RIA Compliance and Practice Management Blog

How to Select Technology and Software For A New RIA Firm: Series Recap

Posted by RIA in a Box

Apr 28, 2015 7:30:00 AM

When an advisor is looking to start and register a new registered investment adviser (RIA) firm, we are often asked to provide guidance on potential software and technology solutions. We like to approach the RIA software and technology selection process with a 5 steps: 1) review a firm's specific business operations to determine particular needs, 2) establish an initial monthly technology budget, 3) determine the firm's desire to "build" vs. "buy" 4) decide on general small business applications and other infrastructure, and 5) select specific RIA technology and software solutions.

We recently released our 5 part blog series on choosing the right software and technology for an RIA firm. Below is a quick recap of the top issues addressed in each of the 5 posts:

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  1. Review of an RIA firm's business operations to determine specific technology needs
    • Staff / employees
    • Types of clients
    • Types of services offered
    • Regulatory requirements
  2. Establishing an initial RIA monthly technology budget
    • Types of per firm technology costs
    • Types of per user/advisor technology costs
    • Calculating the total monthly technology budget for an RIA firm
  3. Deciding whether to "buy" or "build" an RIA technology system
    • Types of RIA industry technology integrations available
    • Viewing technology as an investment rather than a cost
    • Three options: Do nothing, do it yourself, or utilize a platform
    • CRM system as the hub of an RIA firm's technology platform
  4. General small business software and infrastructure that an investment advisory firm needs
    • Per firm costs: internet access, website hosting, and accounting software
    • Per user costs: phone system, email hosting, desktop software, and document storage
    • Other solutions to consider: electronic signature and online meeting software
  5. Select specific RIA technology and software solutions
    • Defining the RIA industry technology categories
    • Industry technology adoption by type of software and size of firm
    • Determining the key requirements of the firm's industry technology solutions


The Ten Critical Features of an RIA Technology System


Topics: RIA Operations, RIA Compliance, RIA Technology

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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