Choosing how to build and maintain your tech stack is a massive decision. Your choices directly affect everything from your speed to market to your ability to comply with industry regulations and serve clients at scale. 

Having an in-house team for your wealth management firm can often feel like the inevitable option, but this can lead to problems down the line as your business grows, especially when it comes to rising costs and skills gaps. 

If you’re not sure whether establishing (or expanding) an in-house development team is right for you, you might be wondering what alternative options are available. One that’s well worth considering is working with a specialist software partner that has experience across banks, brokerages, exchanges, and investment platforms.

Here, we’re breaking down the differences between these partnerships and hiring a team—and why the former might just be better for your wealth management firm.

The Biggest Setbacks of Using an Internal Team

Hiring an internal development team obviously has its advantages, especially when it comes to how much control you have over your systems and the building process. But unless you’re a technology company at your core, you’re always going to be missing out if you’re doing everything internally. 

To build the most effective tools and platforms, you need developers who understand everything from your asset types and reporting obligations to your back-office logic. Those skills are hard to find—and, unfortunately, they’re harder to keep. And the last thing you want is to have to reset your progress every time a developer leaves. 

Using an internal development team is particularly difficult when you’re adapting to evolving markets, where you’ll often need to respond to new client expectations and changing regulations—something that puts pressure on your timelines and often pushes costs even further up.

How Partnering With A Specialist Software Firm Can Be The Answer

Now let’s consider what would happen if you chose to work with a specialist software firm for designing and developing your technology. These firms already work with clients across wealth management, capital markets, and banking, so, compared to generic developers, they have a head start when it comes to designing tools for your business. Given their existing expertise, you’re not funding the early learning curve—these companies already understand how to build scalable, compliant, and efficient platforms.

You don’t have to give up control when you outsource your technical development, either. A partner like Devexperts will work closely with you to deliver custom solutions based on your own specific requirements. They handle the delivery, focusing on building the exact features you need, to your required timeline. 

Final Thoughts: The Smarter Option for Scaling

Most wealth management firms will reach a point where internal resources alone just aren’t enough. 

Let’s say you’re launching a new investment product or updating legacy platforms that no longer serve you. Building everything yourself will take too long, which is why a fintech partnership has so much appeal. In a market where timing is so important, having that edge can save you more than just money.