OMAHA, Neb.--(BUSINESS WIRE)--Orion Advisor Solutions, the premier provider of transformative wealthtech solutions for fiduciary advisors, has unveiled the results of its inaugural wealthtech survey during the opening session of the firm’s flagship Ascent conference in Orlando, Florida. The survey, administered to a broad cross-section of independent advisors, seeks to provide financial professionals with actionable insights that will help them prioritize technology investments and position their practices for success.
The survey results show that despite macro-economic headwinds persisting into 2023, tech spending will remain strong and steady, with 47% of advisors saying they expect to invest more in technology in 2023. Only one in 10 advisors say their firm has all the technology solutions it needs. Sixty percent said they have “most” of what they need. The survey also revealed that technology spending across the board is expected to grow by 7%.
In particular, the study found that technology to meet higher client expectations and personalized asset management round out the top areas advisors plan to invest in. Sixty-seven percent of advisor respondents indicated a clear priority would be investing in technology to help deliver a more personalized client experience.
Keynote speaker and renowned advisor coach Dennis Moseley-Williams says that organizations must understand that experience, rather than goods and services, is the predominant economic offering in the world today.
“It’s clear that advisors recognize the role of technology in saving time and money, introducing operational efficiencies and elevating the client experience,” said Eric Clarke, founder and CEO of Orion. “At Orion’s 2023 Ascent conference, we’ve gathered more than 1,600 advisors and industry leaders for candid, practical conversations about how to deliver highly personalized, memorable client experiences that help counter-balance macro-economic anxiety. We believe that advisors are more than ready to rise to the challenge.”
The survey results also revealed that there is significant room for firms to maximize usage of their existing tech stacks. Sixty percent of advisors surveyed indicated that lack of time is the biggest barrier to technology adoption at their firm.
“Our survey confirmed that the majority of advisors who integrated their tech effectively were also growing more rapidly. The fact is that integration ultimately frees resources to be reallocated toward growth efforts. More than half (57%) of advisors say the lack of integration between their core applications is the biggest pain point with technology,” added Clarke.
Introduced earlier this month, Orion Stacks brings the full power of Orion to clients through an integrated end-to-end advisor experience and provides substantial discounts compared to purchasing standalone technology components. Clients can get the best of Orion, and save, by using more of Orion’s technology and services. By opting into the Advantage or Essentials stack, advisors can also access Orion’s Wealth Management and OCIO Services including Custom Indexing, Communities, outsourced trade desk, Cash & Credit and professional services including alternative maintenance.
Other areas explored in Orion’s wealthtech survey include:
- Artificial Intelligence: Advisors also showed curiosity regarding artificial intelligence (AI) as 33% admitted it’s the most disruptive technology trend facing the financial services industry. But they’re not quite ready to invest in it just yet. Watch the early adopters though—18% of respondents said they will make exploratory investments in AI and machine learning over the next three years.
- Portfolio Management: Perhaps unsurprisingly, especially when viewed in the context of continued market woes, portfolio management emerged as a key concern for advisors. It was cited as the top headache for 26% of respondents and, when asked what technology-driven superpower they’d like to acquire, 38% indicated they’d welcome the ability to predict the market. While client-facing technologies can’t help with that, they can solve many of advisors’ portfolio management pain points.
Orion’s open-architecture, turnkey asset management platform continues to surpass advisors’ portfolio management needs. Bolstered by the 2022 acquisition of TownSquare Capital, Orion’s full-service investment offering provides growth-minded independent advisor clients with expanded access to customized investment solutions. Orion’s TAMP took the prize for both technology and the best model marketplace for Orion Communities in this year’s America’s Best TAMPs ranking.1
More detailed results from Orion’s wealthtech survey are available here.
Survey Methodology
A 10-minute online survey of financial advisor clients of Orion Advisor Solutions was conducted in January 2023 by Logica Research. Sample size = 202.
1 Source
0618-OAS-2/27/2023
About Orion Advisor Solutions
Orion is a premier provider of the tech-enabled fiduciary process that transforms the advisor-client relationship by enabling financial advisors to Prospect, Plan, Invest, and Achieve within a single, connected, technology-driven experience. Combined, our brand entities, Orion Advisor Tech, Orion Portfolio Solutions, Brinker Capital Investments, Redtail Technology, and TownSquare Capital create a complete offering that empowers firms to attract new clients seamlessly, connect goals more meaningfully to investment strategies and outcomes, and ultimately track progress toward each investor’s unique definition of financial success. With the addition of Redtail and TownSquare, the combined platform services $3.7 trillion in assets under administration and $60 billion of wealth management platform assets (as of Dec. 31, 2022). Supporting over 5 million technology accounts and thousands of independent advisory firms, Orion is the platform of choice for all growth-focused advisory firms looking to strengthen their client relationships, gain a competitive edge in a crowded marketplace, and build strong, profitable businesses. Learn more at orion.com.
