Why Building Your Own Advisory Software Rarely Pays Off

Advisory firms know that success today requires more than great investment management. Clients expect seamless onboarding, consistent communication and a clear sense of progress. Teams need tools that increase efficiency, boost accountability and provide visibility across the client journey.

The question is not whether firms should use technology, but whether they should build it in-house or rely on trusted solutions. At first glance, building can look cost-efficient. In reality, hidden costs pile up quickly, from lost time with clients to ongoing maintenance and security risks. The outcome is often a system that lags behind the competition and drains resources.

Opportunity Cost of Building

Building software internally takes more than developers. Advisors and firm leaders must dedicate hours to reviewing requirements, supervising progress and managing testing. Every one of those hours is time not spent with clients.

Research shows that more than 30% of projects hit delays or budget overruns, which means spending more time away from clients. And the sacrifice might not even be worth the effort: One in five survey respondents indicated that these internal software development projects produce less than satisfactory outcomes most of the time.

That means not only lost time but also wasted effort for a system that still does not meet firm needs.

Maintenance That Never Ends

A custom build is never a one-time project. Software requires continuous updates to fix bugs, align with new compliance standards and keep up with evolving workflows. In fact, 65% of total software costs happen after the original deployment. For firms already stretched thin, dedicating resources to maintenance is not sustainable. Advisors cannot afford to spend months tweaking systems while competitors adopt ready-to-go tools. By the time an internal project is stable, it often needs more updates. This cycle repeats endlessly, draining time and resources that could otherwise fuel growth.

Security at Risk

Cybersecurity is one of the most important considerations for advisory firms. Regulations are getting stricter, threats are becoming more sophisticated and compliance expectations are higher than ever.

Getting cybersecurity wrong can lead to significant fines, penalties and other consequences. RIAs also have new cybersecurity regulations, so staying current and compliant is more important than ever.

In-house systems rarely have the depth of protection that established platforms can provide. Falling behind on updates creates vulnerabilities that put client data at risk. The result can be severe penalties, reputational damage and a loss of client trust. Advisors cannot afford to gamble on partial protections when regulators and clients expect nothing less than full security.

A Smarter Path Forward

At first glance, building technology internally may seem like the budget-friendly choice. But the true costs tell a different story. Lost client time, endless maintenance and exposure to security risks quickly make in-house projects a liability. Firms need software that not only works today but also scales for the future.

Why Advisors Choose Hubly

Hubly gives firms a better way to operate. With Hubly, advisors start every day with clarity and purpose, seeing exactly what needs attention without digging through clutter. Workflows are simple to build and easy for teams to adopt, unlike clunky CRM systems. Automation reduces repetitive tasks so staff can focus on client engagement.

Hubly also provides visibility into operations, accountability across the team and confidence that nothing falls through the cracks. Firms increase efficiency, expand onboarding capacity and save hours every week.

Ready to see how Hubly can transform your firm’s efficiency and client experience? Try Hubly free for 30 days.