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I was proud to be featured last week on Investor’s Business Daily.

Morey Stettner, a reporter for the publication, reached out to me after reading one of my blog posts here on our Quantum website, “The 411 on Financial Advisor Fintech.” Here are some of the answers I provided to Morey’s questions that were featured in his article.



IBD: In terms of scalability, do advisors with larger businesses benefit more from technology?


Pesch: Technology can help any advisor of any size. We work with all levels from the one-person office to firms with multiple advisors to large multi-office broker/dealers and RIAs (registered investment advisors).


IBD: What areas of an advisor’s business can fintech help the most?


Pesch: There are lots of ways technology can help advisors, but I’d say CRM (customer relationship management) products are right up there. When I got into the industry 10 years ago, many advisors still put manila folders into filing cabinets. Then they shifted to keeping client data in Excel files, and a few still do. But most now understand the importance of a CRM (system) in segmenting their prospects and client lists for email and tracking annual review dates, client birthdays and other information.


IBD: What about purchasing a new CRM platform? That’s a huge expense, right?


Pesch: With a CRM, it’s like a marriage. You’re in it for the long term. Because you’ll be somewhat married to it, you’ll want to understand going into it that you’ll need to get everyone trained on how to best use it. CRM is not plug and play; it’s not that easy. CRM is typically very expensive to incorporate, and you may want to hire an outside third party to help you and your employees utilize it. It’s like purchasing a car when you have no idea how to drive it, so you have to pay for driver’s education.


IBD: What factors should advisors consider when weighing whether to buy a particular fintech tool?


Pesch: There are three questions to answer. One, is it easy to use? Is it user-friendly for you? Two, is it easy for your clients to understand? Three, does it actually add value? We are in a high-touch, client-oriented service industry, so you want to make sure your software enhances that, not detracts from it.



Read the whole story at this link: