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Advisor Technology: Why it’s Worth the Money

Not long ago, most advisors managed contacts with the rolodex. But computerization has revolutionized the industry. It continues to evolve rapidly today, with a new financial technology rolling off the production line almost every day. While it’s easy to see how all this change benefits investors, advisors stand to benefit too. Indeed, a recent study by Fidelity Investments shows that “eAdvisors” – those using twice as many technologies as their peers – have more high net worth clients and higher AUM.

Thousands of new solutions promise to help advisors – from interactive trading platforms to mobile apps empowering you to buy stocks on the move. So where do you begin to invest? In the interest of time and your bottom line, we look only at those technologies proven to enhance the client experience, and drive productivity and profitability.

E-Signature Software
Signature collection was once a long and laborious process, taking days and even weeks, and leading to unreasonable spending on paper, toner ink and couriers. E-signature software like Echosign simplifies the whole process to a few clicks. You can easily upload forms to a digital library of commonly used documents, and then send files to clients for them to sign electronically and return to you in an instant. This eliminates delays and improves everyone’s experience.

Conference Calls and Text
Clients don’t always want to come into the office, but they still expect the same standard of service wherever they are. This is particularly true of millennials. Video conferencing and text allows you to maintain a high level of service through a channel suited to your client. Plus, these technologies save precious time. They’re relatively simple to set up. And in a video conference, for example, you’ll both feel less pressure to “fill the hour”.

We can’t pretend impartiality here: An industry specific solution like Maximizer CRM for Financial Advisors is proven to be an essential piece of kit for any advisory firm. More than a rolodex replacement, your CRM improves all aspects of your practice – including organizing your team, segmenting your client base and automating processes. The benefits it brings to your practice far outweigh your costs. Built-in notifications mean you never miss a key client event, like a birthday or policy renewal. Automatic audit trails also simplify your compliance. Experience these benefits yourself with a free 30-day trial.

The Inevitable Argument Against New Technology Spend
Investing in new technology inevitably entails some costs – which can frighten advisors, especially independent advisors or small offices. Those looking to retire in the next five-to-ten years might also be understandably reluctant to spend.

But all the options mentioned above are cloud based solutions costing little to implement. Because they’re on the cloud, your stored data is safe and retrievable, and you don’t have to worry about server setup and maintenance. For those near retirement, putting a CRM in place can actually increase the resale value of your practice. One Maximizer user with extensive experience acquiring clients from other advisors told us a book kept in a CRM is worth three times more to him than one that isn’t. That’s because the former is quantifiable, verifiable and up-to-date. While the latter isn’t.

Why it’s Worth Spending on Technology Today
The argument for investing in new technology is relatively simple: You spend fewer hours searching through client correspondence or chasing documents. You spend more time nurturing your most profitable relationships – those with your clients. Plus you’ll ensure everything is organized and up to date, facilitating better service and simplifying compliance. Invest in technology now and reap the benefits later, regardless of whether you’re at the beginning, middle or end of your career.

If you’d like to find out how technologies for Financial Advisors can help your firm or practice, get in touch with one of our technology advisors.

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