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Globe and Mail
13-05-2025
- Business
- Globe and Mail
When it comes to tech adoption in wealth management, many hands make light work
Keeping up with innovations in wealth management can be a full-time job. New technology has made the industry more efficient, better at serving clients and more adaptable to changing needs. But these advancements have increased pressure on wealth management firms and advisors to keep pace and ratcheted up the risks of getting left behind in a competitive marketplace. Today, clients receive highly customized service, content and products. Although they might not have consciously noticed the shift, many are enjoying richer and more meaningful conversations with their advisors, who are more informed about the client's needs and goals, and better equipped with personalized recommendations and solutions. Technology is fuelling this progress. New tools enable lower operating costs for wealth management firms and free up advisors from time-consuming research and administrative tasks. In turn, advisors can spend more time with their clients, understanding their goals and thus growing their own businesses. That all opens the door to revenue growth and margin expansion. There's only one sticking point: keeping up with the latest technology is a time-consuming and costly task. Advisors are under constant pressure to upgrade systems to meet client demands. Wealth management platforms must be adaptable to changing markets and regulation. It would be difficult for any one firm or individual advisor to develop these capabilities on their own. Luckily, they don't have to, as an entire ecosystem of companies and groups has taken shape. The first and arguably most important part of that ecosystem is technology and service vendors. These companies, many of which fall into the growing category of 'fintechs,' provide services designed to enhance internal operations and the client experience. That means wealth management firms and advisors don't need to be technologists. Instead, they need to build internal technology platforms with a modular design that enables something close to plug-and-play integration of external technology tools. Once that architecture is in place, companies only have to decide which fintech firms they want as partners, and how deep those partnerships should be. On the first front, partner due diligence is becoming a make-or-break function. By integrating fintechs, wealth management firms are betting on the future, but they must develop a repeatable process to assess not only the vendor's technology offering but also their future strategy, architecture and culture to enable a long-term partnership. Firms often use a scorecard to evaluate partners' cultural alignment, investments, innovation and use of artificial intelligence for productivity. The goal is to ensure partners are meeting or exceeding the firm's needs and contributing to its overall objectives. Through partnerships, firms can expand capabilities rapidly, with each partner contributing its own complementary expertise. Vendors aren't the only partners who can help wealth managers keep up with the pace of change. Wealth management firms and individual advisors should also be active in industry groups that can provide critical insights and best practices on regulatory changes and emerging technology. The perfect example of how partnerships can help wealth managers navigate industry change is the recent move to T+1 trading. To make the difficult transition to next-day settlement, wealth management firms called on the services of a wide variety of vendors and partners who provided the technology to accelerate back-office functions. Firms also connected through industry associations to share best practices. This ensured advisor productivity and guided the entire transition, making it manageable for the industry. No firm could have made this leap on their own. Fortunately, the old saying is true: many hands make light work. Donna Bristow is chief product officer, wealth management, at Broadridge Financial Solutions in Toronto.
Yahoo
08-05-2025
- Business
- Yahoo
Trucordia buys Virginia's Huffman Insurance
Trucordia has purchased the insurance business of Virginia-based Huffman Insurance, for an undisclosed sum. Operating for over 50 years, Huffman Insurance has offices in Lexington, Staunton, and Covington, US. Originating as a family-owned agency in Lexington, the company has grown to employ a team of professionals offering auto, home, business, and life insurance solutions. Trucordia CEO Felix Morgan said: 'We're excited to bring Huffman Insurance's long-standing tradition of client service and community commitment into Trucordia. Their strong reputation, deep roots in Virginia, and dedication to delivering exceptional insurance solutions make Huffman Insurance a perfect fit for our growth strategy and vision for the future.' The deal is part of Trucordia's growth initiative, which focuses on acquiring high-potential businesses, as highlighted during its rebranding from PCF Insurance Services. Its framework is built upon optimising operations with a regional management structure, creating a unified service foundation, and expanding the network through acquisitions. In February, the company acquired Boater's Insurance Agency, a marine insurance specialist based in the San Francisco Bay Area. Boater's Insurance Agency, founded in 1989, is known for offering marine insurance solutions. Additionally, in January, Trucordia purchased Rusty Healy Insurance Agency, a Mississippi-based insurance provider, providing include auto, home, business, and life insurance. "Trucordia buys Virginia's Huffman Insurance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TTG
07-05-2025
- Business
- TTG
Luxury advisor reveals why he's 'not afraid' of amateur agents
An elite travel specialist has revealed why untrained agents are no threat to his business, after recently being named on one of the industry's best advisors. Alex Lavender joined the sector six years ago, establishing Seven Icons Luxury Travel after previously working in commercial football sales. Since then, he has built a thriving agency, specialising in leisure bookings that can reach the £350k mark. In 2024, he was named one of the Conde Nast Traveler 2025 Top Travel Specialists, after wowing judges with his round-the-clock commitment to his clients. Lavender, who is the son of industry veteran Roy Collett, openly accepts that his family name has given him an advantage in his travel career. 'There's no reason to not show some humility – I've learned a lot from my father, and he has given me some big clients,' he says. Lavender emphasises, however, that even with Collett's mentorship, his journey to becoming a successful travel advisor hasn't been instantaneous. 'Anybody can make a hotel or flight booking, but only an experienced travel agent can solve the real issues that arise during a client's trip' 'This job is second nature for me now, but it took me a long time to learn it,' he explains. 'Anybody can make a hotel or flight booking, but only an experienced travel agent can solve the real issues that arise during a client's trip.' He credits his membership in Global Travel Collection, the world's largest group of luxury travel agencies, as integral to providing his clients with this premium level of service. The exclusive network offers its 1,700 agents a database of more than 30,000 suppliers, including hotels, resorts and transportation providers, as well as a personally assigned account manager. Its recent partnership with Ten Lifestyle Group has further benefited members, allowing them to access the VIP concierge service to optimise their clients' travel experiences.
