When talking with advisors about adding or replacing software, I’m surprised at the criteria they provide during the initial discussions. The most common questions often include:
• What is the best software out there?
• What do others use?
• Which product costs less?
I doubt that many of these advisors make investment decisions by asking what is the best fund out there or what their peers are purchasing.
Read our Barron's article
on how an internal perspective will enable you to achieve these goals:
• Seek out the best technology for the firm, not “the best one out there”
• Recognize that what other firms use may not work for your firm
• Understand that cost is a vague and risky criterion
for additional information.