Technology:
A Revenue
Generator, Not An
Expense Item
RIA Summit West, March 26-28, Colorado Springs
April Rudin
April Rudin is the founder of The Rudin Group, a
wealth marketing firm that helps financial services
firms att...
Which Are You?
Digital
Immigrant Digital Native
Digital Immigrants
Born before existence of digital
technology.
Adopted use of e-mail, smart phones,
etc. late in career.
...
Their Attitudes Toward
Technology
“If it’s not broke, why fix it?”
“The last thing we need is another
expense.”
Digital Natives
Grew up using digital technology.
Never known a work environment
without e-mail, video conferencing, etc.
...
Their Attitudes Toward
Technology
“I need the latest tech tools to stay ahead
of my peers and the competition.”
“Technolog...
Why There Are Problems
 Digital immigrants tend to hold senior positions at firms.
Resulting Problem #1: The “technology...
I Know What You’re Thinking
“My clients haven’t complained yet.”
“Having better technology would be nice
but we can’t affo...
A Shift in Perspective
“Technology is
an expense.”
must become
“Technology is
a revenue
generator.”
What Tech Can Help
Client Reporting
Tech tool: 3D Printer
Aesthetically pleasing client
reports
Something new to show to c...
What Tech Can Help
Attracting New Clients,
Keeping Current Clients Happy
Tech tool: Social media
training for staff
Mainta...
What Tech Can Help
Speeding Up Processes
Fact: Better technology leads
to smarter, faster work.
Thus, it saves money.
Ask ...
Your Choice
“Hey, It Still Works”
Mentality
• Results in patched-
together, mismatched
infrastructure.
“Technology = Inves...
Time for An Upgrade
“To improve is to change; to be
perfect is to change often.”
– Winston Churchill
Q&A + Discussion
Thank You!
Contact:
april@TheRudinGroup.com
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Wealth Management--Technology As A Revenue Generator Not An Expense Item

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Most financial services firms think about technology as an expense item--only investing when something breaks.

Turn your thinking upside down!

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Wealth Management--Technology As A Revenue Generator Not An Expense Item

  1. 1. Technology: A Revenue Generator, Not An Expense Item RIA Summit West, March 26-28, Colorado Springs
  2. 2. April Rudin April Rudin is the founder of The Rudin Group, a wealth marketing firm that helps financial services firms attract the high-net-worth clients they deserve. A recognized expert in UHNW/HNW financial services marketing: Frequent public speaker for groups such as the Family Office Exchange (FOX), Tiger 21, and industry conferences. Frequent contributor to Huffington Post, Family Wealth Report and many other publications on wealth, next gen and technology. Chair of HNW Advisory Board for the HFA (Hedge Fund Association). Member of Advisory Board for PAM (Private Asset Management).
  3. 3. Which Are You? Digital Immigrant Digital Native
  4. 4. Digital Immigrants Born before existence of digital technology. Adopted use of e-mail, smart phones, etc. late in career. Still may not be using social media. (Why not?!)
  5. 5. Their Attitudes Toward Technology “If it’s not broke, why fix it?” “The last thing we need is another expense.”
  6. 6. Digital Natives Grew up using digital technology. Never known a work environment without e-mail, video conferencing, etc. View social media as an integral part of their personal and professional life.
  7. 7. Their Attitudes Toward Technology “I need the latest tech tools to stay ahead of my peers and the competition.” “Technology is an investment.”
  8. 8. Why There Are Problems  Digital immigrants tend to hold senior positions at firms. Resulting Problem #1: The “technology is an expense” mentality infects the entire firm, which leads to: Problem #2: The company is light years behind the competition in terms of technology and operations, and Problem #3: Talented, tech-savvy younger workers leave for better opportunities.
  9. 9. I Know What You’re Thinking “My clients haven’t complained yet.” “Having better technology would be nice but we can’t afford it.”
  10. 10. A Shift in Perspective “Technology is an expense.” must become “Technology is a revenue generator.”
  11. 11. What Tech Can Help Client Reporting Tech tool: 3D Printer Aesthetically pleasing client reports Something new to show to clients Tech tool: Client apps Mobile reporting Tech tool: Better CRM software Segmented and targeted marketing and client reporting
  12. 12. What Tech Can Help Attracting New Clients, Keeping Current Clients Happy Tech tool: Social media training for staff Maintain regular contact with current and prospective clients Create a “web persona” Tech tool: Better web site News flash: Your current web site may be a turnoff.
  13. 13. What Tech Can Help Speeding Up Processes Fact: Better technology leads to smarter, faster work. Thus, it saves money. Ask yourself : “What’s my hourly rate?” Need an example? Generating client reports via CRM software versus Excel spreadsheet.
  14. 14. Your Choice “Hey, It Still Works” Mentality • Results in patched- together, mismatched infrastructure. “Technology = Investment” Mentality • Makes you look like a leading-edge firm.
  15. 15. Time for An Upgrade “To improve is to change; to be perfect is to change often.” – Winston Churchill
  16. 16. Q&A + Discussion
  17. 17. Thank You! Contact: april@TheRudinGroup.com
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