Ep 256: Living On The Cutting Edge Of Advisor Technology To Build A Better Client Experience with Vincent Barbera
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 23 November 2021
⏱️ 89 minutes
🧾️ Download transcript
Summary
Vincent Barbera is the founder of Newbridge Wealth Management, an independent RIA based out of Philadelphia that oversees nearly $120-million of assets under management for 75 households. Vince stays on the cutting edge of advisor technology by continuously experimenting with new tech tools and by setting a new strategic focus every year to identify and try out a new category of solutions.
Listen in as Vince gives a rundown of the technology tools that he has tried this year to improve his client experience, where he finds the latest and greatest in tech to try out, and how he compares the cost of new tools against those he already uses. We also discuss how Vince uses technology in his independent firm to stay competitive without an asset manager's size and scale, and why he has decided not to scale up to the billion-dollar mark but rather slow down and enjoy the ride.
For show notes and more visit: https://www.kitces.com/256
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:06.8 | financial planner, speaker, and consultant Michael Kitsas to hear stories of how leading financial |
| 0:12.6 | advisors navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.2 | from leading industry consultants about how to break through to the next |
| 0:21.9 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.1 | Welcome to the 256th episode of the Financial Advisor's Success podcast. My guest on today's |
| 0:33.4 | podcast is Vincent Barbera. Vince is the founder of Newbridge wealth management, an independent |
| 0:37.8 | RIA based right outside of Philadelphia that oversees nearly 120 million of assets under management |
| 0:42.7 | for 75 client households. What's unique about Vince, though, is the way he stays on the cutting, |
| 0:47.9 | or sometimes bleeding edge of advisor technology by continuously experimenting with new tech tools |
| 0:52.7 | for his advisory firm, setting his new strategic |
| 0:55.1 | focus every year to identify a new category of solutions to try out either internally with his team |
| 1:00.0 | or externally with his clients. In this episode, we talk in depth about the new technology |
| 1:05.0 | tools that Vince has been trying this year with the theme of improving his client experience, |
| 1:09.3 | including using Nudge to keep track and collaborate |
| 1:11.6 | with his clients on their financial planning tasks, Pulse 360 to keep his meeting agendas and |
| 1:16.6 | post-meeting notes more organized, and HUBLY to help systematize the firm's workflows above and |
| 1:21.4 | beyond what his CRM alone can accomplish. We also talk about how Vince manages his technology choices |
| 1:27.4 | and budget to avoid having the cost spiral upwards out of control by just adding more and more technology. |
| 1:32.9 | How Vince compares the cost of new technology tools to his financial planning software to determine if it's a reasonable price, because if it costs more than his planning software, he better be using it more than his planning software. |
| 1:43.3 | How Vince regularly assesses |
| 1:44.4 | how often he's logging into his technology tools to decide what to prune and get rid of, |
... |
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