Improving advisor productivity is always top of mind in the wealth management industry. It’s a logical focus for wealth management firms looking to attract and retain top talent and increase assets under management. Advisors that have more time to work on growing their book of business are more likely to be satisfied and they’re bound to be more profitable. According to a recent article, advisors spend nearly 40% of their day on administrative work.

Optimizing productivity is easier said than done, however. Numerous factors collude to tie up an advisor’s time. Intensive, regulator-imposed data collection and paperwork. Multi-step manual processes for client onboarding. Massive amounts of data – more than ever before – to be examined for service and sales opportunities. Disconnected technology that requires offline analysis and duplicate data entry.

At first glance, it appears that many separate solutions will be required to overcome these challenges. In my experience, however, integrating data sources and applications into a single solution goes a long way toward eliminating many of the obstacles to advisor efficiency.

NexJ recently put this premise to the test when we partnered with a leading U.S.-based wealth management firm. We had two goals in mind:

  1. Determine how much extra productivity we could gain for each advisor by streamlining and automating common day-to-day work, then calculate the benefit to the company of that newfound time.
  2. Implement a solution that would eliminate those hours without compromising service quality or regulatory compliance … in fact, we hoped to improve service quality and compliance!

We went right to work determining how much time we could save the firm’s advisors per week. We looked at typical tasks the advisors performed on a daily basis. We measured the amount of time spent completing these tasks with the tools advisors had at their disposal. We then measured how long it would take with NexJ’s integrated advisor desktop, which integrates back office data sources and day-to-day applications into a single solution and delivers time-saving CRM and streamlined workflows for key activities.

The result? Two more hours of productivity per advisor, per week!

Our research revealed that, based on fees and commissions, this increase in productivity would enable the firm to earn an additional $30,000 of revenue per advisor per year. This was monumental!

Imagine what your advisors could earn with extra time … if you’re interested in learning more about how we help our clients increase productivity, check out our integrated desktops page or send a message. We’d love to hear from you.