Advisers Need to Automate Workflows

Financial advisers need to create a Starbucks client experience to drive profitability and growth, according to a white paper on client service. 

“The Rise of Automated Workflows in Financial Advisory Practices: Why Developing a ‘Starbucks’ Client Experience is the Key to Sustainability, Profitability and Growth” sheds light on how advisers can design and automate client service workflow to create a consistent and outstanding client experience. The paper was released by Fox Financial Planning Network (FFPN).

The industry report documents how the independent adviser industry evolved from a start-up mentality that has led to many firms not developing the core systems, workflows and infrastructure necessary to provide a consistent level of service efficiently. This issue is leading to capacity constraints for advisers at exactly the same time that macro-forces, such as Baby Boomer retirement, are driving a growth curve their way. 

Other industry-wide issues fueling the need for a more consistent and efficient operational foundation include changing compliance mandates, the growing urgency for succession planning and the complex and more time-consuming operating environment for providing financial advice.

Many advisers and their staff spend most of their working day reactively instead of proactively, because they lack well-developed systems and operating procedures, said Deborah Fox, chief executive and founder of Fox.

The solution is to adopt systematized workflows for providing a high level of service similar to providers such as Starbucks, according to the report. “At the heart of that service experience is a detailed set of workflows and checklists that are consistently executed upon,” Fox said.

“The Rise of Automated Workflows” provides a detailed roadmap for advisers to use to design workflows and automate them through their CRM systems, including several specific examples in flow chart form. “We’ve taken the best ideas, systems and technology from our nearly 30 years in the business and are providing them to the profession as a resource,” the report said. “We strongly believe in giving back to the profession, and FFPN has been specifically designed to help advisers take control of their businesses and build a strong foundation for future growth and profitability.”

The report, first in a series of practice management resources from FFPN, is available on the website and can be downloaded at no cost by clicking on the whitepaper download box on the home page.