Knowledge and Insight > Manage Your Practice

Adviser shares two technology must-haves to help land prospects

Liz | InvestmentNews, October 2016

Summary: The experience that financial advice clients expect today has evolved, and firms that don't have speedy service are going to get rolled over, said Alex Murguia, managing principal of McLean Asset Management in McLean, Va. He is also a board member of inStream Solutions, a financial planning system. What's even more surprising is the role Mr. Murguia sees technology playing for future advisers — and it has nothing to do with robo-advice.

A prudent small firm can find all the technology, including the CRM, portfolio management system and financial planning system, for about $5,000 to $10,000 a year. The reality is, if you're starting your firm and you can't spend at least that much, you really have no business being in business. Many of these things are priced based on accounts, so, as you grow, you're fine paying it ."