3 tactics to enhance efficiency in your practice

July 12, 2017 by Josh Stewart

An advisor uses technology to communicate with his clients.

about the author:

Josh Stewart

Renewals specialist

As a Renewals specialist, Josh works with customers in the North American Independent market in an effort to increase both customer satisfaction and retention.

Financial advisors want to grow their business, but becoming bigger also means you need to become more efficient on how you keep up with client demands. Professional advice is a blend between financial advice and relationship management, and increased client demands can dictate the direction and efficiency of your business. Here are three tactics to help enhance efficiency within your own firm.

Personalized communication

Clients want more from advisors and they will not be wholly satisfied if the communication is underwhelming and expect that every interaction be personalized to their goals. This can be as simple as just making sure the client is on track for a certain goal before making that phone call or sending that email. If you are always up to date on a client’s journey, this helps your communication to become more efficient.

Open up to social media

Most of your clients will have access to the internet and/or a smartphone. That means they are always connected and an advisor should be ready to communicate with them in a wide variety of ways. Text messaging, LinkedIn, and Facebook are just a few other ways to talk to your clients besides the phone call or email. Be ready to embrace all these forms and make sure to know how each client likes to communicate. Efficiency will increase when you are communicating to the client on their preferred channel.

Provide an effective infrastructure

 Advisors who have strong infrastructures (team, process, and technology) are more likely to be efficient. As strong team will help the advisor delegate tasks and build an efficient workflow. Technology will then help to coral all that data and provide an efficient medium to deliver the professional advice. 

There are many ideas out there to improve efficiency and yet they remain a challenge for most advisors. Structure is important to help prioritize activities and improve time management. Becoming more efficient is a work in progress for most advisors and it starts with a single step. Identifying one or all the tactics above may help to tighten up gaps in your process and help you take action immediately.

To learn more about how APIs offered by Advicent can increase revenue for your firm, click here.