10 Best Books for Business Leaders Facing Financial Distress

Rising inflation, interest rate hikes, and lower consumer spending are challenging businesses of all types throughout the U.S economy. Declining financial performance levels and a contracting credit market are forcing business owners to expand their search for efficiencies, working capital, and inspiration to navigate these tough times. Dealing with diminishing profits, financial instability, or insolvency can seem overwhelming – that’s why finding reputable sources of business advice to learn

An Industry in Flux

Introducing broker-dealers (IBDs) and registered investment advisors (RIAs) are used to operating in a changing professional landscape. Advances in technology, going as far back as the development of the telegraph and the first transatlantic wires, which opened global markets, have driven change in the financial services industry. In addition, rapidly evolving technology, consumer demand, regulatory updates, and mergers and acquisitions are also driving change in our industry.

Don’t Build Your Tech Stack in a Bubble

Financial institutions tend to spend a significant amount of money on technology. The UBS Evidence Lab collected financial spending data from 175 banks and found that more than half of respondents spend less than $100 million on technology annually. However, 88% of respondents with over $100 billion in assets, who already have a larger tech budget than smaller institutions, expect their technology spend to increase significantly over the next three years. To put it in perspective, JP Morgan Chase planned to spend $11.4 billion on technology development in 2019ii.