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How financial advisors can modernize delivering financial advice

Wealth management is an ever-changing environment. Evolving technologies are rapidly changing the ways investors access investment products and receive financial advice.

This paradigm is challenging the business models of long-established advisory firms and providing opportunities for competitors. New experiences and technology are changing industries across the board. 

There has been a shift in the delivery method for financial advice. Across financial services, technology has expanded the universe of people who can get access to quality services. Insights from data are radically improving how financial advisors can understand, interact with and serve clients.

1) Client Relationship Management (CRM)

Does your CRM help you forge deeper client relationships and scale using smart automation? Are you able to capture important client demographic and financial information in one centralized place? 

CRM and the client experience is arguably the most powerful tool in the advisor-client relationship. Advisors spend more minutes of the day on CRM than any other part of the value chain. By utilizing technology, you will provide best-in-class service with the following key CRM components: 

  • Centralized client information – create one place for all of your client demographic and financial information 
  • Workflow automation – access to managed workflows to ensure tasks are communicated and completed
  • Reporting for you and your clients -- create helpful internal reports and provide attractive reports to your clients
  • Customized search -- basic and advanced search functionality, along with customized search criteria
  • Key integrations -- reliably capture client financial data from the leading technology providers

You can harness the power of meaningful data while reducing data entry, minimizing errors, streamlining your workflow, and ensuring up-to-date information. Such integrations have proven to increase advisor productivity and create a centralized, satisfying user experience. 

2) Digital onboarding 

How much time are you wasting with a paper process? Is it time to finally make the switch from a lengthy, paper-based, inconvenient process to a smooth and genuinely omnichannel experience with cutting-edge technology? 

Your first impression should be modern, as it is your first client interaction, setting the tone for the entire relationship. Digital onboarding enables new and personalized client experiences by simplifying access to financial services and optimizing processes. The options are endless; clients have access to account opening documents, client agreements, custodian agreements, disclosures, risk tolerance questionnaires, and any other documents you want to include. 

Digital onboarding also creates a fully white-labeled experience. Your logo, color palette, fonts, domain name, and messaging all can be customized to your firm’s branding platform. It is time to wave goodbye to paper and fully digitize your firm to create a seamless experience for your clients.

3) Portfolio construction and account aggregation

Portfolio construction within wealth management platforms is straightforward. Advisors can construct their own model portfolios, or have access to a variety of pre-made models available to fit clients of different sizes and complexity.

Account aggregation functionality should be robust with different client account types fully supported – including individual, joint, IRA, trust accounts, etc. Account balance and position information should be aggregated, allowing clients to track net worth changes over time.

4) Fee billing 

Wouldn’t you like to maximize the efficiency of your entire billing process?  How can you improve your overall organization and control? Fee-billing technology provides an engine that accepts information from processing and payment systems and applies pricing methods and rules to create client invoices as well as the associated financial transactions for your general ledger. 

5) Client portal 

Do you have the capability to provide private client portals? A place to securely share information, customized with your logo and brand colors to present a more polished and professional look to your clients. 

Do you have a way to build relationships with individuals and families who aren’t quite ready for your full services? Are you preparing your firm to attract and thrive with millennials and younger generations? 

6) Compliance monitoring tools 

How do you mitigate non-compliance risks? Initiating new technology for compliance monitoring can help you avoid costly fines and losses from complex regulatory demands. In addition, online compliance can enable you to measure and manage financial risk, liquidity exposure and regulations. 

It provides visibility into the risks of strategic goals and compliance controls. These monitoring tools provide the integrity and security you deserve.

7) Operational needs  

As an advisor, how many places do you log in to perform your daily tasks? To accomplish the qualifying factors outlined above? Do you use one platform? Or multiple? 

If you utilize multiple platforms, chances are it's inefficient, frustrating - and your data is spread out everywhere. Wouldn’t it be easier to consolidate everything into one space? 

By working with forward-thinking financial firms and advisors, AdvisorEngine® is reimagining how technology meets human connection – turning new challenges into new opportunities. Let us help you own your client experience and demonstrate your value. 

If you would like to modernize the
way you work with clients,
AdvisorEngine is the answer.


This blog is sponsored by AdvisorEngine Inc. and CRM Software LLC. (“AdvisorEngine”) The information, data and opinions in this commentary are as of the publication date, unless otherwise noted, and subject to change. This material is provided for informational purposes only and should not be considered a recommendation to use AdvisorEngine or deemed to be a specific offer to sell or provide, or a specific invitation to apply for, any financial product, instrument or service that may be mentioned. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Opinions and forecasts discussed are those of the author, do not necessarily reflect the views of AdvisorEngine and are subject to change without notice. AdvisorEngine makes no representations as to the accuracy, completeness and validity of any statements made and will not be liable for any errors, omissions or representations. As a technology company, AdvisorEngine provides access to award-winning tools and will be compensated for providing such access. AdvisorEngine does not provide broker-dealer, custodian, investment advice or related investment services.  AdvisorEngine and Junxure are registered trademarks of AdvisorEngine Inc.

Kathy Crowley

Kathy Crowley

With over 10 years of experience in software sales and FinTech, Kathy spends her days sharing the incredible value of AdvisorEngine CRM with advisory firms. You may have seen her at conferences at the AdvisorEngine booth or recognize her voice from webinars. Having past experience as a CRM administrator, Kathy knows the important decision that your firm is making when choosing a CRM and is driven to ensure you have all the information you need. She brings a wealth of knowledge and experience to helping firms recognize the need for a CRM and how our solution can be the best choice for them.


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