The Importance of User Testing in Launching New Technology for Wealth Management Firms

Launching a new technology or AI tool in a wealth management firm can be a game-changer, but it’s crucial to involve the end-users in the testing process. In many cases, firms overlook the importance of beta testing with advisors who will actually be using the technology on a day-to-day basis.

Andree Mohr, president of Integrated Partners, emphasizes the significance of including advisors and practice managers in beta testing groups to ensure that the technology meets their needs and aligns with their existing workflows. Without the advisor’s input, there can be significant barriers to adoption and utilization of the new tool.

According to a survey by Orion Advisor Solutions, advisors are only utilizing about 62% of the tech available to them, with one in 10 feeling they have all the technology they need. This highlights the importance of maximizing the use of existing technology and ensuring that new tools are seamlessly integrated.

Scott Lamont, managing director at F2 Strategy, warns against rushing into tech implementation without proper user feedback. He stresses the importance of having champions within the firm who can advocate for the new technology and drive adoption among their peers.

Ed Friedman, director of business development at Summit Financial, shared a valuable lesson about the importance of listening to advisor feedback. Pausing tech implementation based on received feedback can be challenging, but ultimately leads to better outcomes and increased adoption rates.

While the process of involving advisors in beta testing may take time, the long-term benefits far outweigh the initial investment. As spending on wealth management tech continues to rise, firms must prioritize user feedback and ensure that new tools are meeting the needs of their advisors.

In conclusion, involving advisors in the testing and implementation process of new technology is essential for driving adoption and maximizing the benefits of advanced tools like AI. By listening to user feedback and making adjustments as needed, wealth management firms can ensure a successful rollout and ultimately improve efficiency and client service.