We live in the “age of busy”. Digital platforms, ‘work from anywhere’ (and all the time), and the never-ending need to ‘catch up’ has made free time seem like a luxury of the past for many workers.
For RIAs and financial advisors who commonly wear the CEO, partner, entrepreneur, financial advisor, CFO, portfolio manager, and several other hats at any given time, this is exponentially so. These professionals are juggling prospect onboardings, client review meetings, regulatory compliance, and a variety of other tasks each day in the office and often on the weekends. It’s a lot.
But if you took a moment to really look hard at these efforts, how much of them could be best classified as “busy work” or non-critical to the over-arching goals you have for the organization?
Well, abra-cadabra… you have your time back.
Cloud-based software platforms like Docupace can make the dream of having more free work time a reality for advisors. With that tantalizing prospect in mind, here are three things advisors can refocus their efforts on when they have excess time on the job.
Invest Time Into Client Relationships
Optimizing client portfolios (and increasing customer satisfaction in the process) is one initiative advisors with more free time could focus on. Clients increasingly want personalization and individual attention placed on their needs and goals. RIAs must consistently deliver on that expectation to stay competitive in today’s marketplace.
Digital automation already aids advisors in offering more value to their clientele. With risk management software that identifies problematic trading behavior, RIAs can focus on the alerts that truly need extra attention instead of the red herrings often flagged by manual processes. Similarly, automation streamlines onboarding so new clients can be brought on faster and with fewer errors.
Time saved on traditionally lengthy processes can be better served delivering on clients’ individual investment interests. Getting to know customers on a personal level requires increased communication, which advisors may not have time to do without cloud technology. Gathering client data can be both an objective and subjective process: it’s important to solicit the basics (i.e., demographics, name, job title) while also getting a sense of the less obvious details that make up their personality.
Knowing customers — and catering advice toward their interests — is one critical way RIAs can shore up existing business and create room for future prospects. Relationships matter more than ever in a digital environment overflowing with content. Clients are looking for a financial advisor who can guide them through the noise toward a personalized investment plan.
Seek Out New Prospects And Strengthen Ties With Existing Customers
Another task that often falls by the wayside when advisors lack time is networking and pursuing professional development opportunities. Forging connections with other RIAs can help expand professional connections, build up reputations, and keep advisors abreast of industry best practices and trends.
Several professional associations exist that can help RIAs network. The National Association of Personal Financial Advisors (NAPFA), XY Planning Network and the Financial Planning Association (FPA) are just three of many great organizations that offer in-person events and investor training. Similarly, attending professional conferences that feature new tech and thought leaders can also be a beneficial use of extra on-the-job time.
It’s also a good idea for RIAs to get up to speed on the latest social media platforms and referral networks. Finding new clients is made much simpler when RIAs can access the personal and professional connections of existing clients, and Facebook, LinkedIn, and Twitter are good options for identifying new prospects.
Spend Time Learning New Skills and Technologies
Whenever possible, wealth management firms should encourage RIAs to spend time getting exposure to new technologies transforming the finance industry. Whether reading about new platforms or becoming more familiar with existing ones, RIAs can stay aware of technology that may impact their jobs in the future.
Change provides opportunities to adapt to new systems that will likely become a necessity down the line. Rather than lagging in the digital finance revolution, RIAs can become industry leaders through actively and thoughtfully using new tech solutions.
Freeing up time for RIAs can result in better customer relationships, stronger connections with other professionals and prospective clients, and innovative applications of new technology. Allowing RIAs to do what they do best — adding a human touch to every client interaction — can lead to more steady revenue streams and long-term growth.
For more information about how Docupace can help your wealth management firm free up advisor time, schedule a call here.
