Spend More Time Advising Clients and Less Time on Admin

ADVICE TECHNOLOGY

Spend More Time Advising Clients and Less Time on Admin

Discover how modern AdviceTech tools can help you spend less time on admin and more time building valuable client relationships.

Ken Ong
25 April 2024

The balance between advising clients and handling administrative tasks can often be challenging for financial advisers. However, with the adoption of smart, intuitive AdviceTech tools, advisers can reclaim their time, focusing on what truly matters: nurturing client relationships, boosting efficiency, and enhancing overall engagement.

1. Simplifying Complexity

Imagine explaining complex investment or retirement strategies in a way that truly resonates with clients. Smart tools can simplify these scenarios into clear, actionable insights, improving client engagement. For example, modern, intuitive functionality allows advisers to visually demonstrate the impact of different strategies, making it easier for clients to understand and actively participate in the strategy development process.

2. Facilitating Transparent Discussions

Transparency is crucial for building trust with clients. Modern AdviceTech tools help advisers break down barriers and facilitate open, honest discussions on critical financial matters. Secure client portals, for instance, enable advisers to share real-time financial information, fostering transparency and collaboration. Additionally, intuitive cash flow modelling and engagement tools enable advisers to assist their clients in visualising their goals and promptly address any questions they may have.

3. Transforming Client Meetings into Dynamic Collaborations

Client meetings should be collaborative experiences. With the right tools, advisers can transform meetings into dynamic collaborations, where both parties work together to develop strategies and solve problems. For example, advisers can develop retirement and superannuation strategies in real-time with clients using intuitive and interactive AdviceTech tools. This fosters a sense of teamwork and engagement, making clients feel more valued in the overall strategy development process.

4. Maximising Efficiency

By streamlining administrative tasks, advisers can achieve more in less time. This means fewer hours spent on paperwork and more time devoted to advising clients. Automated workflows, for instance, reduce the time spent on manual data entry, allowing advisers to focus on higher-value activities such as client communication and strategy development. Moreover, advisers can enhance efficiency by collaborating with clients during meetings to receive feedback in real-time, and adjusting strategies, accordingly. This reduces administrative work performed in isolation, optimising client interaction during meetings.

5. Enhancing Collaboration

Collaboration between advisers and clients is essential for effective financial planning. With the right AdviceTech, advisers can enhance collaboration by simplifying goal setting and strategy development. Integrated CRM and cash flow capabilities enable advisers to monitor client progress and adapt strategies accordingly, keeping clients engaged and motivated.

In conclusion, the right AdviceTech offers more than just time savings—it enables a fundamental shift in client engagement. By leveraging smart, integrated tools, advisers can reduce administrative burdens, allowing more time for advising their clients, leading to stronger client relationships, increased efficiency, and enhanced collaboration.

Ken Ong is Associate Director of Product – Financial Planning at Morningstar Australasia Pty Ltd.

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