PAID CONTENT
Many advisors struggle to find enough hours in the day to devote to financial planning because so much of their time is consumed by tasks related to administration, compliance, cybersecurity, marketing, and social media. Kirk Purai, Carte Wealth Management’s Founder and CEO, believes dealers can help solve this by giving advisors access to best-in-class technology.
“Advisors are challenged to do more with less because a lot of the carriers are pulling back on services they were providing — but these services still need to be done, so advisors are picking them up,” says Purai. “In the old days, you could probably get away in the first two years in this business without an assistant. Now, you almost have to start with an assistant or what’s going to happen is that you’re going to work part-time as an advisor and part-time as an assistant.”
Technology can enhance efficiency, but not every dealer is equipping advisors with the right tools. For example, Purai notes that a top-of-the-line CRM system can help manage not only compliance obligations but also a client’s journey and experience. However, many advisors are limited to less robust software that keeps them spending more time than necessary on tasks that aren’t their core competency.
“ Carte’s ambitious goal is to reduce advisors’ administration work by at least 50%.”
Carte is working to help advisors accomplish non-core tasks more quickly by partnering with leading technology providers. That effort is helping advisors like John Baynham do their jobs more effectively.
“By integrating more advanced financial planning tools, we are able to create a more dynamic client presentation that can show the impact of different scenarios in real time,” says Baynham, President at Retirement Income Group with Carte Wealth Management in Ajax, Ont. “It helps keep the client engaged and opens the dialogue for further conversation about their financial situation.”
Carte offers industry-leading CRM and financial planning technology that is transforming the advisor experience, complemented by a platform that provides dynamic paperless forms linked to back-office systems. Its ambitious goal is to reduce advisors’ administration work by at least 50% within a year, enabling advisors to scale their businesses to new levels. Carte has also engaged a fintech giant to give advisors access to top-of-the-line marketing tools. Behind the scenes, Carte even has robots working tirelessly on back-office approvals and faxes, and it is happy to introduce larger advisory practices to robotics workflow experts.
“Most of the things we’re doing are for the benefit of the advisor. And then we’re also using technology within Carte itself to maximize our efficiency, because we have to compete against some of the largest firms, so we’re forced to be more resourceful,” says Purai.
Protecting advisors and clients with cybersecurity
Cybersecurity is a high priority for advisory teams, says Baynham. He’s had interactions with clients in which they were reluctant to share data because they were concerned about security or found tools difficult to use. Not anymore.
“Carte recommended a solution to us that helped alleviate many of these concerns,” he says. “The tool provides a platform that the client also has access to where we can collaborate, share and store data.”
Recognizing that a cyberattack can result in significant reputational damage for advisors and their firms, Carte has sought out specialized cybersecurity expertise and gives advisors regular training in cyberattack prevention. It also uses technology that keeps usernames and passwords invisible to all, updating them in the background as they expire and verifying them with two-factor authentication.
“As a dealer, we have to look for ways to give advisors the support they need to protect client data,” says Maria Jose Flores, President of Carte Wealth Management. “Our partnerships provide flexibility for advisors to access [tools and expertise], and when we embrace partnerships, we’re trying to discount the price as much as possible so it’s accessible for advisors and their teams.”
Investments in technology to support advisors in doing their jobs more efficiently are paying dividends, with advisors giving Carte the top score in Investment Executive’s Dealers’ Report Card in each of the past five years. In 2023, Carte led the industry in categories such as client onboarding tools, back-office/admin support, and support for regulatory changes. It also led in business development; ongoing training; strategic focus; leadership stability; and diversity, equity, and inclusion. Advisors commented that Carte is “staying ahead of the curve” thanks to its “technology, expertise and tools,” along with providing product breadth and depth and strong compliance support.
Carte was named one of the 2022 Canada’s Top Growing Companies by the Globe and Mail’s Report on Business and one of the 2023 Fast Brokerages by Insurance Business Canada, which recognized Flores among its Women Leaders in Insurance | Elite Women 2023.
Both Flores and Purai emphasize that Carte’s successes are a team effort. They credit the firm’s administrative staffers, who pave the way for advisors to excel at what they do best: building comprehensive financial plans for clients founded on strong relationships.
“It’s hard for advisors to keep up with the day to day, especially when there are a lot of things moving and changing. If you don’t have a dealer that supports you through those changes, it’s difficult,” says Flores. “At Carte, we empower advisors to scale their business by ensuring they have the right platforms, tools, and insights.”
