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How to Get Your Technology Project Funded

Be an Agent of Change at Your RIA

If you’ve been asked to choose the right technology for your RIA, then it’s probably in your best interest for that project to keep moving forward so it doesn’t stall out – and you don’t feel like you’ve wasted your precious time.

If you are just presenting research and don’t pose a compelling argument, your key decision makers may just see a price tag and balk. And where does that leave you? In the same place you were before you started the whole process – just with a lot of wasted effort behind you.

But if you choose to be a driver of change, everything you’ve invested up until now will pay off for your entire RIA firm!

This is the difference between simply researching solutions and actually solving problems.
If you’ve been reading our other blog posts in this series, you’ve already determined whether the project is mission critical or if you need a quick win. You’ve used self-assessment surveys to determine what problems are a priority, and you’ve learned how to make the most of the software demos that you’ve seen.

Now it’s your job to paint a clear picture of the challenges your firm faces, and how the new technology you’ve chosen will make a positive impact.

It’s All About the Performance

We think of this step as being like a performance. Think of all the time, effort, rehearsals and work that go into a play before opening night. But the last 10% of the process, the actual show, is the most crucial part. For you, presenting your selected software is the performance. Here’s how to nail it!

First, create an executive summary of the most pressing issues that your firm is facing. Use the results from those self-assessment surveys to demonstrate what problems are the biggest concerns.

Second, present a quick summary of how the solutions solves those problems. Use the software score sheets from your demos to outline the pros of the software.

Third, present the deliverables from the provider, like timeline, pricing, and most importantly, expected results.

We’ve created an example of an executive summary that you can use as a reference.

Download Executive Summary

But wait, you’re not done!

In addition to your executive summary, which should be short and sweet, you should also get your solution provider involved in the performance. Schedule a 20-minute follow-up meeting for him or her to summarize the key points from your demo.

Make sure to coach him or her ahead of time, though. You don’t want to go through a long demo again, just a very high-level look at how the software will make a measurable difference for your firm. Remember, this is all about improving your business processes, so don’t get bogged down in the details.

This is your time to advocate change, make your chosen solution shine, and use the information you’ve gathered along the way to paint a vivid before-and-after picture. Ultimately, this is what will help you acquire the budget and approvals you need to implement new technology at your firm.

If you found this material helpful, feel free to review our previous blog posts in this series:

Or watch the recording of our recent webinar on “How to Choose the Right Technology for Your RIA.”


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Jo Day

Jo Day

Jo loves learning about interesting problems and how people are solving them. Jo is well known for connecting people and ideas and is a great catalyst (moo!) to change. Where some people see the world through rose colored glasses, Jo sees the world through processes. When Jo isn't hanging out with her family, Jo's favorite hobbies are being anywhere outdoors and coming up with new business ideas – just for fun!