Every so often, it’s important for your office to take a step back and reassess your processes. Back office operations should function like a living, breathing system, constantly evolving to meet the needs of the business’s growth. Bringing all parties together to discuss, and even vent about, their roles in the process can uncover inefficiencies and areas of dissatisfaction that, when addressed, can lead to significant improvements. This approach not only enhances the workflow but also increases buy-in from the team, making it much more likely that the changes will be successfully implemented and stick.
Collect and Store Data
Most advisors spend more time on back-office paperwork and administrative tasks than meeting with clients and prospects. Leaning into data and document automation is one of the most impactful ways to streamline operations and free up time for other, more crucial tasks.
One of the biggest culprits for time-consuming data gathering (and the biggest opportunity for automation) is around new clients and prospects. Collecting and organizing that information is crucial to providing excellent service and staying compliant, but collecting it by hand can be cumbersome and lead to errors.
Instead of manually collecting forms and entering information, firms can use automation (especially through Docupace’s integration with PreciseFP) to personalize digital forms, automatically collect client information, and save it in the proper places. Automated data gathering creates smoother, faster processes for opening accounts sooner.
On average, employees spend at least two hours per day looking for documents or information they or others need to do their jobs. Paper forms can easily get lost, causing a firm to fall out of compliance. However, by automating document filing and management, advisors can more easily find the information they need and ensure that documents are stored properly and for the correct amount of time.
Integrate Multiple Platforms
Another area where advisors and back-office staff probably don’t realize they spend the bulk of their time is with inefficient, siloed software. At most firms, navigating between multiple systems and manually checking information from different systems is just part of everyday work processes. But it doesn’t have to be.
Instead of entering information into a customer relationship management (CRM) system and then manually moving it to a financial planning software or meeting calendar, efficient integrations sync the majority of data data and create a single, advisory platform.
There are countless ways to integrate software: Automating scheduling through a centralized digital calendar or software program ensures meetings are scheduled when the advisor is available and can send automatic confirmation, requests for information and files, and reminders for fewer missed appointments.
CRM tools easily segment clients and potential clients so advisors can send targeted emails and campaigns. A well-designed CRM system improves segmentation strategy and automates tasks such as tracking lead behavior, monitoring customer satisfaction scores, and calculating customer lifetime values.
Focus on the Client Experience
Streamlining operations isn’t a one-time thing. As technology advances and clients needs and trends change, firms need to be constantly looking for new ways to integrate and innovate. The best firms look for improvements with clients in mind.
One survey found that advisors who consider operational efficiency from the client’s perspective can identify areas for improvement on the front end. That means it’s not just about creating processes that make life easier for employees but finding specific ways to streamline operations to improve the client experience.
What tools and efficiencies can you use to improve the client experience? Look for ways to leverage technology to provide clients with faster recommendations and results. With the help of tools like the PreciseFP Risk Tolerance Calculator, advisors can have a more real-time view of their client’s market attitude and act on their risk tolerance. These solutions handle much of the manual work, enabling advisors to make quick, informed decisions based on the clear-cut numbers produced by the software. Start a free trial today!
