Are There Gaps In Your Stack?
Optimize your advisory services by identifying and addressing gaps in your tech stack, enhancing client engagement, financial planning, portfolio design, and management for better efficiency and growth.
A Gap is a part of a financial advisor’s client service process and infrastructure that creates capacity chokepoints and causes inefficiency. Some examples are client data that does not populate automatically or easily into the next step of the process. Steps that lack clearly defined and uniform operational processes. Tasks that are both time consuming and not easily recognized by clients as valuable.
These gaps make the life of an advisor unnecessarily more difficult. Coincidentally they present the best opportunities to make life easier and create a better client experience. The following four categories can have the largest ROI and bridge these gaps for wealth managers.
Client Engagement: For high-growth advisors or ones implementing more robust financial planning, investing in new solutions here is a must. Technology can quickly aggregate client and prospect data to create short and visually appealing proposals and materials to understand investments, assets, goals and probability of success. “I want to read a 70-page report” said no client ever.
Financial Planning Light: We hear from advisors that full comprehensive planning is too much for every client. There are simplified software solutions for investments and estate planning that can be more efficient, targeted, and easier for clients to understand.
Portfolio Design: This solution finally bridges the gap between financial planning and portfolio management. Software can automate the selection and construction of client portfolios that are in complete alignment with the current financial plan. Advisors know a moderate model can’t possibly be the optimal solution for 90% of their clients.
Portfolio Overlay Management: Often confused with direct indexing, these solutions automate the on-going trading and management of a client’s personalization and tax constraints at an account or household level. It takes critical but highly manual tasks and automates them across an entire book of business. For advisors that specialize in managing custom portfolios, this unlocks growth.
The challenge for advisors is they may not have the expertise or capacity to conduct the due diligence, select the best fit solution and easily implement across their accounts. EVO suggests working with an activation consultant that understands the pros, cons and integration challenges of these exciting enhancements.
