The strive to be an independent financial advisory firm comes riddled with ironies in the wealth management industry.
I question what “independence” means when advisory firms are required to use their institution’s technology to enter tasks assigned the institution’s staff, have documents e-signed, or respond to alerts and notices. And how much labor (money) is spent tracking the progress of tasks you have assigned to that institution in their software?
We understand completely why Broker Dealers, custodians, and outsourcers are requiring firms to use their own technology – it is about compliance. It is also about profitability and reducing labor costs. The more you use the institution’s systems, the less work their staff has to do AND less need for their managers to oversee their work. Less work equates to less labor cost.
So what if an advisory firm was...
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