What I am about to say is not an attempt to discourage you from making the change. It is a friendly cautionary write. I’ve heard and experienced stories of changes, whether technologies, custodians, etc… only to find out the change made it worse and not as expected. It is always harder and more expensive than communicated during the demo/prospecting phase. Self-disclosure – I am no longer working in an RIA. I was formerly with a firm ($600M+/300 HHS) but merged with a bigger firm. Here is some advice I received and now recommend: 1. Identify all your pain points and solutions you are seeking 2. Know the direction of your future firm growth. Do you intend to grow to a $1B+ firm, and what will you need to get you there? Merger is a real thing in the RIA world. It would be unfortunate to make the switch only to find out the firm has the potential to merge – where you don’t have a say in the technology offerings 3. Post your questions also in HIFON – ask for those that have gone before 4. Know your criteria and their priority. For us, it was: 1. Integration 2. Training and client support 3. Cost. When we got clear of the order of importance, the final selection became clear to us. The team was running in circles with the vetting process until then. Some folks were “talked into” with another shining object (typically the advisors). 5. Utilize your relationship with Schwab and ask them to connect to their technology team. I remember they had an expansive technology assessment in an Excel worksheet to help firms with the selection process. I’ve heard great things about Advyzon. These tech firms also have the chance of mergers. Look what happened to Redtail, Riskalyze, etc. The portfolio management system is a core system. Switching the system will impact the team and clients. Think about the Operational Experience and CX. I recently moved my portfolio after my exit from the firm and industry. This advisor uses RightCapital. I am not endorsing it (I don’t have professional experience with the system), but I want to mention it.

The industry is different than it was 20 years ago, and it is now ever-evolving. Leverage technology to your benefit. CRM is core to any practice, whether solo or a firm of 500. Prioritize your criteria when assessing what systems to use. For example, If money is the top consideration vs. integration - the system you end up with will be different. Before any significant implementation, reach out like you are now and ask for experiences and best practices. It is always more complex and more complicated than any demo from vendors.