Technology continues to be a pressing issue for advisors and the RIA custodians who serve them. Advisors face a host of challenges today. They face cybersecurity problems, complying with the DOL’s fiduciary rule and competition from robo-advisors. At the same time, they must improve their clients’ experience, improve their own efficiency, integrate technology into their business and scale for growth. Every single one of these issues is either directly or indirectly linked to technology.

But most firms, unfortunately, are not well equipped to deal with these issues. All but the largest firms lack in-house cybersecurity defense experts, yet regulators expect all firms to be prepared nonetheless. The DOL rule will require firms to make changes in policy and procedures, as well as update work-flow software. But not all firms have the expertise to evaluate what changes will be required of their staff or how to make the software changes.

Given those challenges, RIA firms are increasingly turning to their custodians for help. Here, FA Magazine look at what a few of the major custodians are doing in technology to support their advisory clients.

• TD Ameritrade
• Schwab
• Fidelity

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