Until advisors can clone themselves, the only path to growth for them – and the firms for which they work – is to get more done in the same amount of time. Technology is part of the answer, but how that technology is applied is even more important.
An advisor’s success depends on building and maintaining relationships with clients that are valuable and appreciated. That’s one part of an advisor’s job that can’t be squeezed – if anything, it should be expanded. But where will that extra time come from?
Here are five areas of an advisor’s workload where the smart, integrated application of technology can free up time, allowing advisors to do more in less time and focus their skills and efforts where it will do the most good:
Onboarding: Simplify and accelerate the process
Bringing new clients into a practice can be time-consuming. Integrating systems and enabling the sharing of data across silos can reduce the amount of data entry required and the frustration of entering the same information multiple times. Pre-populating forms with known data saves time and reduces errors, allowing the advisor to focus more on goals and relationship-building.
Prioritize Tasks: Focus on what matters most, soonest
Advisors need to manage a wide range of tasks for large numbers of clients. Keeping track of all the reporting, compliance and relationship-building activities, which may or may not be on the same schedule, can be overwhelming, and lead to pileups of work that can ripple through an advisor’s day. A single system that organizes tasks, prioritizes them, and nudges an advisor when needed can help keep all those balls in the air and avoid time-consuming fire-drills.
End App Switching: Fewer logins, less to transpose
A CRM system, trading system, compliance and reporting, client communications, plus email and every communications channel available – to an advisor it can seem like their attention is endlessly fragmented, especially when information from multiple sources is needed. Jumping from app to app wastes time and mental energy, and introduces the possibility something will be missed or misapplied. A single login and focused dashboard views alleviate this.
Reduce Searching: Bring forward relevant data based on context
When an advisor is focused on a single client, bringing together information about just that one person is what’s important. Seeing a client’s interests, communication history, portfolio performance and upcoming key actions at a glance, rather than searching for and compiling all those things, helps an advisor be better prepared and more efficient with their client-focused time.
Automate Engagement: Let technology find and deliver relevant content
In between meetings, advisors can deliver value by sharing and curating relevant information for clients. But with a different set of interests and needs for each one, just finding relevant content could be a full time job. Automation and smart systems can surface and sort content by client, and help deliver it with greatly reduced effort on the part of the advisor.
The Efficiency of a Dashboard for Every Journey
NexJ has designed its offerings around the need to increase advisor productivity. With its Advisor Dashboard, Client Dashboard and Engagement Dashboards, a NexJ-designed solution will help your advisors gain back hours in their day – which they can spend serving more clients, or spending more time with existing clients, or both.
And to bring the benefits full circle, NexJ also has created a Reporting Dashboard that helps firms monitor the productivity of advisors and help identify ways they can improve their efficiency and grow their book of business – a win for advisors and firms.