Hence the first thing that you must understand is that just because a product has more features (or say Automation) does not make it a better product. You should look at the Simplicity of the Product (Simple does not mean Easy), it’s Relevance (Ruthlessly edit features that might be ok but are not really required) in terms of helping you build your ideal client experience, Ease of Implementation etc. Think about all the features that your phone has but which ones do you use the most.
The strength of any world class product lies not in what it has but mostly in what it does not have. I am reminded of Michael Angelo’s quote “The sculpture is already complete within the marble block, before I start my work. It is already there; I just have to chisel away the superfluous material.”
Second does this piece of software integrate with my other software to deliver a seamless experience. In a forward-looking IFA business, the following are the basic building blocks of Software (Some of these 3,4 and 5 are sometimes clubbed into software):
- CRM
- Financial Planning
- Portfolio Management
- Transaction Processing
- Operations
- Client Reporting
- Practice Management Platform
- Client Portal, Dashboards and Apps (Client Portal is not equal to Client Experience – More on this in some other Post)
How many of these do you have in your business?
Think of the time, effort and money that is required to evaluate each such software. Even if you are willing to spend time, effort and money – Do you have the SKILL to evaluate such products. An IFA recently told me “I went to Bengaluru thinking it’s a Technology Hub and if I can find a firm to build products for me. They were not getting what I was telling them, and I was not getting their perspective, so after wasting Time and Money I realized that this is not my cup of tea. I started attending conferences and meeting exhibitors but am still overwhelmed about what to do and so on.”
Third, even if you do manage to implement and integrate all products, how simple is it to use and are you or your team effectively using this. The biggest challenge beyond integration is getting users to use the software in a beneficial manner.