Advisors: Delete and replace these 7 outdated technology tools

With apologies to Marie Kondo, when it comes to wealthtech sometimes more is more. 

Advisory firms that are “heavy users of technology” are outpacing their peers in terms of client and AUM growth, according to a 2024 Cerulli report. And a recent Fidelity study found that tech-forward firms deliver better client experiences and report higher advisor satisfaction than those slower to adapt. 

Still, which tools advisors use matters. That’s why it’s worth taking inventory of a firm’s technology products and practices to determine which are past their prime. Here are seven that are probably worth retiring, along with suggestions for more modern solutions that may prove a better fit for your firm.

Hard-copy habits

As recently as five years ago, printing out multipage client meeting packets was a common practice for financial planners. Today, vestigial hard-copy habits are generally seen as slowing operations, increasing costs, harming the environment and compromising data security. 

Many of these documents are now sent electronically via an online client portal. Last year, J.D. Power found that overall client satisfaction rates were highest among advisors who offered full-service digital experiences.

READ MORE: Want to build a better tech stack? See how these advisors did it

The dinosaur on the desk

Desktop computers once reigned supreme in office settings, keeping advisors and support staff  unnecessarily tethered to fixed workspaces. But laptops paired with monitors and wireless accessories offer greater flexibility. They’re easier to swap out, more portable and better suited for hybrid work and business travel. 

Getting off script

Taking handwritten minutes at a meeting or allocating support staff to field all incoming phone inquiries are nearly antiquated practices these days. Letting go of them makes room for newer tools that offer convenience and efficiency. 

AI-powered notetakers like Jump and Zocks produce detailed meeting transcriptions, saving advisors time and resources, while agentic chatbots can answer common questions, eliminating wait times clients used to endure when calling customer support. More advanced planning solutions include software that delivers deeper scenario analysis and personalized projections. To help protect sensitive data, password vaults and virtual private networks (VPNs) shore up cybersecurity. 

READ MORE: Silicon Valley RIA bets on early AI adoption: Show Me Your Stack

Host with the most

Managing an advisory firm’s website internally keeps control in-house but often drains resources and poses potential risks, as the firm assumes responsibility for security updates, server uptime and data protection. 

These tasks demand constant attention and expertise that most internal teams aren’t built for, making in-house management inherently riskier — miss a patch and you open the door to hackers, overlook monitoring and the site goes down, mishandle data and you face compliance fines.  

Today, turnkey platforms offer hosting, security and design support that free up both time and budget. These human and financial resources  can instead be directed toward marketing channels like social media, which can build brand awareness and engage customer networks via their preferred channels.

Server in the sky

A firm’s data was once commonly housed in an on-site data storage facility. But that also comes with costly upkeep, not to mention with complex regulatory requirements. Cloud-based storage with managed infrastructure and built-in security now offers better protection and less hassle. It reduces the need for ongoing oversight and supports business continuity with centralized access and monitoring.

The index chase

Portfolio reporting used to center on outperforming an index, an approach that can skew long-term financial outlooks depending on how the market is performing in any given time frame. This method belies what matters most to clients: making progress toward personal goals. 

Modern planning platforms allow advisors to show broader retirement readiness in areas such as estate planning, projected income and insurance coverage. Framing performance around client goals builds stronger relationships and creates more opportunities for advice.

Top-of-mind reminders

Many advisors are still playing phone tag and trading emails just to book a client or prospect meeting. Every extra step increases the chance of losing a prospect, and even loyal clients are apt to forgo reviews if scheduling feels like a hassle. 

Nowadays, digital meeting assistants such as Calendly and GReminders simplify appointment management. These tools can send calendar links through email, SMS text or a pop-up website form. They also deploy reminders to keep appointments top-of-mind for clients and advisors.

Some even offer cancellation and rescheduling options.With a cleaner, more capable foundation, advisors can more easily adapt to serve clients in ways that align with where the industry is today and where it’s headed.

Keep in mind that wealthtech isn’t about latching onto the latest trends for the sake of optics. It’s about adopting the best available tech products and practices and making regular refinements. Doing so demonstrates a commitment to innovation and progress while keeping tech stacks streamlined, scalable and secure.