Remember when your firm believed that pursuing a ‘best of breed’ approach was in the best interest of your home office operations and your advisors? That strategy may have served you well for a time- and maybe it still does. However, there will come a time, if it hasn’t already, when you realize that the tech stack that got you here won’t get you there. The disparate, disconnected point systems are expensive to upgrade and to maintain. But perhaps more worrisome is the toll that using all of these systems with different data inputs, outputs, and standards of system administration have on your advisors and their relationships with their clients. At the end of the day, more time on technology means less time with clients and less time growing your business.
It’s a fact: Inefficient workflows impact the way that advisors run their business
Many advisors report that they spend too much time on back-end processes, compliance, record keeping and commission tracking. Proactive broker-dealers go to great pains to introduce new systems to improve workflow efficiency and increase the productivity of their advisers. Unfortunately, ad hoc solutions are often incompatible with existing business ecosystems, and as a result, according to Investment News, many leading firms are forced to leverage their compensation management system to boost advisor satisfaction. The term ‘data inundation’ is quickly becoming a phenomenon hindering advisors’ ability to see important data, resulting in inaccuracy and error.
Confronting the Challenge: Consolidation is key
Technology platform consolidation typically begins with portfolio management-related systems because nearly every other operational process feeds off of the data that’s produced from the system and the impact is far-reaching. The VestmarkONE® platform enables consolidation of multiple systems onto a single technology platform supporting all your advisory programs and workflows. When rolled out to advisors, the platform removes the need for multiple log-in’s and provides a single set of tools. Not only will your advisors benefit from this state-of-the-art technology but your firm will see increased efficiency and measurable cost savings.
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By Haley Sayre, Associate Marketing Analyst