Time-Saving Tips for Financial Advisors

Aug 10, 2022 | Guides

For the past several years, burnout has been a growing concern among financial advisors. This trend is largely due to an increase in overall responsibilities, in addition to needing to manage heavier client workloads. 

Today’s advisors have more to do, and less time to do it. 

The key to finding success (and sanity) for the modern wealth manager will be optimizing workflows, streamlining communication, and managing client expectations – all in the name of saving minutes, and even hours in their day. 

We’ve put together some simple recommendations to help guide your thinking.

Consolidate and streamline client data sources

At any given time, it’s important for financial advisors to maintain a comprehensive view of each client’s portfolio. However, this task can be challenging due to clients losing track of their accounts — when they change jobs, for instance.

One off-the-bat suggestion is to implement software that brings disparate information into one place. That means working with clients to track down their assets and build a comprehensive picture around accounts.

Taking this step to get organized is valuable for all parties involved. Most importantly, clients will gain a stronger command over their own finances, with a more accurate view of their overall portfolios. That means advisors and their clients can improve their foundation for communication.

With this foundation, financial advisors can make more tailored recommendations to clients’ individual needs. Doors open for time-savings when everyone is on the same page, off the bat.

Improve focus on long-term objectives

Stress in today’s market is normal. From supply chain challenges to the invasion of Ukraine, COVID-19 pandemic recovery, and a confluence of other factors, it’s common for people to be confused about their wealth management pictures.

In these situations, it’s a good idea for financial advisors to maintain documentation around their clients’ long-term goals. When you first started working together, what objectives did you mutually identify? To what extent are current events impacting this overall picture?

The idea is to develop a long-horizon view of investments, in order to maintain a stable portfolio. With this perspective, financial advisors and clients can work together to determine whether changes in direction are necessary.

“I can’t tell you how many times clients have reached out and asked whether now is the time to sell and move to cash in anticipation of the next correction,” explains financial planner Keith Onto in an interview with Business Insider. “No one can consistently time the market, and more often than not the market has gone the opposite direction of what the client may expect. More importantly, the client needs to be reminded of the time horizon for their individual goals.”

It’s up to wealth management advisors to establish the right expectations, and with alignment around the client’s long-term objectives, it’s easier to do just that.

Prioritize interpersonal touchpoints

Lack of communication can easily become miscommunication — the ultimate time sink for any team of financial advisors. Nobody can afford to get bogged down by an unhappy client scenario. 

Despite the convenience and availability of technology, people prefer some degree of human dialogue when it comes to managing their wealth.

According to a recent study of the wealth management industry from Accenture, only 17% of respondents reported that they prefer a completely digital interaction model. However, the same percentage prefers a completely personal engagement model. Everyone else is looking for the best of both: self service and personal service when they need it.

Smart financial advisors understand how to strike the right balance between automation and a more personalized experience. It’s not about getting people on the phone per se — even a gesture such as sending over a relevant article is meaningful.

With this educational approach, financial advisors can get clients on the same page, faster. The key is to establish a shared foundation of understanding, in order to eliminate the need for back and forth conversation.

A streamlined approach to communication can help alleviate the need for longer meetings and discussions over email. Better, more meaningful touchpoints can prevent wasted time down the line.

Final thoughts

Every wealth manager deserves to get a good night’s sleep, take a vacation, and enjoy the workday, overall. That means always being in alignment with your clients — and getting ahead of the potential for stress or setbacks.

Saving time is a balancing act that requires a mix of software and strategic communications to accomplish successfully. It’s about providing proactive guidance rather than waiting for questions or concerns to arise. 

Learn more about CircleBlack

CircleBlack is an all in one management platform for the wealth management industry. You can think of it as an operational dashboard to better connect financial advisors and their clients around a shared perspective. The outcome is better collaboration.

To learn how our software can help you build, manage, and grow your wealth management practice, get in touch. 

This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice.

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