Implementing Technology

Sue BerginSue Bergin, President, S Bergin Communications

You don’t necessarily need the most cutting-edge technology to get to the top of your game. According to a recent study, you can start by leveraging the technology you already have.

Fidelity Institutional Wealth Services’ 2013 RIA Benchmarking Study reveals that high-performing firms—those in the top quartile for growth, profitability and productivity—focused on smart technology and adoption, not getting the latest and greatest. These high-performing firms focus on optimizing their technology in three areas: portfolio management, service, and client reporting.

Here are ten steps you can take to make sure you get the most from your technology.

  1. Make adoption a priority. Commit putting in the time and effort to learn how best to maximize all of the system’s features. If you can’t do it yourself, make someone else in your office accountable.
  2. Plan. Learning a new software program is like learning a new language. It’s hard to know where to start. Your technology provider should be able to give you an implementation guide to show you the steps to follow, and milestones to hit.
  3. Set aside time. If you don’t carve out time on your schedule, it isn’t going to happen.
  4. Network. There are relatively few programs out there that haven’t already been tried and tested by others in similar positions as yours. Talk to everyone you know who has gone through the implementation process and find out what they did and what they wished they had done better.
  5. Gather resources. Request an inventory of the training your technology provider makes available. Once you know what they have for support materials, you can choose the format that best matches your learning style.
  6. Optimize Your TechnologyGet names and numbers. You need to have key information handy in a few different areas. Know the software name, version number, and license holder so that when you call or go online for help you can be sure you are asking about the right program. Also know the names and numbers of customer support persons at your technology provider.
  7. Troll the internet. Use social media find online user groups or other social media sites that could provide helpful implementation hints. For example, there may be a LinkedIn User Group already established for the purposes of optimizing your software.
  8. Monitor progress. Perform periodic self-checks to monitor your progress towards the goals set in your implementation plan.
  9. Celebrate incremental success. Even if you haven’t learned everything there is to know, make note of how the technology improves your efficiency. Success is a powerful motivator and will prompt you to plow through your learning curve.
  10. Provide feedback. Software engineers constantly strive to innovate. If there is something you don’t like about your program or would like to see handled differently, let them know. You may just have a function named after you in the next version!

The views expressed are those of Brinker Capital and are for informational purposes only.

The Magic Number Is…

Sue BerginSue Bergin

There was a time when someone earning a six-figure salary was said to be doing well.  Is that the case today?

Towards the end of 2010, in a survey by WSL/Strategic Retail, we learned that 18% of American households earning between $100,000 and $150,000 said they could only afford the basics.   Another 10% in that salary range reported that sometimes they couldn’t even meet their obligations.

The conclusion of the survey identified a magic number—$150,000.  This was the level with which the vast majority of consumers (88%) said they could buy what they need while still being able to afford extra items and have some savings.

A more recent study by Pew Research Center puts the $150,000 figure at a higher standard of living than just being able to meet basic needs and afford a few extras.  According to Pew, $150,000 earns a family of four the status of “rich”.  This is geographical; Northeast and suburban respondents upped that amount to $200,000 while their rural counterparts said that a family making more than $125,000 could be considered wealthy.

Whether the income level is $125,000, $150,000 or $200,000 doesn’t really matter.  Incomes this high are out of reach for the vast majority of Americans.  In fact, according the Census Bureau’s September 2012 report, annual household income has fallen for the fourth straight year to an inflation-adjusted $50,054.

Let’s assume for a moment the majority of your clients earn more than $150,000.  Do they all feel rich?  Many probably do not, particularly if they are among 29% of Americans underwater on their real estate.[1]

In fact, that rich feeling is fairly elusive.  Many millionaires don’t even feel rich.

According to Fidelity Investments’ latest report on millionaires’ attitudes towards investing, 26%of millionaire respondents said they did not actually feel rich, and that they would need an average of $5 million of investable assets to begin to feel wealthy.

Politicians, economists, sociologists and even our brethren in the financial services industry continue to confuse comfort and net worth, and perception and reality.  The fact of the matter is that the words “wealthy” and “rich” more aptly describe an emotional state than a statement of net worth.


[1] The Week, Real estate crisis:  Americans Underwater 12.2.11