Dan Wright, Executive Director of Strategy of Accutech Systems Corporation explores different angles of wealth management technology
1. Tell us about yourself and your role at the company?
Accutech Systems runs on the singular principle of helping other people succeed. We make that happen by developing personal relationships and innovative solutions for our bank and wealth management clients so that they can achieve their goals.
My primary responsibility as the executive director of strategy is to develop those innovative solutions with a five- to 10-year strategy. I help implement a roadmap that enables Accutech to reach its goals and fulfill its purpose of making great things happen for other people, such as developing multiple software solutions built to deliver an engaging user experience for our more than 250 clients.
2. Can you venture your journey into the market for our audience?
In the early stages of my professional career I became more interested in technology and how tech is beneficial for each industry. This has led to many years of working in tech in a variety of roles including serving as a healthcare CIO and co-founder/president of a custom software development company. I was introduced to the fintech space when I joined Accutech almost four years ago, and have loved getting a new “degree” in the convergence of technology and wealth management.
3. What according to you are the top fintech trends ruling the market?
Accutech’s mission has been focused on helping trust departments and independent trust companies complete work more efficiently and grow. Over the last several years we’ve seen a shift specifically in that space from siloed trust and investment management divisions to a single wealth management division. This has created a desire for a single wealth management platform that can serve the needs of both trust operations and investment managers.
Another fintech trend ruling the market currently is creating technical interface expectations for the younger generation raised on smartphones and apps, particularly amid the generational transfer of wealth from baby boomers to their families. They want an Amazon-like end-user experience.
4. In which ways do you think the fintech market is adapting technology in their day-to-day routine?
Advisors and wealth managers are adopting fintech to further help and fuel growth with day-to-day routines.
Based on feedback, advisors want to create a personalized experience for their clients in digital form instead of hard copy. Advisors can now describe and even show clients the capability where data is pulled from a report.
5. What is one unique benefit that Accutech Systems’ trust and wealth management software provides to its customers?
The short answer is flexibility and innovation. Accutech is filling gaps in the financial system left by traditional institutions for banking services. Rather than an on-site installation with an annual update, Accutech is cloud-based, single-code based and frequently updated. We solicit and incorporate improvements suggested by users.
6. How has the recent addition of cloud-based trust accounting tech helped in serving your clients better?
Cloud-based trust technology has allowed Accutech to drive efficient and scalable operations, create a better experience for the employees using the system, support growth for our clients and much more. Perks of cloud-based software are, of course, the ability to frequently update and provide continuous improvements to the interface, which is an asset Accutech implements as needed.
7. How, according to you,is technology bringing change in the wealth management sector?
Wealth management technology is empowering clients to be better informed about financial planning and investment through visualizations. Advisors who learn to leverage technology will enjoy a competitive advantage over the market for years to come.
However, one thing is certain: To navigate the technology, clients will still need to rely on actual wealth managers who are able to guide them because no amount of technology can manage tomorrow’s uncertainties and complexities.
8. As an evolution curve, can you take us through the journey of change that Accutech Systems was able to bring to the fintech sector over the years?
Accutech has always leaned into innovation — fast and secure digital accounting opening and community engagement — and I believe we’ve led others to adopt modern technology so that the fintech industry can take advantage of the benefits that technology can deliver. Delivering a browser-based solution built for the cloud was a huge accomplishment. Accutech also had to deliver a modern end-client experience and integrate financial planning to effectively navigate the generational transfer of wealth.
9. How do you think Accutech Systems has contributed to the revolutionizing of the wealth management experience?
Accutech has been able to persuade the trust industry to stop relying on technology that was originally developed in the 1980s and move to modern technology. Any fintech software should be “all in one shop” software, and we’re implementing this and helping our clients embrace the new age.
10. Can you share one story through which Accutech Systems was able to solve a complex problem with its customized approach for one of its clients?
A client of Accutech, a large RIA firm managing over $30 billion in assets, launched an associated trust company to serve its clients’ needs. The RIA firm selected Accutech’s Cheetah Wealth Management platform and the trust company grew to over $2 billion in assets under management in two years with only five staff members. The firm credits Cheetah Wealth Management for providing the operational efficiency needed to grow fast without having to hire an additional amount of people.
11. Which is the movie that inspires you the most?
Well, my peers would find this question really funny because they know I’m not a movie guy. They will quote me lines and then say, “That’s from a movie, Dan.” That said, I loved Hoosiers, Blind Side, Return of the Titans (see a theme?) and the Lord of the Rings series.
12. Would you like to share your all-time favorite motivational quote with us?
“But one thing I do: Forgetting what is behind and straining toward what is ahead, I press on toward the goal to win the prize for which God has called me heavenward in Christ Jesus.” (Philippians 3:13b-14)
