But what are these benefits, and how can they help you get the most out of your efforts? Well, given that the industry is currently in the process of switching generational hands as younger investors and advisors take the reins, there is a need for wealth management options that are increasingly mobile and connected.
Direct collaboration between asset management professionals and their clients is becoming a necessity. In fact, 63% of investment clients want to be more involved in investment decisions, and would prefer to work more collaboratively with their advisors. Asset management software connects advisor teams to their clients, and free up advisors’ time by automating manual processes and administrative tasks. This is made possible thanks to customer relationship management (CRM) technology.
CRM technology consolidates wealth data from multiple sources into a single view, making it easier for an advisor to spend less time gathering client information and more time strengthening relationships. CRM also makes it possible for advisors to create data-driven client profiles filled with the valuable client information which can be used to provide a more complete, unified view of a client’s needs.
Improved productivity is a second advantage offered by effective asset management software. After all, there are only so many hours in a day; finding success as a financial advisor depends largely on getting the most out of your time. Process automation can help advisors improve their productivity, but the real key to productivity lies with advanced, intuitive tools.
Scheduling and reminder programs help keep advisors on track, and proactive task prioritization ensures that you are always handling the most pressing business first. Account segmentation and contact alerts allow advisors to manage a large number of clients at once. A cloud-based, CRM-enhanced financial software asset management solution optimizes information sharing, giving every authorized user instant access to real-time client data in order to provide a seamless, consistent client experience.
Finally, for an asset management system to be truly productive, it needs to be able to address the unique needs of your business. Flexible financial asset management software, open source code, and the ability to customize, configure, and implement third-party enhancement apps can extend an advisor’s productivity well beyond what is possible with an out-of-the-box solution. The result is the ability to handle more clients and spend more time working with each of them.