Insights from Orion's Wealthtech Survey


Business Wire, Wealth Management, Think Advisor, and Investment News recently covered the findings of the Orion Advisor Wealthtech Survey, conducted in partnership with Logica Research. The study found that financial advisors and wealth managers must stay abreast of fintech trends and invest in technology to meet higher client expectations.


The Technology Imperative

In an article about the Orion study, Business Wire noted that “technology is key to powering continued growth with over half (52%) of respondents planning to invest more in client-facing technology this year.” This underscores the industry’s recognition of technology’s role in meeting client demands and driving growth. However, Investment News notes that “just 9% believe their firms have provided all the tech solutions they need.” This gap highlights the pressing need for firms to prioritize technology adoption to remain competitive in today’s digital landscape.


Balancing Growth and Challenges

Despite the enthusiasm for technology, advisors face challenges in integrating disparate solutions within their tech stacks, according to the Orion study “2023 Wealthtech Survey: Client-Facing Technology Will Power Growth.” As highlighted in coverage by Wealth Management, “only 45% think their technology is a value add,” signaling opportunities to streamline operations and reduce administrative burdens. This challenge is further underscored by the Investment News analysis, which notes, “respondents to Orion’s survey estimate just half of their technology is integrated, pointing to an opportunity to reduce administrative burdens – currently eating up about 28 percent of advisors’ workdays – by breaking down tech silos.”


Outsourcing for Efficiency

Advisors are increasingly turning to outsourcing, with Think Advisor highlighting that “survey respondents said they expect their outsourcing spend to increase by an average of 4% this year.” Business Wire noted that “one-fifth of advisors express increased interest in outsourcing portfolio management due to market volatility.”


Embracing Disruptive Technologies

Artificial intelligence (AI) and machine learning have emerged as areas of interest among advisors, as noted in the Investment News analysis of this Orion study. Thirty-eight percent of advisors anticipate these technologies to significantly disrupt the wealth management industry within the next three years, up from 23% in 2023. This shift in perspective underscores advisors’ growing recognition of the potential of AI and machine learning to drive operational efficiency and meet evolving client needs.


For more information, you can read the articles from Business Wire, Wealth Management, Think Advisor, and Investment News.


Background: Orion partnered with Logica Research to conduct the inaugural Advisor Wealthtech Survey to highlight drivers and roadblocks impacting firms’ technology adoption. The 202 advisors surveyed were recruited using Orion and Redtail internal databases. Participation into the survey was voluntary and was fielded during January 2023. For more information, see the 2023 Wealthtech survey results here

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