The pandemic ushered in a new age of technology in the investment management industry. Even firms that had been resistant to digitalization became suddenly, and acutely, aware of existential business risks that could be managed only through digital means. Investment management marketing teams began taking a hard look at their tech stack. A surge of quick pivots followed as firms scrambled to adopt new tools, change processes, and streamline operations to ensure business continuity.

These adaptations are particularly crucial for preserving relationships between advisors and wholesalers. According to research from Broadridge, 22% of advisors found wholesalers to be less helpful during the pandemic, and 32% have decreased their reliance on wholesalers over the past two years.

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What is the biggest mistake firms make in their technology RFP process?  The answer: Failing to call references.

The request for references is almost always included when putting-out an RFP, but what’s shocking is that 75% of the time, firms never call them. The excuse is usually something along the lines of, “No one’s going to put down a bad reference, so why bother to call?”

This is a huge mistake. (more…)