How to Successfully Implement Portfolio Management Software


In today’s environment of fast-paced innovation, implementing new technology is a necessary part of being a financial advisor. After all, 83% of firms report that clients are asking for more services, especially those involving technology. Advisors are relying on tools like portfolio management software to handle these new requests and differentiate themselves from competitors.
But software implementation is no walk in the park. As IDC’s study on business technology initiatives worldwide found, “one-quarter of IT projects fail outright, and 20-25% of IT projects don’t provide the expected return on investment.”
Change is hard for any firm—but by establishing an onboarding plan, providing relevant information to your technology partner, and requesting an initial walk-through, you can ensure your business’s implementation process sets up your team for success.

1. Establish An Onboarding Plan

First and foremost, you need to create a comprehensive implementation roadmap that outlines the items you and your technology partner are responsible for, including due dates. Laying out a plan and communicating with your tech vendor regarding your portfolio management software needs will make the implementation and adoption processes go much more smoothly for both parties.
Among other items, ensure you determine:

  • Third-party implementation needs
  • Data and access information supplied by each party
  • Levels of customer service support and availability
  • Meeting, data transfer, and go-live dates

By establishing a clear roadmap and checklist, both you and your technology partner should be able to complete the onboarding process in an orderly, timely manner while covering each necessary aspect of implementation.

2. Transfer Appropriate Information For Account Setup

When you create the onboarding plan for your portfolio management software, be sure to determine how your technology partner can customize your solution and what they need from you to do so.
You will need to provide various files and data for the account to successfully manage your firm’s portfolios, but don’t forget additional items such as disclosures, benchmarks, logos, and other brand-related materials.
In general, it’s better to provide more information than less. Your technology partner may be able to integrate your brand’s information in ways that you don’t know or have forgotten about.

3. Request An Initial Walk-Through

After your portfolio management software is set up and running, don’t forget to request a complete product walkthrough for you and each team member. Understanding how your business’s new tool works is key to encouraging company-wide adoption and a fast ROI.
Ask your technology partner to provide a complete review of reports, billing, and other software features so that your teams can efficiently use your new product. Request an in-depth review of the client portal as well, so you can help clients make the most of their new system.
Throughout the process, ensure you clearly explain the benefits of your new portfolio management software to team members. Sixty-three percent of managers say that the pace of technological adoption in their workplaces is too slow, in part due to poor communication about the strategic benefits of new tools. Actively encourage adoption by emphasizing both the company-wide and employee-specific benefits of your new solution.
Finally, ensure you use this time to ask any questions that have come up—and schedule a follow-up call for any questions that arise in the first weeks of use. This is a great opportunity to ask about continuing support as well.


A structured implementation process can make all the difference for firms that want their new solutions to succeed. At Bridge, we have a step-by-step process that we use to help our clients implement our software. Want to learn more? Let’s chat.