Issue link: https://resources.envestnet.com/i/1539598
1 FOR HOME OFFICE AND ADVISOR USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. Tech Vendor Due Diligence Checklist To help you assess a current vendor or evaluate other technology providers, due diligence process, be certain you understand the provider's platform and the solutions available to help you and your staff become more efficient. Use this checklist to get under the hood and see what you can learn. Key questions to ask 7 Reporting-Related Questions • How robust is the integration with external vendors? Is there access to net-worth data and the ability to see outside accounts so I can get a full picture of my client's total wealth? • How much customization does the reporting capability support to meet specific client needs? Can I deliver reports in a digital format, or is it a one-size-fits-all solution? • Does the client portal support custom configurations to provide a tailored client experience? Can I deliver documents electronically? Can you provide current performance, holdings, and transaction data via a digital experience? • How is reporting managed on alternative assets, private equity, and hedge funds? What is the process to ensure the reporting is accurate and timely? • What steps are taken to ensure the accuracy of all client data? • Is the client portal available across all mobile platforms and accessible whenever needed? • Can I easily show ownership percentages to display what an account might look like when it is passed to beneficiaries? Did you know? A number of recent studies show that RIAs that embrace technology report better client experiences, higher advisor satisfaction, and more assets under management. 1 Many RIA clients even expect advisors to use digital technology for making investment decisions. 2 Using a connected wealth management platform and tools doesn't have to be complicated – it starts with a single sign-on and automated data sharing between applications. By leveraging technology in areas like account maintenance, trading, financial planning, customer onboarding, and routine back office tasks, advisors can free up time to focus on growing client relationships along with their business. 1 Source: Cerulli Associates, "Financial advisor practices that embrace technology surge in productivity and efficiency," April 25, 2024 and "Fidelity Study: Tech-forward wealth management firms report stronger growth, better client experience and higher advisor satisfaction," April 29, 2024. 2 Source: "Franklin Templeton and AdvisorEngine Release Survey Findings on RIA Adoption of Digital Capabilities," April 11, 2022.