By utilizing automated systems as well as centralized customer relationship management (CRM) systems and cloud computing technologies, financial institutions can utilize advanced technology to help their financial advisors become more productive through decreased amounts of time spent completing manual processes and improved workflow for everyday tasks. Newer technology solutions can automate several of the routine aspects of financial advisor operations, including but not limited to client onboarding, document processing, reporting, and compliance checks, allowing for advisors to dedicate more of their time to value-added work,k including but not limited to client engagement, overall planning, and portfolio strategy.
Using a centralized CRM and cloud-based system will provide advisors with a single (and live) view of all client-related data, eliminating the need for the advisor to switch from one source of data to another and reducing time to validate and reconcile information. Additionally, using an artificial intelligence (AI)-enabled analytical tool will further improve the efficiency of financial advisor functionality by rapidly surfacing insights, alerts, and recommendations to allow advisors to make quicker, more informed decisions.
Financial services firms that embrace purpose-built WealthTech solutions (offered by Arcus Partners) will frequently experience dramatic increases in operational efficiency. The technology ecosystem of these WealthTech solutions will allow for firms’ systems to be unified, workflows to be automated, and scalable operations to be established to allow financial advisors to work more efficiently, service more clients effectively, and create a better overall experience for their client base.