7 Questions to Ask Your Tech provider

March 7th, 2023 | Myriad Advisor Solutions

When evaluating technology vendors, RIAs typically look for vendors that can provide software and services that meet their specific needs and requirements. Here are some key factors that RIAs consider when selecting technology vendors:

  1. Functionality: Will your software/service meet all my specific needs?
  2. RIAs look for vendors whose software and services meet their specific functional requirements. This includes features related to portfolio management, financial planning, client reporting, compliance, and other key areas.

  3. Integrations: How will your software/service work with my pre-existing software/service?
  4. RIAs look for vendors whose software can be integrated with their existing systems and workflows. Integration helps to streamline operations and improve efficiency.

  5. Customization: Is your service “one-size-fits all” or does it allow for customization?
  6. RIAs look for vendors that can customize their software and services to meet their specific needs. This may include customization of reports, workflows, and other aspects of the software.

  7. Security: What security measures do you have to protect client data?
  8. RIAs look for vendors that have strong security measures in place to protect sensitive client data. This includes data encryption, multi-factor authentication, and other security features.

  9. Support: Who do I call if I have questions or need help?
  10. RIAs look for vendors that provide excellent customer support, including technical support, training, and other services. This helps to ensure that the software is implemented and used effectively.

  11. Reputation: What is your experience in serving RIAs?
  12. RIAs look for vendors that have a good reputation in the industry, with a proven track record of providing high-quality software and services to other RIAs.

  13. Pricing: How much will this cost?
  14. RIAs look for vendors that offer fair and transparent pricing, with no hidden fees or charges.

Overall, RIAs look for technology vendors that can help them improve efficiency, streamline operations, and provide a better client experience. By selecting the right technology vendors, RIAs can leverage technology to grow their business and provide a competitive advantage in the marketplace.