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Technology Tools for Today’s High-Margin Practice

Business book review

Technology Tools for Today’s High-Margin Practice
By David J Drucker and Joel P Bruckenstein

Review by: Justin King, CFP,  founder of MFP Wealth Management

Subtitled ‘How client-centered financial advisors can cut paperwork, overhead and wasted hours’, this book is aimed squarely at US advisers and how they can run more efficient practices using today’s modern technology and software.
Easy to understand and was thought provoking, I liked the way the authors brought together the leading experts from the US to discuss everything from client relationship management (CRM) through financial planning software to having an online presence.

Of particular use and the elements I enjoyed were the summaries from each contributor on where they thought technology and adviser focused technology was going. These were probably the most insightful elements of the book.

Although aimed at the US market, I think the book would provide a lot of help to UK advisers by flagging up new considerations of how to evaluate the benefits or return on investment from implementing new software into their businesses. It illustrated that US firms are suffering from similar problems to UK advisers in that it is hard to get robust data integration from different suppliers. It was interesting to note that only 62.4% of US advisers have a website and only 21% use social media.

Screen sharing, client portals, cloud file sharing, electronic signatures, is all useful too, although it won’t be news to most tech savvy advisers.

I didn’t learn anything ground breaking from this book but did extract some nuggets. If you are actively interested in and keeping abreast of new technology then you probably won’t get much from it but if you are looking at your business with fresh eyes, maybe considering that there must be a more efficient way of doing this work but not sure of the technology available, then ‘Technology Tools for Today’s High-Margin Practice’ is a reasonable place to start.



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