How to Prepare for A Tech-Vendor Switch

Advisors must consider many details when switching technology vendors, and proper preparation is key for a smooth transition, according to ThinkAdvisor.

Focus on the Client Experience

Advisors should evaluate where and how a piece of technology affects their business and systems, the publication writes. Usability, features and other components should be compared, as well as the functionality of each as part of a firm's wider system, according to ThinkAdvisor. 

If a solution interacts with a client directly or indirectly, it requires extra evaluation, the publication writes. Clients may not like the transition process or the new product, and if the switch doesn’t change a customer’s experience, the transition must be even smoother, ThinkAdvisor writes. 

Firms can tell their current provider they’re leaving early in the process, since they may be able to help with the transition or make improvements to the existing product, according to the publication. However, this can lead to a decline in service or hard feelings, depending on the relationship, and the terms of existing contracts should be considered, ThinkAdvisor writes. 

More complex solutions with multiple changes will affect the evaluation and transition timeline, according to the publication. It may be necessary to run both the old and new solutions in parallel with strict quality assurance tests, ThinkAdvisor writes. All stakeholders need to be involved in this so they can sign off on the new solution, and it is often during this time that firms will know if a new solution can meet its needs, the publication writes. 

Advisors should always question why they are leaving a provider, since the work involved in the evaluation can sometimes pressure them into making the change, according to ThinkAdvisor. This is what leads to firms switching to a new provider and then ultimately going back to their original solutions, the publication writes. 


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