Jason talks to Joel Bruckenstein known as the "godfather of advisor technology" in the US. Joel is the President of Technology Tool, a well-known consultant and writer in the financial advisory technology space. Joel is the President of Technology Tool, a well-known consultant and writer in the financial advisory technology space. The episode focuses on Joel's journey and how technology for financial advisors has evolved over time.

Episode Highlights 

• 01:26: Joel shares that he spends a significant amount of time consulting, evaluating new products, and engaging with advisors.
• 04:13: When Joel began his journey, the wire houses, and many independent broker-dealers (IBDs) predominantly used proprietary technology solutions. Independent advisors had limited options in terms of technology.
• 09:41: The cost of financial products, such as mutual funds, was much higher 30 years ago, and ETFs were not yet available.
• 11:56: Jason shares a common observation that many outsiders, including technologists and engineers, often believe that technology will replace advisors and reduce their numbers.
• 17:14: Jason agrees with Joel's observations and highlights the proliferation of niche solutions that address specific planning issues, which has become more prevalent over the last decade.
• 24:16: Joel highlights how smaller advisory firms may outsource their technology needs to specialized providers.
• 29:27: Joel suggests that AI can be leveraged for more straightforward tasks, such as generating drafts for blog posts and even assisting with email replies for routine requests.
• 34:52: People's satisfaction tends to be higher when they are not aware of alternative solutions or when they have limited exposure to different technology options.

Discount Code and Links

• Discount code for advisors for $200 : Woodgate200
• Registration link
• Sponsorship prospectus link

3 Key Points

1. Joel reflects on how the landscape of advisor technology has evolved since he first started in the field.
2. Joel and Jason discuss the common complaint among advisors about margin compression and increased competition in the industry due to technological advancements.
3. Joel highlights the growing importance of data and AI in the advisory industry. He explains that data is like digital gold and can be leveraged for various purposes, including AI-driven insights and analytics.

Tweetable Quotes

• “It's essential to remember the technological context of the time when he started, as they were still in the era of DOS, with Windows emerging as a platform.” – Joel
• “Technology has completely transformed the way advisors do business, and he views these changes as positive. It has made advisors more efficient, allowing them to serve more clients and provide a better user experience for both their employees and clients.” – Joel
• “The financial advisory industry often takes longer to adopt technology due to its highly regulated nature.” – Joel

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor

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