Building your RIA tech stack: tips, strategies, and best practice

investmentnews.com:

Apart from having the right people to run your RIA business, having the right tech stack to enhance your workflow and productivity is key to your RIA’s success. In some cases, your RIA’s tech stack can even spell the difference between finding and keeping new clients and losing them to another RIA firm with a superior software suite. 

Your RIA’s technology stack can be indispensable for handling tasks ranging from back-office work to crucial income-generating tasks. With a cohesive tech stack, you can do important business activities like your RIA’s performance reports, client account rebalancing, and tracking current and prospective clients. 

In this article, InvestmentNews discusses the importance of RIA tech stacks. We’ll highlight the benefits of a properly assembled suite of tech tools not just for your business, but for your clients as well.  

An RIA tech stack is a set of software tools needed to operate an RIA. This suite of software essentials can provide exceptional service to current and/or potential clients.  

A 2023 study by industry expert Michael Kitces mentions the top three tech solutions most desired and used by RIAs:  

A CRM platform can help your RIA firm manage relationships with your existing clients. This is also an excellent way to keep in touch with new prospects.  

Choose a CRM platform with features like automated lead management and can be integrated with marketing tools – specifically email marketing campaigns for lead generation. This is crucial, since email marketing is one of the best ways to target the right customers.  

With a good CRM platform as part of your RIA’s tech stack, you and your staff will find it easier to nurture new leads and cement long-lasting relationships with your