With the migration of advisor technology solutions over the past several years from local servers to existing in the cloud, the ability for software to be continuously digitally connected has led to a massive rise in software integrations, allowing an ever-increasing amount of data to flow through the “Big 3” technology hub for advisors, going more and more efficiently from one software platform to the next.
Yet as information and data flows more freely across the advisor technology stack, it is becoming increasingly frustrating for advisors to need to log into so many different software packages to manage their business, and for clients to have several different portals to access their document vault, their financial plan, their investment account information, and more. If the software is becoming more integrated, will there soon be a single centralized dashboard for advisors to manage their practices and monitor key performance indicators, and a single portal for clients to effectively manage their personal financial information?
The convergence towards a single advisor practice management dashboard and a single client portal, though, raises the question of where exactly these software tools will be anchored. Should client portals be built around client vaults, or planning software, or portfolio reporting? Should advisor dashboards be built within financial planning or portfolio accounting software, or the advisor CRM instead? Ultimately, it remains to see where the winners will come from – or if an entire new software category for advisors may soon emerge – but for advisor technology companies, they may soon come to the crossroads about whether the purpose of the software is to be the engine that powers and manages the data, or the portal to interface with it.