Artificial intelligence, self-driving cars, virtual reality, voice-controlled assistants — the pace of technological change is breathtaking.

From a financial advisory business perspective, though, many of the headline-grabbing tech developments aren't that useful — at least not yet.

While some advisors like to adopt cutting edge tools, most industry sources seem cautious and want proof that a technology will help their business before they try it. The advisors and consultants interviewed for this article only suggested using a particular tech tool after they determined that it really works, not simply because it's deemed the latest, greatest innovation.

CRM: The essential hub

Advisors and consultants agree that customer relationship software (CRM) is the essential tool to manage and grow an advisory business. Current software goes well beyond serving as a digital Rolodex™ for contact information, says Joel Bruckenstein, who produces the Technology Tools for Today website and conference. Earlier CRM offerings often required advisors to do their own analysis by exporting CRM data to a program like Microsoft Excel. But the leading developers are building more powerful analytic capabilities into their CRMs, making the programs more robust and indispensable for marketing and practice management. These programs can track client preferences and demographics; they also track an advisor's work flows and provide valuable management insights through easy-to-use analytic dashboards. "You need to know how much revenue you're making per client, what your client trends are as far as age," says Bruckenstein. "If every year your book is aging, for example, you have a dying business."