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by Kevin Ramsier on January 15, 2025
According to Schwab’s RIA Benchmarking Study, a large portion of the country’s top-performing RIA firms have a written and well-defined business plan for success. In our experience, smaller RIAs typically do not have a comprehensive plan for growth.
There are plenty of excellent resources out there to help you craft a perfect plan to use as a roadmap for strategic growth. But, in the year 2025, here are some rarely discussed issues to add to your planning meetings to make this coming year the best one yet.
Are We Using Artificial Intelligence to its Full Potential in Our Practice?
Many advisors are starting to leverage Ai to redesign essential functions in their practices. We’ve seen huge increases in the use of Ai in terms of stream-lining operations for tasks like client onboarding, automated data-entry, generating client reports and personalized marketing. However, one of the fastest growing segments for the use of Ai in the RIA world is investment model management. UX Wealth has been recognized throughout the RIA community as a leading provider of Ai and machine learning models that are giving RIAs unique opportunities to make deeper connections in client meetings. You can check out our award winning model marketplace here.
When Did We Last Audit Our Trading Process and Procedures?
Most RIAs assume that their trading procedures are efficient, but most never consider that this area could be one of the largest risks that your business faces in 2025. At the worst, a trade error could be an extremely costly and detrimental impact to the business. To make it worse, most platforms have very loose trading parameters around timing and execution of trades or rebalances to their models. In this day and age, RIAs and their clients deserve better. We built one of the most sophisticated trading engines for RIAs to monitor and quantify trade timing and effectiveness. To get a test drive of our order management and execution system, and how it helps RIA’s, schedule a call here.
How Can We Use Our Data More Intelligently?
In today’s world of business, your data is like gold. It can be used to improve operations, benefit client engagement and it can even help you maximize the value of your business. Unfortunately, most advisors don’t realize that many platforms out there today own your data. If and when you try and move that data, for whatever reason, it might be impossible (at the worst) and costly and confrontational at the least. We built our platform to support data flows within your practice, not to own data that is surely your own. This year, make it a point to read the fine print in your contracts with third party providers, and make sure you have control and ownership of your own data.
Are We Missing Anything With Billing and Reporting?
Surprisingly, most RIAs never do an audit of their billing practices. In most cases we see, it is shocking how many client accounts have the wrong billing assignments. In some cases, we see accounts that are not getting billed at all. Furthermore, most third-party platforms out there today have an impossible time accounting for sleeve-level billing and reporting. This is a massive pain point with legacy technology, and we built the UX platform to address and resolve this issue. Since we handle billing and reporting on behalf of our RIA clients, we can set you up for success in the new year.
How Can We Improve the Overall Image of Our Brand?
How you are perceived within the community you serve is one of the most important traits in your business. Most RIAS fail to plan on improvements and enhancements when it comes to their image, especially when it comes to technology enablement and customization. If you are not touting and showing the best technology solutions to your clients and prospects, then you’re not going to grow as quickly as you’d like. Our entire platform is customized to your business. Your logo, your colors and your data are showcased and highlighted. The intelligent solution that we designed looks like it was built just for you – because it was.
In Conclusion
When planning for 2025, please take these items into consideration. They might not be the first thing you think about when developing a plan for the new year, but they can have a very large impact. The easiest way to check all of these boxes is to lean into UX Wealth. We’re great at what we do, and we would love to show you what we’ve built.
Schedule a call today to learn more about how UX Wealth partners can help you accelerate growth and efficiency.
Investors should be aware that all trading involves costs, including the implicit cost associated with market impact and participation. While UX Wealth Partners strives to minimize these costs, market impact is an inherent aspect of trade execution. Achieving an execution price better than the Volume Weighted Average Price (VWAP) is a target, but not guaranteed. Past performance in relation to VWAP does not predict or guarantee similar outcomes in future transactions. Past performance is not indicative of future performance. The strategies employed to execute trades are carefully selected based on prevailing market conditions and the specifics of the order. However, there is no single strategy that is best for all situations, and outcomes can vary. UX Wealth Partners is committed to best execution. This means that while we cannot ensure the lowest possible cost in all circumstances, we constantly aim to optimize trade execution in favor of our clients. The financial markets can be volatile and unpredictable. UX Wealth Partners’ trading desk responds dynamically to changing market conditions, which can affect trade execution and outcomes. While our technology and order management systems are designed to facilitate efficient trade execution, system effectiveness is subject to market conditions, system performance, and other factors. The timing of order execution is subject to various factors, including but not limited to, order size, market liquidity, and the specifics of the client's instructions. Delays may occur despite our efforts to execute orders promptly. UX Wealth Partners regularly reviews trade execution quality to ensure consistent delivery of our service standards.