Myriad Advisor Solutions recently hosted John O’Connell of the Oasis Group for an informative webinar on building an initial tech stack. (Check out his and CEO Danielle White’s incredible conversation here!) As Myriad has built hundreds of bespoke tech stacks for countless advisors over the years, we thought it might be helpful to take a second and go through some of the critical components you need in your stack.

1. Customer Relationship Management (CRM)

Customer Relationship Management systems help you manage client relationships, store client information, and track interactions. A central hub for client data and communication history, CRMs assist financial advisors everywhere in their efforts to maintain strong relationships. This is also an important repository of information for any potential audits.

2. Document Sharing & Management

Secure document management systems and e-signature solutions streamline account openings, transfers, and other documentation while ensuring compliance. Not only will this open your business up to clients who might have mobility limitations, but this can also help in the event of a disaster-recovery situation.

3. Financial Planning

Using specialized software for financial planning, forecasting, and analysis can help you tailor your services for each client’s unique situation to optimize investment strategies for their financial goals. What’s more, these tools can help advisors hone their specific proficiency and value-add services.

4. Investment Portfolio Management

Portfolio management tools assist in automating processes related to portfolio rebalancing, performance reporting, and risk assessment, making them a useful resource for the ongoing tracking and management of your client’s wealth. Advisors can set up rule-based alerts that inform them if a client’s portfolio is trending outside of defined parameters.

5. Custodian Platform

Custodian platforms securely hold and manage client assets, facilitate trading and settlement, ensure regulatory compliance, and provide robust record-keeping. Along with software to process your fees, a custodian platform is one part of a tech stack that is absolutely essential.

6. Performance Reporting

Data analytics tools pull meaningful insights from client data to help you make informed decisions, track performance, and provide comprehensive reports to clients. As advisors are always striving to both read between the lines and see the forest from the trees, performance reporting can take your insights to the next level.

Please note – while there are many essential components to tech stacks, there can also be erroneous components as well. Avoid bloating your tech stack with tools and programs that you might not need at whatever stage your business is in. Not only can they interfere with system functionality, but their costs can add up quickly! If you’re not sure what to go with, simply e-mail Myriad at or call and we’ll help you right-size a tech stack that fits your exact needs.