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Developing administrative support of
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Episode 4: Does adding a robo mean reshaping your practice?
Dec 1, 2015 @ 12:00 am
Runtime:
11:32
You have built a practice the old-fashioned way: one client at a
time. Would you be willing to scale your business if it meant
changing your approach? Find out how Matt Archer and Nina O'Neal
react when they are asked to make some alterations.
Sponsored Content from
Broadridge Financial Solutions
Robo-advising
and other services
Valuable
insights from Broadridge, this season's sponsor of Practice Makeover.
Dec 16, 2015 @
1:43 pm
By Andrew
Besheer, President of Advisor
Solutions
at Broadridge Financial Solutions
In
Episode Four,
Archer Investment's Nina O'Neal and Matt Archer meet with technology expert
Aaron Klein. He provides guidance on specific functions, parameters and tiers of
service, and that prompts Nina to push back.
Robo-advising may be a great way to add efficiencies and lower costs; but,
Archer Investments needs assurances that robo-advising can fit with their
business model. Typical account minimums, tiered service levels and standardized
portfolios aren't a part of how they do business today—so how will these fit?
It's great to see Matt and Nina raising these questions before moving forward.
Being a breakout advisor requires smart strategic thinking and the willingness
to ask the tough questions, even if the answers aren't exactly what you want to
hear.
If the shoe fits
Organizations often hit a “Cinderella” moment when the solution they hoped would
fit perfectly doesn't. Force-fitting, as Cinderella's stepsisters discovered,
can be both painful and unproductive. Luckily, unlike glass slippers, business
solutions can be optimized via a productive give-and-take.
The conversation shifts to the idea of a “continuum of service.” In the end,
Matt's excited about the potential to more efficiently scale the business; and,
Nina seems more comfortable with the direction the conversation has taken them.
But is it enough?
Increase efficiency;
strengthen relationships
Whether or not Matt and Nina decide robo-advising is a fit for their practice,
they may want to consider some complementary ways to strengthen client
connections and streamline operations. For example:
Data aggregation: Client
information becomes spread across more platforms and sources over time, and new
services such as robo-advising add even more complexity. Growing firms
increasingly have more information to manage as well. To gain efficiencies while
maintaining more complete and current customer views, consolidate data from
multiple clearing firms, custodians, insurance carriers, internal data silos,
and other sources into a central repository.
Marketing automation:
Connect with customers in a more personally relevant way, even when you're not
meeting with them person-to-person. Real-time analytics help to align
communications with customer preferences and target them for improved
engagement. Automation can boost efficiency and effectiveness across channels
and campaigns.
Content
marketing:
Differentiate your practice by sharing value-added content via your website,
emails, direct mail and more. When you connect with your customers via FINRA-reviewed
articles, video, calculators and more, you'll help them become more savvy
investors, and add to the benefits of working with your firm.
Explore your options
If
you're interested in finding new ways to target, network and market, turn to
Broadridge. Through a consultative approach, we help advisors understand their
options and discover smart ways to grow.
This content is made possible by Broadridge Financial Solutions;
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InvestmentNews'
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