Workflows: Your Competitive Advantage

Workflow automation is often overlooked and the most underutilized tool in the industry.

Your office can take some time on a Friday, grab pizzas, get everyone together in one room, and figure out a couple of workflows. This easy step makes sure nothing slips through the cracks and can be a key differentiator between you and your competition. Not to mention it can increase the level of talent seeking to work at your company.

Let’s take a look at how PreciseFP’s pipeline automation can save time, increase effectiveness, and improve customer service.

Improve Client Satisfaction & Business Growth With Workflow Automation

A common misconception about workflow automation is that it’s purely a back-office optimization technique. However, there are many use cases where improved workflows can lead to a better client experience, leading to improved business outcomes overall.

Consider workflow automation in the context of client onboarding. Which would your clients prefer: filling out mountains of paperwork by hand at your office or filling out paperwork completely digitally with auto-fill and machine-learning capabilities that speed up the process? PreciseFP saves an office more than 10 minutes here and there by taking data gathering paperless. In 2023 more than 33,000 hours financial plan hours were saved.

These small elements of the client relationship aren’t just nice-to-haves, they impact how clients see your firm, whether they stay or leave, and whether they invest more money with you. For example, 85% of clients consider the frequency and communication style of their advisor when deciding whether they want to stay on or find someone new. Plus, 70% of clients specifically select their advisory firm based on the digital experiences they provide.

Here’s where workflow automation can move the needle on customer relationships and business growth. With PreciseFP’s pipeline automation, you can smoothly guide prospects through a series of steps. For instance, you can send out an engagement, such as a fact finder, to potential clients and schedule a follow-up in 3 days if there’s no response. For those who respond, they can seamlessly progress to the next stage, where an engagement related to meeting expectations can be sent. This ensures consistency, allowing if Prospect A talks to Prospect B, they can share a similar positive experience.

By automating one workflow at a time, the saved effort and improved experiences compound over time, improving your firm’s offerings, your advisor’s workload, and your client relationships.

Workflow Automation Boosts Productivity

It’s no secret that tedious day-to-day tasks are stealing advisors’ time and. The average advisor spends more than two hours on back office tasks for every hour they spend in client-facing meetings.

When asked to list their top productivity challenges, advisors cited the following:

50%, Lack of process mapping and documentation
50%, Ineffective delegation to staff
41%, Inconsistent procedures across advisors in the same practice

For advisors, improving productivity can lead to reduced costs, more time spent with clients, and less time spent on the everyday tedium that needs to get done but doesn’t lead to improved outcomes. Automating workflows is a simple yet effective method for managing the day-to-day and focusing more on client relationships.

In fact, more and more wealth management executives are seeing the benefits of using workflow automation as a tool for optimizing processes. An Accenture survey found 93% of executives in the financial advisory space expect to have optimized their front-to-back processes across internal and external partners by 2025.

However, just 43% had their processes automated back in 2019, demonstrating a 50% gap between where executives were and want to be. As technology continues to evolve into better and better solutions, adopting improved workflow processes and automation tools now is key to improving productivity in the future.

Empower Your Firm With PreciseFP’s Workflow Automation

For firms looking to begin their workflow automation journey, Docupace CEO David Knoch advises to start small and then grow bigger over time. For example, automating Form CRS delivery and then moving into more complicated functions.

In summary, PreciseFP is the top choice for data gathering, saving you from data entry hassles and boosting client engagement. Having a set schedule for managing prospects and clients sets you apart from the competition. Take the next step in improving your advisory practice – sign up for a free 14-day trial today and see how PreciseFP can make a difference.