Registered investment advisors can take different approaches to manage the work on behalf of the clients that they represent. Certainly, some approaches are better than others. However, utilizing tools such as CRMs, SaaS, and other software to streamline their client business is well worth it. Here are a few suggestions for the type of tools that can be utilized in their advisory business.
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Managing various programs and billing for different products is difficult to do at scale. For some advisors that include both in-house products and those of third-party investment houses, it’s useful to cover both avenues of the business.
Software like a wealth manager can be utilized to bill end clients for direct advisory relationships, work with other advisors and pay them appropriately, and other managers too. This type of software should include an advisor portal to access key information for direct oversight, a considerable time-saver.
Complicated payment structures that may change the compensation based on several factors including the number of people referred and/or the value of their investment should also be included in software features. Also, higher volume management to scale with the business is preferable too, otherwise the SaaS or software will necessarily need to be changed later.
For advisors that perform a wealth management role for high-net-worth individuals, their clients will expect some face time considering the sums involved. It could be over a Zoom or Skype video call, or still in person while social distancing.
To avoid missing any important planned video calls or in-person meetings, the use of a cloud-based calendar system is needed. This way, any new appointments added can be synced to the cloud and shared on all relevant devices. If the advisor has a team or a secretary, they may also dip in and manage new appointments by adding them to the schedule too.
Google Calendar is perhaps the easiest way with its bookable appointment slots. However, there are plenty of other tools that offer sufficient functionality too, just as long as they’re cross-platform and multi-device, so that everyone who requires access may do so.
Staying on top of day-to-day tasks becomes more difficult when out of the office at least some of the day to meet clients or investment houses.
Using a To-Do list manager could keep task management under control. Some allow for shared usage of the same app and the task delegation to a team. Also, tools like Asana can be used to manage many tasks at different stages to avoid losing track of any of them.
A full-blown project management tool is possible but unlikely to offer greater benefits for what’s needed. A CRM could be utilized, but the size of the team and client base is relevant because there’s a steeper learning curve with them.
By using a combination of a wealth management tools for the investment and advisory side, a task management SaaS or app to handle task and project organization, and a convenient calendar app for appointments, most advisors would agree they have everything covered. Then it’s just a matter of keeping up with industry developments and finding ways to regularly bring in new clients.