Ep 63: How to Evaluate and Optimize WealthTech Stacks for RIAs

Financial Advisors Want to Know: How to Evaluate and Optimize WealthTech Stacks for RIAs - Ep 63 James Cantwell

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

James Cantwell brings 25+ years of investment management and WealthTech expertise to his role as founder of The Cantwell Advisory, established in 2019. His career spans leadership positions at GAMCO Asset Management, AST Trust Company, and SS&C Advent, where he led North American consulting for technology implementations. In 2024, he launched WealthTech Select, a platform helping RIAs evaluate and select technology solutions. Through both ventures, James helps wealth management firms optimize their technology stack, improve efficiency, and enhance client service delivery.

Key Podcast Takeaways:
Start with Pain Points, Not Products: Don't be swayed by the "shiny object" syndrome. Begin by identifying your firm's specific pain points and workflows before evaluating technology solutions.

Data Quality is Paramount: Good data quality and processes are more critical than specific technology. Ensure your team utilizes applications effectively to drive the organization forward.

Beware the "Frankenstein" Tech Stack: As firms grow, they often piece together solutions for specific needs, leading to a disjointed system. Regularly evaluate your tech stack for integration gaps and manual data transfer.

Process Before Technology: Always analyze your internal processes before implementing new technology. Identify inefficiencies in onboarding, meeting preparation, and client engagement to determine the right solutions.

Data Structure Drives Insights: Structure your underlying data to align with how you measure success and engage with clients. Don't rely solely on canned reports; customize your data to track revenues, client demographics, and other key metrics.

Connect with James:
https://www.linkedin.com/in/jamescantwell
https://www.thecantwelladvisory.com/
https://www.wealthtechselect.com/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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