3 Questions to Answer When Evaluating Technology for Business


The right technology for financial advisors’ businesses can increase profitability, decrease friction and prepare your business to thrive in a data-driven economy. The wrong technology slows you down, wastes your time and becomes just another thing that needs your attention. Of the seemingly infinite number of technologies for business, how can you possibly sift through and evaluate all of them? The marketing technology landscape alone is endless:

The challenge is that so much of your pre-purchase evaluation is subjected to the undesirable influences of salespeople, lingo and highly subjective online reviews.

What you need is an objective approach to evaluating any kind of technology and determining if it is useful to your business. We’ve developed a methodology and a rubric that we use to evaluate any technology Vestorly purchases for in-house use. Appropriately, it also serves as a guide for the Vestorly team as we continually develop and refine our platform.

Defining Useful Technology for Financial Advisors

We define technology as useful only if it reduces friction and does not create overhead.

If the time and money you spend purchasing, programming and maintaining your technology is not surpassed by the value in convenience and savings it provides, then its practical purpose is suspect.

To make it simple when it comes to evaluating technology for practical applications in your business, you want to be able answer these three questions positively:

  1. Does it reduce work?
  2. Is there ROI data?
  3. Do clients enjoy it?

Your CRM, email and portfolio management software all pass the test by centralizing access to information and reducing the number of steps to complete a certain task.

Use our rubric to guide you in your evaluations of other technology:

Beware The Same Circus, Different Clowns Effect

Every business owner will at some point use a technology that fails to pass this test. In their haste to replace it with something better, they’ll likely encounter what we call the Same Circus, Different Clowns Effect. The SCDC Effect occurs as a result of thinking that a new provider of the same technology will reduce friction in your life simply because it’s a different provider. When you fall victim to the SCDC Effect you will find that all the work required to cancel one technology and implement a new one was a waste of time.

Holding Vestorly to Our Own Standard

When we examine new technology to support Vestorly’s business operations, we always test it against this rubric to ensure it reduces friction as well as overhead. And, of course, Vestorly holds its own product to the very same standard.

Does it reduce work?

Vestorly reduces work by automating mundane tasks and integrating your workflow. If you want to maintain your social media presence by posting one interesting article each day on Facebook and Twitter, you have to find the article, go to Facebook, go to Twitter and repeat all tasks daily. Vestorly automates the entire process from beginning to end. You’ve just reduced three mundane daily tasks to zero.

Is there ROI data?

Vestorly Reader Profiles display the name and contact information for each of your viewers. Further, see every article each viewer clicks (even beyond the first article they click in an email) and shares. Our Data page reports these full Relationship Profiles instead of just aggregate clicks and views, so you can understand the effectiveness of your communication on an individual relationship level. Knowing that one of your clients is always reading articles you send him or her about succession planning means that you’ve just uncovered a conversation starter and an opportunity.

Do clients enjoy it?

Your relationships enjoy the same online experiences we all enjoy: high-quality, real-time news and stories from premium sources that speak directly to their personal interests. Vestorly delivers this in a delightful manner that deepens your engagement with them. People can see right through contrived, inauthentic, inorganic, out-of-date and repurposed content that other advisors are buying. Just like you, they respect the professional quality of a natural digital experience and real-time news from the sources they trust. People enjoy Vestorly because people enjoy the modern Web.

The next time you’re considering purchasing new software or wondering whether a technology you rely on is truly useful, compare it to our rubric to determine if it’s really worth your business’s time and expense. Take it from us, it’s worth the effort.

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