Like a cell undergoing mitosis, the wealth management industry is beginning to divide into information technology haves and have nots. In the past, advisers who were late adopters of technology suffered little, because the vast majority of their peers were in the same boat. But, as the results of Financial Planning’s 2015 tech survey make clear, that is no longer the case.
One striking finding: Reflecting the growing impact of all things digital on their practices, none of the 600 advisers we surveyed cut their IT budgets this year. On the other hand, while 50% of RIAs grew their budget, nearly as many left it unchanged.
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