In 2021, 81% of firms expect to increase theirtech budget more than 5% over 2020.
Critical Issues:
- Firms say drivers of tech spend are primarily based on keeping up with competition and client expectations versus exceeding them and achieving growth.
- Predominant focus on tech growth is on improving experiences—improving digital, frictionless client/advisor experiences, integrating platform and ensuring scalability/growth support.
- Post COVID-19, boards clearly commit to spend more on tech.
- Increased spend is now critical to survival of the company unlike in previous years
- First must spend wisely and have good counsel.
F2 Strategy Research, a division of the global consultancy F2 Strategy, delivers intellectual and advisory-based research on technology and business issues impacting the RIA, wealth, bank/trust and family office industries.