Snowden Lane embraces move toward all-in-one platforms

When discussing the critical technologies driving transformation in the wealth management industry, Alison Murray Burkett is passionate about integrating next-generation advisor tools and client service models.

“I think one of the most exciting trends that we're seeing in the wealth management industry is from a technology standpoint, this trend towards all-in-one platforms,” Snowden Lane Partners’ head of enterprise development says.

Burkett, pictured above, who will be speaking at IN’s upcoming RIA Summit, believes that in the past platforms were often singularly focused, trying to dominate either the advisor workstation or client experience. But today, platforms like Wove, AdvisorEngine, and InvestCloud are moving towards a unified experience, allowing multiple tools to be integrated into one.

And this shift is aligned with the ongoing consolidation trend in the Registered Investment Advisor (RIA) space because, as independent RIAs merge into larger firms, the demand for operational efficiency grows.

“The drive to efficiency is the consistency, and I can see where these new all-in-one platforms would be really useful for that type of consolidation."

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Snowden Lane Partners has embraced this approach by offering a sophisticated, unified platform that combines the best third-party technologies, making it easier for advisors and clients to interact seamlessly. Burkett also touches on another crucial aspect of the wealth management industry: balancing new technologies with personalized client service.

“It's balancing being cutting edge and easy to work with digitally and really injecting the human element in the most appropriate places,” she says. This is particularly challenging in an industry where client service is paramount. Clients, she notes, have varying definitions of "high touch" service. Some prefer self-service through digital platforms, while others value more personalized interaction.

For Burkett, the key is efficiency—creating internal workflows that give advisors more time to spend with clients. “How can we create efficiencies with all of our internal workflows? Make doing business easy for our advisors? That's just going to make it easier for them to interface with our clients,” she explains.

One of the pivotal technologies in Snowden Lane’s strategy has been the integration of multiple custodians. Burkett shares that they added Schwab as a secondary custodian last year, an initiative made easier by advancements in technology that streamline the process. “Historically, custodian workstations were central to and kind of acted as those all-in-one platforms. And I think technology is enabling you to more efficiently add secondary custodians,” she says. This setup allows Snowden Lane to continue providing a consistent client experience, even when dealing with diverse platforms and alternatives.

Looking at how Snowden Lane enhances efficiency, Burkett’s team first focuses on identifying bottlenecks within the firm that impact critical client experience moments. This approach allows them to prioritize workflows that need improvement while keeping the client experience at the forefront. Burkett illustrates this with the example of client onboarding, which was identified as a “very top-line priority” due to its time-consuming nature and the number of parties involved. The solution involved integrating technology like e-signatures and custom workflows to simplify the process. Partnering with custodians like Pershing, Snowden Lane enhanced the onboarding experience by ensuring that documents flow seamlessly from client signatures to compliance reviews.

“That connection point, where inefficient bottlenecks impact the client experience, needs to be your priority as a firm to improve,” Burkett explains.

This technology-driven focus on efficiency does not come at the cost of personal interaction. Burkett stresses that human touch remains vital, especially in a service-oriented field like wealth management. The COVID-19 pandemic highlighted this balance. Before the pandemic, video calls were often viewed as impersonal, but Burkett notes that “since then, people have become so much more accustomed to it... they're more used to that technology.”

And when it comes to rolling out new technologies internally, Burkett emphasizes the importance of involving advisors early in the process.

“Listening and hearing the advisors, the client associates, what they’re looking for, where the pain points are,” she says, is critical to successful implementation. Snowden Lane’s advisors are not only employees of the firm but also owners, making their feedback essential. To collect input, Burkett’s team uses online surveys and group interviews, which help identify the most pressing issues. Once those are pinpointed, the firm moves into beta testing, where the same groups of advisors and client relationship managers test new technologies before they are fully implemented.

This feedback loop allows Snowden Lane to maintain a high standard for both advisors and clients. Burkett is confident in this approach, which is built on active listening, collaboration, and a focus on continuous improvement.

“We do believe there is a better way,” she tells IN. “And if you're standing still, you're falling behind.”

Don’t miss out on the opportunity to network with industry leaders at our upcoming RIA Activate Summit California. Book your tickets here.