5 ways new technology systems could help your firm win more business

By AdviceBridge

As the financial services industry becomes more and more accessible, standing out from your competitors has become a real challenge. With so many options out there, if your clients aren’t happy, they can much more easily switch to another firm. 

If you want to attract and keep more customers while also freeing up more of your own time, investing in online systems and technology is one way to tick each of these boxes. 

Here are five ways you’ll be able to win more business for your firm using technology from AdviceBridge. 

1. Technology provides an answer to the most complicated problems in financial services

You will almost certainly let out a groan of frustration when reading the words Letter of Authority (LoA) – and with good reason. 

According to a recent report by the lang cat, LoAs are just one of many lengthy processes that currently take up a lot of time and energy for financial planners. The report found that 70% of the firms surveyed said that their LoA process could take up to six months from start to finish. 

The main reason behind the delays was an outdated method for obtaining signatures. 

Speed up processes with AdviceBridge

While many of your competitors are relying on archaic processes for getting original signatures and even faxing documents back to providers, you could be helping your clients to sail through this process using specially designed technology. 

AdviceBridge can cut the time spent on onboarding a new client from 25 – 35 hours to under six hours. That’s a saving of 75% – 85% of the usual time. 

Cutting down lengthy processes not only allows you to spend more time doing the parts of your job that you enjoy, but it also means your clients get faster results – a win-win for both sides.  

Read more: Letters of Authority and transfers still a major pain point in the financial service industry

2. Serve clients with different needs using one process

You might find that there are some clients on your books who you would love to help more, but it simply isn’t economical to do so. Or you may find it frustrating using different systems for clients with differing needs.

Unfortunately, this is a problem across the financial services industry. It is partly caused by a lack of efficiencies in the systems and processes used to offer advice, which can really slow you down. Additionally, this can make it too expensive and, in many cases, inaccessible for many. 

AdviceBridge brings together multiple processes into one, for clients across the board

Using AdviceBridge can help to standardise a lot of the steps in the process, freeing up time for you to spend speaking to and serving more clients, all of which will help you to deliver a consistent and high-quality service. 

The software runs over 1,000 simulations, simultaneously considering various scenarios, including tax, markets, and risk. It offers solutions based on these reports in seconds, allowing you to review many more ways in which you could help your client. Additionally, your clients can then access and interact with their solution at any time. 

A further advantage is that you will be able to help clients with a smaller budget than you could previously. Standardising the process and removing time-consuming admin means that the cost of offering advice comes down, so you can help more people to improve their financial wellbeing.  

3. Make your existing systems better by complementing them with new software

Many planning firms already use multiple systems, such as Customer Relationship Manager (CRM), back office software and cashflow planning software. 

In fact, most firms run around seven pieces of “core” software, but unfortunately most of them don’t talk to one another.

Having disparate systems that don’t connect well can leave gaps in your processes that create time-consuming tasks, taking you away from spending time having meaningful conversations with your clients. 

AdviceBridge integrates seamlessly with your existing tech

Investing in technology that allows you to level up your service offering will enhance the client experience and put you head and shoulders above your competition. 

Although it may feel like adding another piece of software to your already overcrowded array of systems, the benefit of AdviceBridge is that it reduces your interaction with them by linking and automating these other systems and processes together. So, it creates a best-of-breed technology solution with more of a “one system that does it all” feel, allowing a front-to-back solution.

AdviceBridge is easy to implement within your business, integrating with existing software and significantly improving your business. Not only will this help you to maximise the potential in your systems, but it will also reduce the number of touch points you will need to make. 

4. Technology can help to strengthen existing relationships

Succeeding as a financial planning firm isn’t just about winning lots of new customers, it’s also about keeping your existing customers happy. 

One example of how technology helps with this is the rise in the use of video conferencing software during the pandemic – something that looks set to continue. By being able to keep in touch with your clients easily and regularly, you can build more solid relationships with them, better serving their long-term needs and solidifying your position as their trusted adviser. 

AdviceBridge allows you to focus on spending quality time with your clients

Keep in touch with your clients using the engaging app that they can use any time of the day or night to update their information safely and securely. Our goal is to help your clients to feel more engaged with their financial futures by making it easier and more interesting to see everything laid out clearly. 

Also, by digitising a lot of time-consuming and mundane tasks, AdviceBridge allows you to spend a lot more time getting to know your clients. It’s this face-to-face conversation alongside state-of-the-art technology that will allow you to strengthen existing relationships for the long term. 

5. Don’t compromise but add greater sophistication

Most businesses fall into one of two camps: they’re either simplifying their processes to the point where they can only offer a limited range of services or solutions for their clients, or they’re offering clever add-ons or packages that can get confusing or require long-winded processes. 

The firms that stand out will do both: simplified processes that support a wide range of services so that they can offer the very best to their clients. It’s not easy to do, but if you get it right you have a better chance of becoming a leader in your industry. 

AdviceBridge simplifies so that you can offer more

Technology is a double-edged sword. Not only can it simplify a complex process into a few short, simple steps, but it can also open up a vast horizon of possibilities for adding additional services and packages to your offering. 

The AdviceBridge software undertakes many tasks and processes, reducing hours of work into seconds. 

These include creating reports, reviewing tax wrappers, analysing scenarios and many more, while also alerting you when a client interacts with their financial plan in the app. This keeps you informed constantly alerting you to any concerns or plans the client may have, even without them contacting you.

At its core, the software is about removing financial products from the equation, allowing you and your clients to focus on the most important detail: what they can afford to spend now and in retirement.  

Get in touch

If you’d like to learn more about how AdviceBridge could help you to win more business and help more clients, please get in touch. Email hello@advicebridge.com, book a demo, or call us on 020 3925 3850.