May 19, 2022


Fine Art Of Business

Now Is The Time To Invest In Your Advisors

3 min read

How a digital-first approach to wealth management drives financial advisor productivity.

If you’re the leader of a wealth and asset management firm, you may be overlooking or underutilizing one of your greatest assets: your own financial advisors. These highly skilled, strategic-thinking folks can deliver big for their organizations—but only when liberated from the time-sapping quicksand of tedious manual processes.

When unencumbered by menial administrative tasks, financial advisors can meet compliance requirements with less effort. They can build trust by delivering data-driven advice to clients at scale. They can spend more time cultivating high-value client relationships. On the flip side, making it easier for financial advisors to do what they do best—help their clients—leads to higher job satisfaction and increased loyalty.

When financial advisors’ workdays are consumed with time-intensive administrative and compliance tasks, it prevents them from working at their full potential. So, how do you make the financial advisor experience better? The solution lies in strategic automation.

Better experiences for everyone

Wealth management firms are under increasing pressure to digitize their operations, and for good reason. Finance has been challenged by a historic lack of ready technology that could seamlessly digitize workflows. Happily, that’s no longer the case.

The entire financial industry is experiencing a wave of digital transformation technology options. And while that opens the door for new, more efficient ways of working, the challenge is figuring out how to optimize, integrate, and accelerate the use of digital technology to increase productivity and deliver other benefits.

With access to integrated, easy-to-use digital tools, financial advisors can be more present for clients—and this leads to better experiences for everyone.

Invest in your advisors

Wealth managers have a vested interest in improving the advisor experience. It directly impacts the client experience, which in turn increases the firm’s ability to acquire new assets and grow existing ones. With a digital-first approach, wealth management firms have a unique opportunity to streamline their underlying processes and enhance the advisor role.

With access to integrated, easy-to-use digital tools, financial advisors can be more present for clients—and this leads to better experiences for everyone.  

Digitization can unite technologies from across the organization to provide end-to-end visibility, integrate processes, and make accurate information readily available. It can also give financial advisors a platform for digital communications with clients. This is particularly important for engaging younger generations of clients, who often prefer digital experiences.

[Want to make your advisors shine? Start by improving these 3 processes.]

Incremental digitization isn’t enough—and can often lead to a mish-mosh of disparate, siloed tools. The modernization of the wealth management sector requires a fully committed migration to a single, comprehensive platform to ensure efficiency, optimize value, and boost productivity from the ground up.

A digitally enabled approach with the right platform delivers a strong return on investment while positioning financial advisors—and the entire firm—for ongoing success.

Kickstart your digital journey

A new Spotlight report from IDC Financial Insights points out (correctly) that financial advisors are a scarce and important resource. Wealth management firms are at risk of losing these valuable employees l if they don’t provide advisors with opportunities to do what they do best.

IDC has identified three processes that wealth management firms can take to empower financial advisors in the “new age of wealth management,” significantly impacting the client relationship and the advisor experience:

1. Client onboarding and client lifecycle management

2. Complaint handling and reporting

3. Error resolution in the post-trade experience

End-to-end digital workflow management can help asset managers to enhance both client and employee experiences. This translates into improved resiliency, tightly managed security and operational risk, the ability to track and manage sustainability across the value chain, all while increasing productivity and reducing costs.

Solutions like ServiceNow’s Financial Services Operations (FSO) are designed to digitally connect financial institutions’ front-to-back office processes. FSO uses a cloud-based digital platform and a single data model to help firms accelerate their digital transformations, making it possible for financial advisors to improve their productivity.

By connecting, digitizing, and securing all business processes on a single platform, financial advisors can access the tools and real-time insights needed to serve clients, while adhering to the wealth management industry’s strict risk and compliance standards. And that’s an investment worth banking on.

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