Real Talk About Technology Freedom
An Insider’s Perspective
By Blaise Stevens, Managing Member, Strategic Advisory Partners
I had coffee with an old colleague last week. He works at one of those big broker-dealers that’s been “modernizing” their tech stack. As he described their new “cutting-edge” platform, I couldn’t help but think about how many times I’ve heard this story before. The same old wine in a slightly newer bottle.
The Reality Behind the Marketing
Let me be candid: I’ve been in this industry long enough to see the real difference between what broker-dealers promise and what independent RIAs can actually deliver. When my BD friends tell me about their new “integrated technology solutions,” I often find myself biting my tongue. They’re excited about features we’ve had for years – features they could have too, if their compliance department wasn’t stuck in 2010.
Here’s what usually happens: Their firm announces a new tech partnership with great fanfare. Everyone gets excited. Then come the restrictions:
“You can only use it for these specific functions”
“Sorry, that integration isn’t approved”
“That feature needs corporate review”
“We’ll need six months to evaluate that capability”
Sound familiar?
My Journey to True Independence
I made the switch to the independent RIA model years ago because I was tired of having these conversations. Tired of explaining to clients why we couldn’t offer services that they could get elsewhere. Tired of watching fintech evolve while we waited for compliance to catch up.
Now, when I see a new tool that could benefit my clients:
I evaluate it based on its merits, not corporate politics
I can implement it on my timeline, not someone else’s
I test it with a small group before rolling it out broadly
I customize it to fit my clients’ specific needs
The Real Cost of Technology Restrictions
What keeps me up at night is thinking about all the advisors stuck in the BD world who don’t even know what they’re missing. The ability to truly customize a client portal, to integrate data seamlessly across platforms, to pivot quickly when client needs change – these aren’t just nice-to-haves anymore. They’re essential tools for serving clients in today’s fast-paced financial world. Yet so many advisors are stuck explaining to their clients why they can’t provide these basic services.
The Technology Gap Is Widening
What concerns me most is that the gap between BD technology and truly independent solutions is getting wider, not narrower. While BDs are still “evaluating” basic integrations, independent firms are implementing AI-driven portfolio analytics, creating custom client communication channels, and building truly comprehensive wealth management platforms. The pace of innovation isn’t slowing down – it’s accelerating. And in this environment, the old broker-dealer model of technology control isn’t just frustrating – it’s becoming a liability.
The Truth About “Modern” Broker-Dealer Platforms
Let’s talk about what broker-dealers really mean when they advertise their “modern” platforms. In my experience, it usually amounts to a standardized suite of pre-approved tools that everyone has to use, whether they fit your practice or not. Sure, they’ll tout their new technology partnerships and integrations, but what they won’t mention is how limited your customization options are, or how restricted those integrations become once they’ve gone through compliance. And don’t get me started on the approval process for new features – by the time you get the green light, the technology is often already outdated.
The contrast with truly independent advisors couldn’t be more stark. While we’re building custom tech stacks tailored to our specific client base and implementing new solutions as soon as we identify a need, many broker-dealers are still debating whether to allow basic integrations. We’re creating unique client experiences and staying ahead of industry trends, not waiting months for approval to use features that our clients already expect as standard.
A Message to My BD Colleagues
If you’re reading this from inside a broker-dealer, you might be thinking, “But my firm is different.” Maybe it is. But let me ask you something: When was the last time you wanted to implement a new tech solution for your clients? How long did it take? Better yet, think about your CRM – did you choose it because it was the best fit for your practice, or because it was what your firm approved? I talk to advisors every week who have to tell their clients “no” simply because their firm’s technology limitations won’t allow them to deliver what the client needs. If you’re nodding your head right now, you know exactly what I’m talking about.
Looking Forward
The wealth management industry is evolving faster than ever. Client expectations are rising. Technology is advancing. The old broker-dealer model of technology control isn’t just frustrating – it’s becoming a liability. To my friends still in the BD world: I know change is scary. I’ve been there. But if you’re tired of explaining to clients why you can’t offer what they need, or watching independent advisors lap you in technology capabilities, maybe it’s time for a change.
The future of wealth management belongs to those who can adapt quickly, implement efficiently, and truly serve their clients’ evolving needs. In my experience, that’s only possible with true independence.
Want to continue this conversation? Let’s grab coffee. I promise not to bite my tongue this time.
