Advisor's Edge 12/2/2024

Advisor's Edge

December 02, 2024

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Trivia Question❓

What hidden benefit do advisors often discover after automating their operations?

Answer at the bottom of the newsletter

Automating Your Advisory Practice: Tools to Streamline Operations

Running an advisory practice can often feel like juggling a hundred tasks at once—client meetings, portfolio management, compliance documentation, and more. Automation can transform this complexity into a streamlined, efficient operation, freeing up time to focus on what matters most: serving your clients.


Automation tools are not just for tech companies. Advisors can use them to reduce time spent on administrative tasks and improve the client experience. Start with customer relationship management (CRM) systems like Salesforce or Redtail. These tools centralize client data, track interactions, and send automated follow-ups, ensuring nothing falls through the cracks.


Portfolio management platforms, such as Orion or Morningstar Office, offer another layer of efficiency. These tools automate performance reporting, rebalance portfolios based on pre-set parameters, and provide clients with real-time access to their investments. The result? Fewer manual processes and more time for strategic decision-making.


On the communication side, email automation platforms like Mailchimp or Constant Contact can schedule newsletters, send birthday greetings, or distribute market updates. Paired with calendaring apps like Calendly, these tools help reduce scheduling headaches while maintaining personal touches.


Compliance is another area ripe for automation. Tools like RIA in a Box ensure your practice remains audit-ready by tracking required filings and maintaining accurate records.


Adopting automation doesn't mean replacing the personal connection clients value. Instead, it ensures that your energy goes into building relationships, not wrestling with spreadsheets. Start small, test tools that fit your needs, and watch your practice thrive.

Your Advisor's Edge Team

You're Invited!

 

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💡 Answer to Trivia Question:

Many advisors find that automation not only saves time but also enhances client satisfaction by ensuring consistent communication and faster service—an unexpected win-win!