Every day, each of us makes a number of decisions that affect our lives. (Research says the number of decisions is somewhere between 3,000 and 35,000; I couldn’t decide which source to trust, so I’m giving you the range instead!) In making these decisions—regardless of whether our choices involve something rather ordinary or matters of consequence—we are attempting to optimize for something.
Optimizing the User Experience
When it comes to the technology we make available to our advisors, one of Commonwealth’s core goals is to optimize our users’ time. By saving time, advisors and their staff gain efficiencies (e.g., cost savings) and productivity (e.g., the ability to focus on revenue-generating activities), along with more personal time to spend however they see fit.
In addition to optimizing the tools we build and support to save advisors time, we believe that we have an even higher calling, so we focus on optimizing the user experience with our technology. Of course, that begs the question, “What leads to a great technology experience?”
Although the answer can vary, I believe these seven ingredients are essential to creating an amazing experience:
What I find most interesting about optimization is that it is in the eye of the beholder. Two people might perform the same action but do so for different reasons. One advisor might place a trade to buy IBM, viewing it as a vehicle to maximize long-term growth, while another might buy the same stock for the company’s stability and the potential income stream it can generate.
Optimization isn’t black and white or wrong or right; it’s all about perspective. And just as many technology platforms have had to evolve to become browser-agnostic, so they work with any system from Chrome, to Firefox, to IE, I believe financial advisor technology will need to become user-agnostic—so it works to meet any advisor’s needs, no matter how he or she chooses to run a business.
Commonwealth has committed to being the technology leader in the financial services industry, and we continue to evolve our technology to allow our advisors to optimize for what’s most important to them.
What is your experience with financial advisor technology? How integrated is your firm's platform? Is something lacking? Share your experiences below.