Improving advisor productivity is always top of mind in the wealth management industry. It’s a logical focus for wealth management firms looking to attract and retain top talent and increase assets under management. Advisors that have more time to work on growing their book of business, are more likely to be satisfied and they’re bound to be more profitable. According to BCG, “The costs that affluent-focused players incur in producing business are far too high, and they could become even more profitable if they were to increase efficiency.” They go on to state that top performers need 5 fewer assistants than average performers showing the link between efficiency and assets under management.

Wealth management is about trust. It is about giving an advisor control of your financial health and security and depending upon that advisor to make or recommend decisions that help you meet your financial goals. When we, as vendors, focus on features that give our products an edge, we always focus on how specific features can help advisors build more trust. This is what makes relationship hierarchies so important.

In terms of technology, there are minor differences between relationship hierarchies for corporate and investment banking and wealth management. The big differentiator is the intent. Corporate and investment banks track multiple hierarchies for the same corporations, such as risk relationships versus legal relationships. This allows bankers to get a holistic view of what makes the most business sense for a client. Wealth management needs a single hierarchy because they focus on single households and extended households. So, how exactly do you make a hierarchy that specifically speaks to the needs of an advisor?

The life of a financial advisor is a constant juggling act – and one where the balls in the air aren’t all of the same size, shape and weight. To be successful, an advisor needs to keep track of prospects, make new clients feel welcome and reassured, help existing clients navigate legal and regulatory hurdles, and help clients who are moving on to a new phase in life enjoy a seamless transition.

Who doesn’t want their team to work faster? And not just faster, but better as well? It’s what we all want. That’s why ‘increasing productivity’ is a key driver behind many front-office system upgrades. It’s also the reason so many vendors promise productivity improvements. So, how do you sort out the empty promises from the legitimate ones? The simple answer: do your research. Ask questions, and demand proof.

In a business landscape awash with “agnostic,” or non-industry-specific customer relationship management (CRM) tools, firms who adopt industry-specific CRM solutions are better able to unlock revenue opportunities, decrease risk, ensure compliance, and boost user adoption.

That is according to a recent Forrester Research report, “How CRM Evolves to Support Industry Requirements.” The report, which analyzes the impact and potential of CRM tools across several industries, clearly makes the point that industry-specific CRM solutions are increasingly sought after. That is particularly the case among financial services firms.

“You can’t manage what you can’t measure.” It’s an old adage in business, and like many it has its limits, but clear, comprehensive data and reporting truly is crucial for advisors and advisory firms looking to maximize their business.

The challenge is that this data might be locked away in multiple systems, or data from one place might be needed to calculate or give context to data in another. NexJ has solved this challenge with its Analytics and Reports, a key component of the Integrated Advisor Desktop solution we have deployed for major firms.

The Best Advisor Experience Starts With a Model

How many business leaders want to talk about technology when all that matters is understanding how it will drive growth, save money, improve operations or address a specific key metric? The answer is likely few to none. And it's a reasonable position to take, after all, why would anyone spend money if they don't believe there is a return on that investment regardless of how innovative the technology? Does understanding the mechanics of how a product works to drive ROI even matter? In most cases, the answer is no. There are times, however, when a technical approach is different enough that not appreciating it might lead to the wrong decision. We have written many blogs recently that address the business benefits of an Integrated Advisor Desktop, from the functional components including a client dashboard, advisor dashboard, customer engagement dashboard to application integration and data integration. What brings the whole thing together though, the engine that drives the value of the functional areas and even the integration, is the model.

Wealth managers are constantly looking for ways to enable greater efficiency and productivity for their advisors.  Providing tools that automate workflows, increase capacity and advance collaboration helps advisors focus on what matters to grow assets under management and improve client satisfaction. Often these tools, such as portfolio management, financial planning or performance reporting for example, are "stand-alone" products which makes it difficult for the advisor to have the full context of their client in one place. An Integrated Advisor Desktop solves this problem. Last week we discussed how application or UI integration, when done properly, can dramatically improve the productivity of your advisors, but that isn't enough, you also need data integration.

Most advisors need to juggle multiple applications, searching for the client or account each time, to properly service a single customer. Advisor productivity and client experience suffer as individual tasks take longer to perform and mistakes are made. Advisors need a consolidated view of their customers with embedded tools and not just links to other applications.

Leverage your CRM investment with a sound user adoption strategy.

Successful financial advisors have to live in two worlds: They need excellent strategic awareness of their entire book of business and macro-trends in the markets and industry, while at the same time maintaining personal relationships with each of their many clients and translating those macro-trends into meaningful action for unique individuals.

Timely and relevant client engagement has never been more important in the wealth management industry than it is today. The last couple of years have upended expectations for advisors and clients alike. The ability to engage in real-time, highly personalized interactions on topics hyper relevant to clients is now table stakes for advisors and the firms they work for.