Thursday Email: Rick Burgess (Test later Thursday)

July 25, 2024

Bridging the Gap is a weekly podcast focused on evolving the wealth management industry.

Each week we look to inspire innovation and continued progression to serve more families via these transformative conversations with leaders both in and out of our industry.

Rick Burgess on the Future of Financial Data Integration and Tech Solutions

In this episode of Bridging the Gap, Rick Burgess and I discuss the significance of centralized data models and the challenges smaller firms face with data integration and tech solutions. They emphasize the importance of evolving tech stacks, managing client data effectively, and maintaining transparency in vendor negotiations to enhance efficiency and service retention. Rick shares his experience in creating a successful platform to simplify workflows for financial advisors, highlighting the ongoing need for firms to adapt and grow with technological advancements.

Jump to this:

[24:59] Data ownership is a challenge in our space, as everyone wants to own the data, leading to a lack of transparency and fragmentation. This creates difficulties in achieving a seamless experience, as different data is stored in various platforms, making it hard to establish a single source of truth.

[30:05] Firms must adapt to evolving needs. Regulatory concerns grow as firms expand. We need to figure out how to adapt and grow to help the industry continue to evolve.

The best is ahead!

-Matt