Building modern technology involves navigating a significant gap between having an idea, gathering feedback, developing a product roadmap, and then actually building the tool itself. Congrats, you now have a marketable product. Next comes the go-to-market phase, where the goal is to get the product into the hands of as many people who can benefit from it as possible. However, during this stage, even the best-built fintech isn’t guaranteed attention or adoption.
Fintech’s Roadblocks to Success
- Market Saturation: The advisortech space is crowded (just look at the latest Kitces Map). New entrants get lost in the noise.
- Long Sales Cycles: B2B sales, especially in wealthtech, can take forever, delaying much-needed revenue. Michael Batnick wrote a good piece on this here.
- Reluctance to Change: Many advisors, especially those who aren’t tech-savvy or are older, prefer sticking to familiar methods. They can find new fintech solutions intimidating, leading to low engagement and retention.
Now, let’s discuss the other side of the marketplace. When a wealth management firm tries to adopt new technology, there’s often a big gap between recognizing the need, researching solutions, and completing due diligence on potential providers. Even if a firm navigates all these steps successfully, they still face the challenge of technology implementation. This involves dealing with integration issues, working closely with service teams, and getting the whole organization to adapt to new protocols. Even the best solutions can struggle to gain the attention and adoption they deserve during this process.
Advisor’s Challenges of Tech Adoption
- Analysis Paralysis: The sheer number of fintech options can make due diligence overwhelming. Often, firms default to inaction, thinking, “Doing nothing is doing something!”
- Revenue Risk: Introducing new technology to clients can be nerve-wracking since they are the firm’s livelihood. If the tech interfaces with clients, any misstep can feel risky.
- Time-Based Triggers: With an aging workforce and aggressive M&A market, many firms opt for technology that fulfills client duties and makes their company easy to acquire, complicating their criteria.
There’s a Silver Lining
But it’s not all bad news. More RIA firms are rapidly emerging, whether from existing practices going independent or new advisors hanging their own shingle. These firms need to build their tech stacks, creating a prime market for advisortech startups. As older advisors retire, significant M&A activity in wealth management will continue. This gives fintech companies a chance to compete as larger firms look to improve their models and streamline operations with technology.
Enter Future Proof Festival
This is where Future Proof Festival comes in. We’ve created the largest annual marketplace for fintechs and wealth management decision-makers. Here’s how we help fintechs of all sizes get access to right prospects, and where financial advisory firms can make better technology buying decisions:
- Our Breakthru Meetings Program is the biggest meetings program in wealth management, setting up over 30,000 one-on-one meetings in just two days.
- The Fintech Demo Drop is a fast-paced showcase where seven innovative companies, selected from over 150 applications, pitch their tools in seven minutes each (apply here).
- The all-new Fintech Startup Alley is a dedicated space at our Boardwalk for emerging fintechs to demo their latest tools to over 4,500 attendees. Each fintech has its own kiosk and demo space for one-on-one or small group presentations (learn more here).
Our agenda which we released last week features over 100 sessions with many focusing on technology whether it be using AI to transform your firm or investment opportunities in tech, or the latest technology trends.
Our confirmed speakers are the who’s who of fintech leaders, wealth management execs building or implementing tech, and prolific investors investing in the next frontier of technology.
Below are a few of my favorite tech-focused sessions and speakers announced so far:
- How AI is Transforming Wealth Management
Discover how AI is set to define the next phase of the wealth management industry. Hear from leading technology companies as they share insights on the innovative tools and solutions they’re developing. Gain a deeper understanding of how these advancements will shape the future of financial services. - Hype Vs. Reality: Tech’s Transformation of Wealth Management
Join three technology leaders as they dispel hype from reality and provide you with a real glimpse into the tech transformation underway in wealth and asset management. - Practical Applications of AI
Discover how to effectively deploy generative AI technologies to transform data interpretation and usage in your business. Lee Davidson, Morningstar’s Chief Data and Analytics Officer, shares his experience and practical strategies for adapting this emerging technology to future-proof your business.
Here are some of the speakers we have announced who will be joining us on these topics and more:
James Dean
Global Generative AI GTM Specialist
Google
Kristie Edling-Day
Executive Vice President,
Chief Information Officer, Advisor Technology
LPL
Molly Weiss
Group President, Wealth Management Platform
Envestnet
Joe Lonsdale
Managing Partner
8VC
Lee Davidson
Chief Data and Analytics Officer
Morningstar
Reed Colley
CEO & Co-Founder
Summit Wealth Systems
Why You Should Attend
For advisors and wealth management professionals, there’s no better place to see the latest innovations in wealth and advisortech. For fintech companies, it’s the ultimate event to build awareness, meet potential clients, and get business done.
Join us at Future Proof Festival and be part of the largest annual marketplace of fintechs and wealth management decision-makers.
Matt Middleton
Founder & CEO
Future Proof
