RIA Roadmap © 2020 Envestnet, Inc. For investment professional use only.
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5. Conduct provider and
vendor reviews
RIAs often work with their current providers to create their digital
strategies. However, many still conduct vendor reviews, especially when
creating the digital or hybrid advice offering.
ACT NOW:
• During vendor reviews, discuss the level of integration with other
client-facing and back-office tools, the availability and quality
of APIs, ease of use for clients, cost, longevity, commitment to
the marketplace, support services (from development through
implementation), and compliance and cybersecurity capabilities.
• Make it a priority to reach out to your current vendors and
partners based on your immediate digital needs identified in the
client service review, as well as to discuss whether and how your
vendors can assist with your long-term digital needs.
To help you assess a current vendor or evaluate other technology
providers, we've created a checklist of questions you might want to ask.
Download it now: A Tech Vendor Due Diligence Checklist
