Advisors have many tasks and responsibilities, ranging from serving clients to staying current on industry trends and regulations and growing their firms. One survey found that only 13% of financial advisors feel they have complete control over their time. With so many demands on their time, it makes sense to automate as much as possible. Advancing technology like artificial intelligence and machine learning makes automating easier and more accessible than ever.
Not sure where to start with automation? Here are six tasks advisors can automate:
1. Gathering Client Information
Advisors are often overwhelmed by data and information for new clients and prospects. Collecting and organizing that information is crucial to providing great service and staying compliant, but collecting it by hand can be time-consuming. It used to be that clients filled out paper forms with their personal information, and back-office staff then entered it by hand into various systems. However, with automation (especially through Docupace’s integration with PreciseFP), advisors can personalize digital forms and automatically collect client information and save it in the proper places.
2. Filing and Managing Documents
Hand in hand with automating client information gathering are filing and managing forms and documents. One study found that 8% of advisors’ time is spent on administrative tasks like managing paperwork, data entry, and organization. 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. As a bonus, a paperless office and automated document storage streamline operations, freeing time for more important tasks.
3. Scheduling Appointments
Spending time with clients and potential clients is crucial for an advisor’s success, but scheduling those meetings can be a major undertaking. Automating scheduling through a centralized digital calendar or software program ensures meetings are scheduled for when the advisor is available and can send automatic meeting confirmations and reminders for fewer missed appointments. Many programs also automatically optimize schedules to batch similar appointments on the same day and maximize an advisor’s time.
4. Marketing and Social Media
Marketing is crucial to building a firm’s brand and credibility, but it can also take a significant amount of time. Tools can automate social media scheduling to ensure messages are posted strategically without an advisor or employee having to post each item manually. Similarly, automating tools can identify potential markets or break leads into segments for more effective marketing outreach.
5. Cultivating Leads
Managing and nurturing leads can feel like a full-time job. To ensure leads progress and don’t get left behind, turn to automation. CRM automation tools easily segment clients and potential clients so advisors can send targeted emails and campaigns. Automated systems can also flag leads when major life events occur so advisors can recommend relevant products. 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.
6. Risk Profiling
With the help of automation tools like the PreciseFP Risk Tolerance Questionnaire, advisors can have a more accurate and real-time view of market changes, calculations, and each client’s risk tolerance. Automation can speed up the process and lead to more accurate results, but an advisor should review the results and determine accuracy. A clear picture of risk tolerance presented alongside sound, professional investment advice is possible with assessment tools and an advisor’s institutional knowledge. 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.
The best tool to have in your pocket for all kinds of automation? Docupace. With dozens of integrations, Docupace can streamline workflows, automate processes, and ensure firms run more smoothly and efficiently. Click here to schedule a discovery call to find out more.
