Embracing electronic advisory

February 28, 2014. admin.

If you manage or own a financial advisory firm; or if you are running a financial institution with financial advisory as one of your business segments you should be reading this article.

Lets start by specifying some of your greatest pains with regards to your financial advisors.

  • Lack of productivity (revenue generation)
  • Fulfilling regulatory requirements (compliance)
  • Verifying advisory process (quality of service)

Now, lets address one by one and look at how I think technology can offer a solution to each one of them.

Lack of productivity

The absolute greatest challenge for a financial advisor is how to leverage their time and this is one segment where technology really can help.

A great example of this is the effort by Danske Bank to start offering eMeetings. By utilising technology in the advisory process you could have customers pre-fill a lot of the questionnaires which you need in order to conduct the advisory process. The advisory tool could then present a few default packages based on the economic situation of the customer in relation to their risk appetite.

A simplified advisory process could look like this:

  1. Book a meeting
  2. Send an electronic information collection form to the customer
  3. Automatically compute received information to arrive at advisory packages
  4. Review advice live with the customer through a web presentation

Fulfilling regulatory requirements

As a manager or owner of a financial advisory business you can never be absolutely sure that your advisors are fulfilling all of their regulatory requirements unless you have a strict technical process in place. Using a customer acquisition software service you could configure the process ad-hoc and get some ease of mind while at the same time increasing productivity.

Verifying advisory process

To build company value as a financial advisor you have to be able to measure the effectiveness of your advisory process while at the same time being able to replicate it throughout your whole staff of advisors.

You constantly have to develop and adapt your process to the changing needs of your customers and the global environment. By utilising an integrated cloud based solution you could constantly configure your process and measure the results for both your advisors and your end customers.

Bricknode has embarked on the journey of working with financial advisors in order to create scalable value and increase competitiveness among small and mid-sized advisors. Please give us feedback on our Advisory module and Customer acquisition module!