Take control of your book of business

February 27, 2018 by Robert Gunther

An advisor uses financial technology to grow their business.

About the author

Robert Gunther

Account executive

Robert Gunther is an account executive at Advicent, the financial planning technology provider of choice for nearly 100,000 financial professionals.

Many advisors have been a part of the financial services industry for a significant period of time. Though they may know the inner workings of the profession, technological advances change how clients want to receive financial advice. With this, advisors must adapt to the new ways they can serve their clients. 

In recent years, robo-advisors have increased their market share by showing users the benefits of a financial plan in a compliant and efficient manner. Advisors must also leverage innovative technology, as it will boost retention by offering the services their clients require – not just the services in which they specialize. This makes it easier to grow their AUM per client by not just offering one specific service. One of the most undervalued assets advisors can have is the ability to be flexible and adaptable.

Differentiate your business

The first step in empowering your firm is to be open to all the avenues of the business. According to Forrester, sales enablement is “a strategic, ongoing process that equips all client-facing employees with the ability to consistently and systematically have a valuable conversation with the right set of customer stakeholders at each stage of the customer’s problem-solving life cycle to optimize the return of investment of the selling system.”

As you become more comfortable leveraging technology, your firm will also see a large increase in new clients. By combining your knowledge as an advisor with the robust functionality of financial planning software, your firm can more effectively provide your current services and, in many cases, uncover new opportunities as well.

Leverage world-class technology

NaviPlan®, an industry-leading financial planning tool from Advicent, is a comprehensive solution that demonstrates the value of advisor enablement firsthand. According to an ROI analysis conducted by a third party, advisors who leverage NaviPlan see an 20-percent average increase in prospect-to-client conversion rates due to the services provided.

Given the volatile landscape of the financial services industry, you must continue to evolve with the market while also staying compliant. By providing a tool as powerful as NaviPlan, your firm can empower its advisors to confidently provide advice to every client who seeks their services.

You may believe that financial technology is too fast-paced and complicated; however, with the innovative tools that surround us, it does not have to be. Taking the first couple steps may be difficult, but the end result of having a more efficient and profitable business will be well worth the effort.

Impact your entire book of business

Overcoming objections and questions from your clients is something your firm and the industry at large will continue to face, but the answers are plain and simple if you are working with a FinTech provider who helps to properly prepare your firm's users.

There is not one perfect process for every firm when it comes to delivering financial advice, but you have the ability to control more of the process than you may think. I encourage you to step outside the box and look at how the world of FinTech is changing and how that might affect your future.

To learn how Advicent technology can help differentiate your practice in an increasingly competitive industry, click here.