Growing up as a multiple sport athlete, I really never had an appreciation for the umpires and referees. That is, until I went to college, where I had the opportunity to work in the intramural department. All of a sudden, I was on the other side. I was the one calling the strikes, balls and fouls – making judgment calls. Wow! What an eye opener, I certainly gained a new level of respect for those that hold that position as a career. As I reflect back on that period of time, the stress of making the right calls and the added pressure of being a female in that role - I can’t help but think of Sarah Thomas. Sarah changed the game in the world’s most quintessential male-dominated sport – football - when she became the first female NFL official. Now she’s inspiring others to dream big and believe anything is possible.
Based in Penryn, California west of the lofty Sierra range, Karsten Dornseif makes up half of the two-man fee-only RIA shop of Bowers Wealth Management, Inc. While the firm’s office is based over the mountains and state line in Reno, Nevada, Mr. Dornseif finds himself working virtually much of the time from his California home office amidst five and a half idyllic rural acres. In working online he takes full advantage of cloud-based version of Junxure CRM—the only version of the venerable brand he has known. “I use it for everything that isn’t a number,” he said, noting that it was an indispensable repository for all the firm’s client data.
Sign up to receive weekly updates from our Learning Center
As the seasons change and holidays come and go, it's very important that you keep in touch with your clients in different ways. Newsletters can be an effective tool for doing so – allowing you to deepen relationships with your existing client base and connect with new prospects. By using your CRM (Client Relationship Management) system effectively, you can deliver newsletters in an organized and thoughtful way. One challenge of delivering quality newsletters is dealing with scattered information. Most financial advisory firms store data all over the place - within portfolio management systems, custodian portals, windows files folders, email systems. Wouldn’t it be great to collect this data all in one spot? Imagine if all of your client information could be found in one place - it sure would make sending any and all communications easier. Based on my experience serving financial advisors, below is my perspective on how to harness your CRM to deliver a great newsletter.
These days, financial advisors have options - new technologies that provide competitive advantages. Tools that enable online, automated investment management services that are key to attracting the next generation of investors. Smart advisors realize this paradigm change in the wealth management industry. An industry traditionally operated through face-to-face interactions - now quickly shifting toward digital offerings where real-time algorithms provide customers with financial advice and manage investment portfolios. When launching a successful digital offering strategy from the ground up, there are many things you must consider. By aligning your team and focusing on client experience, you can maximize your chances of success. If you are considering a digital offering strategy, here are some ideas that you can take and implement into your financial advisory practice:
For every advisor, technology plays an increasingly important role in how we run our businesses. Whether you have someone in-house or you outsource your IT support, investing in your technology tools should be a key part of your business plan. That includes choosing the right systems, implementing them efficiently, training for your team, and last but not least, regularly assessing your tools to determine if they are still serving you as your business evolves. At the pace technology moves today, advisors can’t afford to get behind the times. Similarly to how we review a financial plan for a client on an annual basis, making sure their objectives still align with their plan, I recommend shutting your door once a year and really taking a close look at your technology plan to ensure you’re still on the best path to success. New generations of investors, whose expectations and preferences are shaped by new technologies, have brought new standards to the industry in terms of how advice and investment products are being delivered. When wealth management technology is used to power modern growth, it has a potential boom for investors and advisors alike. When reviewing your technology plan, ask yourself these 5 questions:
A recent visit to the doctor's office made me think about the importance of technology in creating great client experiences. From my appointment confirmation to meeting with several doctors, it was almost seamless. It should be no different in wealth management. Financial advisory firms need to embrace technology in order to deliver a great client experience. Here are my top five reasons why your firm should digitize: