Technology is meant to simplify things, make the financial advisory business more efficient and save advisors time. When Mike Damas set up his independent RIA firm Maryland Capital Advisors in 2005, he found that the technology system he'd invested in was doing the opposite.
If anything, Damas and his colleague were spending more time than they should have been on tasks that technology should have taken care of. That meant they were able to spend less time on reaching out to clients to properly establish and grow the business.
In the decade prior to setting up Maryland Capital Advisors, Damas had gained significant expertise in the institutional bond market and he'd managed a hedge fund.
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