Technology Stack versus Technology Pile
There is a big difference between having a Technology Stack versus a Technology Pile. This is the same difference between having a tightly integrated (diversified, asset allocated) portfolio and having a hodgepodge of insurance and investment products.
Most distributors and advisors are underinvested in technology and those who have invested have some sort of a Tech Pile in place. This means they have bought products randomly and have a collection of products that do fulfil some need but are not a tightly integrated bunch. They are just not effective (nor efficient) to deliver an awesome Client experience, or to scale up the firm. Thus, one ends up wasting time, energy, and money in managing a tech pile.
Tech Stack on the other hand is a tightly integrated set of technology products that enable you to:
- Run your business not only efficiently but effectively
- Provide an awesome Client Experience
- Scale up the firm with fewer people.
- Protect your margins.
- Saves a lot of time and improves productivity like crazy
- Becomes your Client Acquisition Tool
P.S. You should read the column “Overwhelmed with Software Choices” to understand what an Ideal (and World-Class) Tech Stack is.