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Key themes and takeaways from the T3 Conference
Are you ready for the future? Find out what we learned—from cybersecurity to AI—at the latest technology conference designed for independent financial advisors.
Key themes and takeaways from the T3 Conference
Anyone curious about the latest trends in wealth tech need look no further than the T3 Conference, held this month in Tampa. This conference speaks to a community of tech users in the financial services industry, and top vendors showcase their solutions for common advisor problems.
Navigating the next chapter of cybersecurity
Right out of the gate, cybersecurity emerged as a critical concern. The T3 Inside Information Software Survey, released live at the conference, showed a mere 3.74% increase in advisor usage of cybersecurity platforms compared with the 2022 results.1 Experts warn that many firms remain vulnerable to “bad actors,” and poorly prepared for future legislation.
Here's what we learned that can help:
- Test your current process. Is your IT team capable of handling an attack? Simulations may be helpful in finding out how prepared you really are.
- Create an action plan. What steps will you take if you become aware of an attack? Experts recommend contacting your compliance team, IT team, and lawyer as soon as possible. Seek legal counsel to provide guidance on disclosing risks and incidents to clients and prospects.
- Document all of your policies and procedures, which should be designed to reasonably address any posed risk. The absence of evidence can be considered guilt.
SEI Sphere, a wholly owned subsidiary of SEI Investments, provides end-to-end cyber solutions for more than 50 years, and has a primary focus on keeping SEI clients safe and secure. This was a key talking point for many who visited our booth.
“[Proposed SEC regulations], if passed, will further heighten the need for organizations to address not just the cybersecurity compliance and reporting, but also the operations they put around it.”
The evolution from a tech stack to a tech “ecosystem”
Fifty-seven percent of advisors believe lack of integration between their core applications is their biggest technology pain point.2 Is your tech integrated seamlessly? If there’s a disconnect, you have a disruption in your ecosystem.
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The integration imperative. Does your technology “talk” to each other in a way that makes sense for your business? Consider checking with your operational hub, your CRM, and/or your custodian to get a list of integrated partners, and how you can benefit.
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Technology and operations are nearly synonymous. This TechOps consultant knows it’s tough to fit a square peg in a round hole. Let your workflows inform your technology choices, not the other way around.
Graduating from data to “next best action”
What can (and should) advisors be doing with the data they own? How can data empower you to take action to drive the most value for your business and clients at the right time?
Technology can:
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Prompt you when there’s something that needs to be done, like when a client’s child may need car insurance.
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Warn you of risks before it’s too late, like giving you insights into a financial plan that may be at risk.
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Help you provide the right information at the right time. AI has the potential to provide education, timely insights on the environment, and encouragement to clients when it’s needed most.
Grown-up themes from 2022
It was exciting to see how these themes have grown up since last year. Themes coming out of 2023 seem to be the nurtured, matured versions of those from 2022.
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Owning your data has matured into how to derive next best action from your data, which you own.
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The integration imperative looks more like a tech ecosystem created by your technology. The challenge: ensuring that integrations are truly reliable.
For these themes, we have good news
The SEI Wealth PlatformSM is one of the few all-in-one technologies with connected infrastructure to the custody platform, which allows it to reduce errors and integration failures and ensure a complete data experience through connectivity and harmony—all of which can provide business value for advisors.
I wouldn’t be me if I didn’t also mention that the swag this year has dramatically changed. iPhone ring lights are out and colorful socks are in (and I can’t say that I’m disappointed).
Until next year…
Important information
1 “2023 T3/Inside Information Advisor Software Survey” 3,309 respondents
2 “InvestmentNews 2022 Adviser Technology Study,” InvestmentNews, investmentnews.com
Custody services provided by SEI Private Trust Company (SPTC), a federally chartered limited purpose savings association. Platform services provided by SEI Global Services, Inc. (SGS). SPTC and SGS are wholly owned subsidiary of SEI Investments Company (SEI).
