory agencies’ ever-changing requirements. It is in these areas that an “all-in-one” software can be insufficient, but a “best in class” or “best in breed” technology solution that doesn’t integrate with other tools seamlessly leads to problems. 

At Blaze Portfolio, we satisfy the trading and rebalancing requirements as a “best in class” solution, and integrate with other industry leaders to address every need for an advisor’s ideal tech stack: CRM, financial planning, and of course portfolio management. Schedule a demo today to see how we can help you be more efficient and grow!



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