According to a Financial Planning survey, the highest-income advisors tend to serve fewer – not more – clients. By having fewer clients, advisors can spend more time with each client to focus on deepening the relationship which creates loyalty and generally increases walletshare. An integrated, client-centered approach is the best way to manage and develop your business. Leading financial advisors manage to this principle with a holistic, efficient technology solution that delivers efficiencies and streamlines operations.
Choosing a purpose-built Client Relationship Management (CRM) solution with a built-in workflow engine allows you to automate key processes, such as client onboarding, account opening/closing, client review and investment policy statement tracking. The time savings afforded by this technology allows you to spend more time with clients. Having the ability to manage to the household level and see all “centers of influence” is critical to building and keeping long-term relationships.
Below are some features and benefits afforded by a truly Integrated Advisor Desktop:
1. Cross-system Integration: The key to creating a comprehensive platform is having a CRM system that seamlessly integrates with the other systems your firm uses every day. Integration with your portfolio management system provides accurate holdings and AUM information at the household level. Having this data consolidated in one location can help identify portfolios outside of their target weightings and show the impact that “centers of influence” have on metrics, such as AUM.
Real-time integration to your custodian within the CRM will enable you to respond to client queries with accurate information, without bouncing between systems. You can view alerts on an account and quickly note any action steps taken for compliance purposes.
2. Mobility and Unified Communications: An integrated solution should address the need to track multiple client communication channels, including voice, email, instant messaging and social networking. Ideally, a solution should give you “anytime, anywhere” access to client information through multiple devices, including tablets and smart phones.
3. Dashboards and Content Management: Features that bring client information into sharp focus enable you to quickly spot trends and opportunities. The system should allow you to easily build personal, customized dashboards to include information that matters most.
Document management capabilities help streamline and safeguard the multiple types of content that you have to manage, including client statements, agreements, investment policy statements and any other important documents that need to be stored and readily available for audit. You should be able to classify, search, protect, and easily recover vital client information.
4. Form Filling and E-signature: Integration to a form filling application such as Laser App allows information to be updated directly from the CRM into industry-standard forms. You and your team should spend less time filling out forms while significantly reducing errors and processing delays through the elimination of manual entries and incomplete documentation. Leveraging E-signature solutions, such as DocuSign®, will further speed agreement execution.
5. Automated Processes: Workflow automation has been one of the biggest advancements in CRM, resulting in significant time savings for advisors and their teams. Repetitive and routine processes can be defined and executed by the comprehensive workflow engine. Your firm will benefit from time savings, standard guided processes with automated follow-up on routine client service items, and easy compliance with firm policies and procedures.
The features of an Integrated Advisor Desktop promise to improve time efficiencies and enable you to build business and client loyalty through the delivery of value-added service. Through technological innovation, you can better manage the challenges of today’s market, improve operational efficiency and generate revenues.
To learn more about building the Integrated Advisor Desktop, download our latest whitepaper: Keeping clients front and center: Essential components of the integrated advisor desktop.