There's a lot of hype about new AI tools entering the market, but that doesn't mean all of them are actionable for advisors.
“It's important to avoid shiny object syndrome and think about what you're trying to solve rather than picking software,” said Randy Carver, president and CEO of Carver Financial Services and a registered principal at Raymond James Financial Inc. “Technology doesn't grow your business, it accelerates it.”
Carver has been working with new technology for years, ever since he built his own CRM system in the 1980s, and now he's working with AI tools.
He has an ever-evolving technology toolbox that he frequently shares at wealth management conferences, listing exactly which tools have been most helpful to his firm recently. In compiling that list, the focus is on new technologies that speed up workflow capabilities, so advisors can spend more time with their clients, rather than more time on technology.
“The more technology-focused people become, the more opportunity there is for financial services to differentiate with a human connection,” he said, noting that the firm's growth to $2.7 billion in assets under management has come primarily from organic referrals. For example, “We don't have voicemail. Someone in the office answers the phone. I want a personal connection.”
Read more: Show Us Your Stack: How Many Technology Tools Do Advisors Need?
But Carver also cautioned that testing new tools in the workplace would first have to meet compliance protocols, which could take months for consumer-facing devices.
“For example, with transcription, it goes to their servers. Your information is flying around. They have to take security measures,” he says. “It's not as easy as it seems.”
We asked Carver to give us a sneak peek at his tech stack. Below are some of the tools he uses and why he chose each one:
