Many financial advisors consider technology an expense, no matter how necessary. Joseph Salpietro of Xpyria Investment Advisors felt the same way, until he came to a crucial realization.
“We always figured we’d have to hire more people to create the efficiency we needed,” he says. “We’d talked about needing two or three administrators over the next five or so years at a cost of, say, $30,000-40,000 each. And when we found out that we didn’t have to hire those people to help us with the paper chase—well, that’s a smart business decision.”