Have you ever been in a meeting with a client and asked them to spell their name? How about for the second or third time? Not only does it make you seem inattentive, it also turns what should be individual consulting opportunities into mere Q&A sessions. Spending time repeatedly asking about their personal information, long-term goals and financial situation is frustrating for both RIAs and clients.
However, maximizing meeting time with customers is possible, particularly when automated data aggregation tools are thrown into the mix. That was precisely the thinking behind why Docupace acquired PreciseFP in late 2021.
Already a leader in cloud-based fintech digital operations software, Docupace partnered with PreciseFP’s innovative client-facing capabilities to offer a cohesive, customizable solution for wealth management firms. Here’s how PreciseFP and Docupace’s services can help improve client meetings for all involved parties.
Get It Right the First Try
Traditionally, RIAs had to stay consistently alert during the client data-gathering process. This level of attention wasn’t placed on the actual interaction between advisor and customer; instead, it focused entirely on accurately getting personal information into the firm’s systems. According to some studies, client data collection and entry equals about 40% of costs of creating a new financial plan.
That’s not to mention the frequent, unintentional errors caused by a manual data entry process. Data entry is lengthy and cumbersome and severely eats into RIAs’ time for completing other, equally crucial tasks.
PreciseFP allows RIAs to aggregate client data and present it in customizable formats. Rather than manually pulling and cross-referencing information from disparate sources, tools like PreciseFP can offer insights into client preferences and behavior with the click of a button. Advisors will have better visibility into the information they need to make informed, personalized decisions for their clients and present those recommendations in understandable and compelling ways.
Focus on People First with Customized Workflows
The investment experience can be hit or miss for some clients. Entrusting funds to a financial expert should, in theory, result in better financial outcomes for the investor. Unfortunately, traditional methods of portfolio creation rely largely on manual processes that are challenging for RIAs to personalize efficiently. Cookie-cutter recommendations that aren’t specific to a customer’s goals and current situation turn clients off from particular firms and, sometimes, from wealth management services altogether. Not to mention the behavior ratchets up regulatory risk and violates the advisor’s fiduciary responsibility.
PreciseFP changes this scenario by drastically improving the customizable aspect of the investment experience. Instead of generic forms that leave room for errors, advisors can now guide clients through a user-friendly workflow that prompts customers for needed information. These premade data-gathering templates also feed into the array of systems used by wealth management firms to regularly conduct business.
These capabilities have other benefits, including:
- Fostering more trust between the firm and its clients
- Making clients feel their specific needs are being heard and met
- Improving security around sensitive personal data and investment transactions
These advantages strengthen the client/advisor relationship and help RIAs hold more meaningful and strategic investment conversations with clients.
Focus on the Customer, Not Paperwork
The partnership between Docupace and PreciseFP also can help improve client/advisor meetings in a crucial way: it provides RIAs time to build up deep customer relationships.
Research by the American Psychological Association reported that participants felt less awkward than expected when engaging in both small talk and more meaningful conversations with apparent strangers. This study suggests that clients aren’t necessarily opposed to having in-depth conversations with their advisors that delve into relationships, family, personal finances, and health. These topics can help firms better align investment recommendations with a particular customer’s values and goals. The key to creating more impactful discussions lies in RIAs having the time to conduct them.
One of Docupace’s core tenets is its commitment to the “back-office revolution,” a process in which the old paper-based way of getting things done transitions into more efficient and consistent digital workflows. Part of this revolution is the notion that back-office staff take on more of the manual work that traditionally fell on RIAs’ shoulders. As this revolution continues to pick up steam, conversations between advisors and clients will become more personal, insightful, and productive. And at the end of the day, that’s exactly what platforms like PreciseFP and Docupace are here for.
Learn more about Docupace and PreciseFP.
Chief Marketing Officer | Docupace
