11 July 2022
5 min read
So, while you might feel like there’s too much other stuff going on to give it much attention, the current climate does, in fact, present a perfect opportunity to review your operating model. Identify the parts that could and should be automated or delivered digitally, and you’re on your way to building a high-performing advice business where every working day gets easier. Now that’s got to be worth thinking about.
It shouldn't be difficult if you keep the focus on three key areas. Let’s take a look.
Successful business models don’t start with technology. They start with data. Trouble is, all too often, it’s all over the place.
Data holds the key to important insights into your business and your clients. It needs to be put at the heart of everything you do. You need it to know where you are now, where you want to be, and where to focus.
The challenge is, many advice firms are still in a phase of data transition. From paper to digital and from unstructured to structured. Increasing regulation and reputation risks have understandably kept many firms focused on data protection and compliance (the things that must be done), leaving little opportunity to consider data for business efficiency and competitive advantage (the data advantage).
If that sounds familiar, consider the following to get better at managing and using your data:
Do keep it real. Yes, there’s been a lot of discussion about artificial intelligence (AI) and machine learning in recent years, but these concepts are quite a way off for most financial services firms. What’s more realistic, and useful, is understanding the data you have in your business and making sure you have a system to capture it, store it and handle it in accordance with privacy laws and other legislative requirements.
If bad data is a problem in your business, talk to us for some advice on making it better.
Once you’ve got your data in order, you fling open the doors to automation and enter a world of endless possibilities where you are free to dedicate more time to your clients and business.
Again, don’t think about software or solutions just yet. First, you need to have a clear understanding of what the ideal experience for your clients and employees looks like. Then, only once processes and responsibilities have been clearly defined, cloud-based advice software can be applied to automate tasks, manage the flow of work throughout your business and track activities to completion.
You’ll be amazed by what you can do and the difference it makes. Alerts can be set up to identify processes that aren’t being followed properly. Powerful data analytics software can also be plugged in to proactively scan for risks and issues before they become a problem – including red flags such as identical strategies applied to all clients, spikes in revenue, elderly clients over-invested in growth assets and evidence of fee-for-no-service.
Digital advice tools enable you to provide advice to clients faster, while at the same time helping you communicate and engage with clients quickly and easily. Advice firms that use them also benefit from reduced costs, simplified compliance practices and scale and growth opportunities. What’s not to like?
There are heaps out there, you won’t need them all. These are our ‘must-have’ digital tools for financial advisers.
So there you have it. Some tips to get you thinking and moving forward. You'll find some more articles to help you build a better-performing advice business below.
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