Using Technology to Build Scale

During the latter part of the last decade, hybrid RIA firm RFG Advisory decided to leave its then broker-dealer affiliation and tear down the entire house in order to build what it calls RFG 2.0, a fully integrated technology platform designed for independent financial advisors that’s focused on helping advisors build enterprise value in their practice. The re-do was a few years in the making, but when RFG 2.0 finally rolled out it enabled the Birmingham, Alabama-based firm to better serve its roughly 80 advisors who operate in 14 states and manage more than $2.8 billion in advisory assets.

In doing so, says Shannon Spotswood, President of RFG Advisory, it enables the firm’s network of advisors to more efficiently serve their clients.

As part of the fourth installment of our Work Smarter webinar series, Shannon discussed with us how RFG Advisory leveraged technology to build its platform and what motivates the firm to achieve and maintain excellence.

A big part of the firm’s approach is based on the word “intentionality,” particularly as it relates to building its culture. For RFG Advisory, that means it approaches every day with a servant heart and a warrior mindset. It developed that credo after it determined it was a service company first, a technology company second and an RIA firm third.

And being intentional means leveraging technology, as the one thing all advisors have in common is they only have 24 hours in a day, so they better make it count. By providing advisors with a state-of-the-art fintech stack, RFG enabled them to maximize their time, grow their business, and provide an exceptional client experience.

Orion played a big role in creating RFG 2.0, which was underpinned by the firm’s desire to build its own technology, use its own resources and pull in different vendors to make its current tech stack possible.

Orion helped formulate those partnerships and relationships to get RFG Advisory to where it is today with nine functional pieces of technology. Orion sits at the top of the tech stack and helps with the bilateral communication between the software programs. Fintech software integrations are key, so there’s no entering an address here and having to put it in over there. Advisors can efficiently pull all of their clients through one client portal versus logging into other account portals.

Ultimately, operational efficiency comes down to integrating best-in-class solutions and business intelligence best practices.

Learn more on how Orion’s financial advisor software is helping firms increase efficiency, scale operations, and enhance the client experience.