What's In Your Wealth Advisor Toolkit?

Mar 7, 2023 10:52:45 AM

Do you remember the old reception desk at your dentist or doctor's office with a floor-to-ceiling wall of colorful files jauntily displayed behind them? This was the norm for many years and a great way to keep client files at hand, all lined up alphabetically.

However, if you walked into a doctor's office tomorrow and spied those files still on the wall, you would probably think twice about seeing that doctor, stuck in the 80s. Would they even be up to par with modern medicine? 

The digital age is upon us, and if you run any business, you would be foolish not to keep up with it. If you are running a Wealth Advisory firm, your "reception desk" is your website, and if it looks old or out of date, your potential client won't waste a minute considering you because you will be seen as outdated. What's more, you will seem lacking in the ability to provide the most up-to-date service and ease of investing by using technology to digitize, streamline, and automate your firm's operations. 

A toolkit is essential for any line of work, so what is in yours? The following list incorporates the necessity of embracing TECH to streamline operations, increase efficiency, and reduce costs. This will enable you to focus on customer service and retention.  

Building a strong brand

Build a strong brand and share it.

This is your story and how to differentiate your value proposition from other advisors. Your brand should be authentic and reflect your values and mission. Be approachable and consistent across all channels, including your website (which should be shiny and new), social media profiles and posts, and marketing collateral. Sharing is caring - if you aren't actively sharing your story via social media, blog posts, thought leadership pieces, videos, or podcasts - you are not caring about attracting new clients. Having a robust online presence is essential.  

Invest in compliance.

Build your compliance program to reduce regulatory, financial, and reputational risks. Appoint a CCO and stay current on policies, procedures, disclosures, safeguards for client assets, business continuity plans, and more. The SEC has a helpful primer for investment advisors who are building out their compliance programs, and reg tech is available from companies that will keep you up on evolving regulatory requirements at state and federal levels. Remember: these policies and procedures must be tailored to your firm and not simply be a manual purchased or obtained from a third party without customization. 

Get on the CRM train.

A Customer Relationship Management system does much more than keep your contacts in one place. It will organize and track all interactions. It will track communications and automate the front, middle, and back office tasks. It will boost your marketing efforts and report what works and who reads your marketing collateral. Your chosen CRM (we love HubSpot) can integrate with all of your tech to automate data entry, account openings, and document management. It will save you time and reduce errors. Ditch the spreadsheets. 

Offer next-level customer service.

Once you free uploads of time by using tech to integrate and streamline your operations, you can devote more time to building relationships with your clients. Enhancing client experience starts with easy transitions when opening new accounts, brought to you by smart tech. This includes finding a secure platform for your clients to view their accounts and communicate with you.

If you want to capture new clients, especially next-generation clients, ramp up investments in both technology and marketing. Build a relatable brand starting with the leadership and values within your firm. Get serious about compliance and use a CRM to free up your time to focus on building your business and giving top-notch customer service to your clients. 

Vineyard Global Advisors offers a range of investment strategies designed to allow participation in the market's growth within a dynamic, risk-managed framework that seeks to offer protection during significant market declines. Our goal is to take the emotion out of investing and give our clients greater peace of mind by generating steadier returns over time. 

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