How Top Advisors Maximize Efficiency: Four Key Strategies
How Top Advisors Maximize Efficiency: Four Key Strategies
Until advisors can clone themselves, the only path to growth for them – and the firms for which they work – is to get more done in the same amount of time. The highest performing advisors in the business have discovered secrets to productivity which allow them to spend more time in front of clients. In fact, top advisors spend 10% more time in front of clients than their lower-performing peers every single week. That’s 200 more client meeting hours a year!
But where does that extra time come from?
By systematizing their processes and leveraging technology, savvy advisors reduce ‘overhead’ tasks and spend much more time working directly with clients or prospects.
Here are four areas of an advisor’s workload where the smart, integrated application of technology can free up time, allowing advisors to do more in less time and focus their skills and efforts where it will do the most good:
1. Accelerate and simplify onboarding
Bringing new clients into a practice can be time-consuming. Integrating systems and enabling the sharing of data across silos can reduce the amount of data entry required and the frustration of entering the same information multiple times.
Pre-populating forms with known data saves time and reduces errors, allowing the advisor to focus more on goals and relationship-building. 28% of advisors reported to J.D. Power that they don’t have enough time to meet with clients – a situation that puts new client relationships at particular risk.
2. Task prioritization: focus on what matters now
Advisors need to manage a wide range of tasks for large numbers of clients. Keeping track of all the reporting, compliance and relationship-building activities, which may or may not be on the same schedule, can be overwhelming, and lead to pileups of work that can ripple through an advisor’s day.
A single system that organizes tasks, prioritizes them, and nudges an advisor when needed can help keep all those balls in the air and avoid time-consuming fire-drills.
3. Eliminate app switching with a unified dashboard
A CRM system, trading system, compliance and reporting, client communications, plus email and every communications channel available – to an advisor it can seem like their attention is endlessly fragmented, especially when information from multiple sources is needed.
Jumping from app to app wastes time and mental energy and introduces the possibility something will be missed or misapplied. A single login and focused dashboard views alleviate this. When advisors are able to make efficient use of integrated technology, the benefits are multifaceted. In one study, 89% of advisors surveyed said that increasing their tech use improves operational efficiency, and 76% said it delivers greater value to clients.
4. Use context-aware insights to prep for client interactions
When an advisor is focused on a single client, bringing together information about just that one person is what’s important. Seeing a client’s interests, communication history, portfolio performance and upcoming key actions at a glance, rather than searching for and compiling all those things, helps an advisor be better prepared and more efficient with their client-focused time.
This deep knowledge of a client matters in an era when 76% of consumers express frustration with a lack of personalization in interactions with brands and service providers. A one-size-fits-all approach to client meetings just won’t work for the modern investment advisor.
How a Unified Desktop Helps Reclaim Critical Hours
NexJ has designed its offerings around the need to increase advisor productivity. With it’s fully integrated advisor desktop that brings all tools and data an advisor needs into a single view. A NexJ solution will help your advisors gain back hours in their day – which they can spend finding new clients and spending more time with existing clients.
And to bring the benefits full circle, NexJ also has dashboards that help firms monitor the productivity of advisors and help identify ways they can improve their efficiency and grow their book of business – a win for advisors and firms.
Transform Advisor Productivity with NexJ’s Integrated Advisor Desktop.
Book a no-obligation demo today to explore how an integrated desktop can elevate advisor efficiency and client engagement.
