The adviser tech stack 101: what you need, what's optional, and what to ditch

As with any form of professional business, financial advisers need to navigate an increasingly complex technology landscape. With regulatory pressures mounting and client expectations rising, building the right technology ‘stack’ has become essential to running a sustainable practice. Yet with hundreds of tools available across dozens of categories, many advisers find themselves overwhelmed by choice or, worse, paying for software they barely use.

According to Investment Trends’ 2025 Adviser Technology Needs Report, advisers are consolidating their platforms, now using an average of just 2.0 platforms compared to 2.2 in 2024. This shift toward simplification reflects a broader trend: advisers are seeking efficiency over ‘feature bloat,’ directing 71 per cent of new client inflows to their primary platform. The message is clear that, to advisers, less is more, provided you choose wisely.

The foundation: what you absolutely need

Every advice practice requires certain core technologies that form the backbone of daily operations. These are non-negotiable investments that directly impact your ability to serve clients, meet compliance obligations and run a profitable business.

Client Relationship Management and financial planning software: At the heart of any advice practice sits your CRM and advice production software. Research from the Netwealth AdviceTech Report shows Xplan dominates this market, with approximately 52.4 per cent of advice firms using it as their primary CRM solution. 

Alternatives such as AdviserLogic, Midwinter and emerging players like Plutosoft are gaining traction, particularly among practices frustrated with legacy system limitations.

The critical factor here is integration. Your CRM must connect seamlessly with your investment platform, document management and client portal. 

Investment platform: The Money Management Advice Tech Review 2025 found that BT Panorama (42 per cent), Macquarie Wrap (39 per cent), and Netwealth (37 per cent) are the most widely used investment platforms, closely followed by CFS FirstChoice (36 per cent) and HUB24 (35 per cent). 

Platform selection should align with your client base, with different platforms excelling for different segments, including retirees, high-net-worth clients, younger accumulators and ESG-focused investors.

Document management and digital signatures: Secure document storage and digital signature capabilities are now essential, not optional. Solutions like DocuSign have become industry-standard, enabling remote client engagement while maintaining audit trails.

Cybersecurity tools: With cyber threats escalating, password managers, multi-factor authentication and endpoint protection are mandatory. Practices holding sensitive client financial data cannot afford to treat security as an afterthought.

The enhancers: optional but valuable

Beyond the foundation, certain technologies can significantly enhance your client experience and operational efficiency, but they require careful evaluation before adoption.

Client portals and engagement tools: Dedicated client portals provide secure access to financial information, documents and communications. While many platforms include basic portal functionality, standalone solutions can offer enhanced features. Consider whether your existing platform’s portal meets client expectations before investing in additional software.

Cash flow and budgeting software: Tools that aggregate client spending and help visualise cash flow can deepen advice conversations. However, these work best when integrated with your primary systems, and standalone apps that don’t connect to your CRM create data silos and duplicate effort.

Artificial intelligence tools: The Investment Trends report found that 61 per cent of advisers now use AI, mostly via third-party solutions for simple tasks, but are increasingly seeking embedded, workflow-aligned tools to support more complex functions such as strategy development and meeting preparation. However, most AI usage remains experimental, and advisers should be cautious about over-investing in rapidly evolving technology before clear use cases emerge.

What to ditch: the technology drain

Perhaps more important than knowing what to adopt is recognising what to abandon. Legacy systems and redundant software drain resources, create security vulnerabilities and frustrate staff.

Duplicate systems: Many practices run parallel systems that perform identical functions, and are often the result of incomplete migrations or acquisitions. Audit your tech stack for overlap. Do you really need three different document storage solutions?

Under-utilised subscriptions: Software subscriptions accumulate like unused gym memberships. Review annual spending against actual usage. If a tool hasn’t been logged-into for six months, it should be cancelled. 

Outdated legacy systems: Systems that no longer receive security updates or vendor support represent genuine business risks. While migration can be disruptive, the cost of a data breach or system failure far exceeds the investment in modernisation. Industry research shows companies spend up to 40 per cent of IT budgets simply maintaining technical debt from outdated systems.

Point solutions without integration: Standalone tools that don’t integrate with your core systems often create more work than they save. Every time you manually re-enter data or export spreadsheets to move information between systems, you’re paying a hidden productivity tax.

Making the decision: a practical framework

Before adopting any new technology, ask three questions. First, does it integrate with your existing core systems? Second, what problem does it solve, and is that problem significant enough to justify the implementation cost? Third, will your team actually use it?

In an industry where client expectations continue to rise and margins face pressure, your technology stack needs to be used as a strategic asset. Choose carefully, integrate thoroughly and don’t be afraid to ditch what isn’t working.