When firms talk about modernising their tech stack or operating model, the ambition is usually clear: better client experiences, more automation and more scalable advice.
In my experience, the challenge isn’t defining the goal – it’s turning that ambition into something practical that delivers lasting change.
Start with strategy, not technology
The first step is understanding where you are today. Too many transformation programmes jump straight to technology. In reality, you need to start with your strategy and client proposition: what you’re trying to deliver, and how that should feel from an advice perspective.
From there, look at the pain points across your operating model that stop you delivering on that vision. Only once that’s clear do the right solutions start to emerge – whether that’s process, people, technology, data or AI.
When we’ve worked with firms in this way, a common theme usually comes up: the biggest issues don’t usually sit within individual applications, but in how data moves between them.
There’s no one system that does it all
Another point I often emphasise is that there’s no silver bullet. No single provider can deliver everything a firm needs.
Instead, we prefer to think of data and function across three core areas:
- Client & communications – how you understand and engage with clients, including their goals and objectives
- Advice & recommendation – how you deliver good client outcomes while meeting regulatory requirements
- Product & investment – how you structure and manage the investments that support those goals
The challenge – and the opportunity – is choosing the right tools in each area and making sure they work well together. That’s where firms will win.
Look beyond features when choosing tech
Technology selection is another area where many firms struggle. Most processes focus heavily on functionality – what a system can do today. That matters, but it’s only part of the picture.
It’s just as important to understand how the system is built and how it connects with others. Can data move easily between systems and tools? Can the solution scale? Will it support future innovation?
When I help firms assess technology, I tend to look at five things: functional fit, technical fit, commercial fit, delivery and strategic fit (including cultural alignment). Technical fit often gets the least attention – but it’s usually what determines whether systems can integrate effectively over time.
Connection, not consolidation
There’s also a lot of discussion around a “single source of truth.” In practice, it’s rarely one system. Different types of data sit naturally in different places – client data in CRM, advice data in planning tools, product data with platforms.
The real challenge is making sure those sources are connected, so data can be reused consistently across client journeys, reporting and automation.
For firms starting out, the advice is simple: understand your current setup, be clear on the outcomes you want and the proposition you want to offer and focus on connecting capabilities rather than searching for one system to do everything.
In most cases, the biggest transformation doesn’t come from individual tools – it comes from how they work together.
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