Blog Article

2023 is expected to be a strong year for compliance technology solution investments at RIA firms

Mar 28, 2023

Learn more about the concerns and intentions RIA firms have toward investing in compliance technology solutions in 2023.

Orion Advisor Solutions recently released the results from its inaugural Wealthtech Survey, which gauged industry trends and financial advisers’ outlook for 2023. The survey, which included responses from more than 350 financial advisers, found that technology investments in the wealth management industry are expected to remain strong in 2023.

Key findings about RIA firms’ outlook on investing in compliance technology solutions in 2023

The survey results indicated a promising year for technology investments, including regulatory and compliance technology solutions. The results indicated:

  • Over 70% of advisers expect to increase their technology investments in 2023, with only 5% expecting to decrease investments.
  • Advisers consider client engagement and experience, data management and cybersecurity as the top areas for technology investment.
  • Nearly 60% of advisers report that technology has improve their ability to manage their business.
  • Over 50% of advisers report that technology has improved the efficiency of their operations.
  • The most popular technology solutions among advisers include financial planning tools, portfolio management tools and customer relationship management (CRM) software.

However, the results also revealed concerns financial advisers have about investing in technology. The results indicated:

  • While advisers are generally optimistic about the benefits of technology, many are still concerned about the costs associated with implementation and integration.
  • Over 40% of advisers report that they have faced challenges with integrating technology into their business.

The survey indicates that advisers recognize the value of technology in improving their business operations and enhancing the client experience. However, the challenges associated with technology implementation and integration remain a concern for many.

How we can help your RIA firm leverage the benefits of implementing a compliance technology solution in 2023

At RIA in a Box, we offer comprehensive, compliance technology solutions which provide registered investment advisers (RIAs) and wealth management firms with the tools they need to streamline their operations and improve their overall business efficiency. By leveraging our solutions, advisers can automate a variety of tasks, not only saving time but also reducing errors and increasing accuracy.

When firms implement RIA in a Box solutions, they reap several benefits, like:

  • The ability to enhance the client experience.
  • Access to a range of investment solutions and research.
  • The opportunity to offer their clients a more comprehensive investment offering.

By leveraging RIA in a Box, advisers can improve their operations, provide a better client experience, and stay ahead of the curve when it comes to compliance and regulatory issues.