Our research shows high-performing advice firms typically use only one software platform to streamline key aspects of advice production including preparing SOAs, managing workflows and client data and communicating regularly with clients.
As a result, these firms are 37% faster in creating SOAs and 17% faster in advice implementation. Translate those efficiencies to the production of a basic SOA – a business using four or more applications spends 1.5 hours longer producing the document for a client.
Streamlining your tech stack does more than save time. It removes the need for duplicate data entry and reduces the risks that come with it.
Auditing your current systems
To determine how you can simplify your tech stack, begin by making a list of each process that relates to your core business-as-usual operations and identify those that rely on a technology platform or software.
Examples can include:
- Research
- Onboarding clients
- Fact-finding (to record client information)
- Statements of advice (SOAs and ROAs)
- Document preparation for client reviews
- Managing workflows
- Password management
- Revenue management
- Portfolio management
If tech plays an important role in your ongoing client comms and engagement strategy, you could add any of the following to your list:
- Digital signatures
- Online client meetings
- Client communication (such as personalised emails or regular newsletters)
- Client education
- Marketing campaign materials
Next, identify which software is used for each task on your list.
Then review whether or not you’d lose any functionality by moving away from any of the current applications you have.
Consolidate where possible
Rolling multiple tasks into a consolidated platform can feel overwhelming, but it doesn’t have to be.
For instance, Xplan offers an extensive full suite of products in one place. The Advice Toolkit offers a range of best-practice out-of-the-box advice templates including SOAs, ROAs and fee disclosure statements.
Task Hub lets you manage all your workflows from a single interface, improving your day-to-day efficiency. These are just a few examples.
You can speak with Iress’ customer service for further help consolidating your tech stack or check out our Xplan hacks to learn how to get more out of your software.
Advisely Team