Ep 78: How to Conduct a Tech and Operations Audit for Your Firm

Financial Advisors Want to Know: How to Conduct a Tech and Operations Audit for Your Firm - Ep. 78 Verity Larsen

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

Verity's been in the financial services space for over 25 years spending time at an RIA as well as a leading financial software company. Throughout her time with this large fintech vendor, she noticed a recurring issue: selling the same solution to every firm isn’t in anyone’s best interest.

That's why, in 2015, she set out to build a market-disrupting investment technology consulting firm where an unbiased approach to technology was embedded in its DNA. This was the only way to ensure firms got what they really needed.

Fast forward 9 years and there are more fintech platforms on the market than ever before. One only need look at the Kitces Financial AdvisorTech Solutions Map to realize it's become crucial for investment firms and institutions to have access to an unbiased resource. Luckily for them, Verity had the vision to create just that.

Key Podcast Takeaways:
Tech and Operations Go Hand-in-Hand: Technology and operations are inseparable when striving for efficiency. Relying on just hiring more staff won't solve long-term growth problems, which is why a tech audit is crucial for scaling a practice effectively.

Understanding Your Tech Stack’s Efficiency: Conducting a tech audit involves interviews across all roles in a firm, from the person answering phones to the business owners. It uncovers areas where manual processes or inefficient technology waste time, leading to potential cost savings.

Data Accuracy Matters: One of the biggest surprises for firms is realizing how inaccurate their data is across different systems. Multiple sets of inconsistent data can compromise reporting and decision-making. A tech audit helps uncover these inefficiencies.

Labor Efficiency is the True Cost: As much as tech can seem like the main investment, labor inefficiencies—like manual data entry and duplicate tasks—can be a huge drain on resources. By automating simple tasks, firms can free up valuable time for their teams to focus on higher-value work.

Embrace the Power of AI and Automation: AI tools are revolutionizing industries, including financial services. Even simple AI tools for document processing and note-taking can save firms hours per week, making technology adoption more accessible and beneficial for advisors.

Connect with Verity:
https://www.linkedin.com/in/veritylarsen
https://versoftconsulting.com/team/verity-larsen/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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