Like many other industries, the Coronavirus has accelerated digital transformation in the financial advisory space, catapulting the need for virtual offerings into the spotlight. But as an IFA or small business, this can seem like an incredibly overwhelming task. Where do you even start?
Digital Transformation aren’t just buzz words. Implementing it makes a real difference to your cash flow and the time spent on your business. It kills repetitive tasks, streamlines your operation and ultimately contributes to client acquisition. You can be the most personable, effective IFA there is, but without the right tools, don’t expect to build something that outlasts the others.
We’re not simply talking about the much touted “robo-advice” being offered by many fintech startups globally, but rather about arming yourself with the competitive digital edge, whilst still offering clients the human interaction so many of them so badly crave – including, believe-it-or-not, millennials & Gen X. We outline 7 easy ways for you to digitize your business, ensuring you remain relevant amid a highly competitive and rapidly evolving industry.
- Speak to anyone, anytime, anywhere
As an IFA, it’s likely that the lifeblood of your business is chatting to clients on the phone, and while working from home has been a rising trend in recent years, the Coronavirus pandemic has meant that it has become the new norm for businesses virtually overnight. So, if you were one of those businesses still using a landline (Who still uses landlines?!), you were likely left in a very difficult situation when lockdown restrictions hit. Cloud-based technologies like Voice over Internet Protocol (VoIP) let you work anywhere, ensuring effective communication and business continuity in times of crisis. It is also highly cost effective and removes the hassle of dealing with multiple systems. If you are late to the party, and haven’t already adopted VoIP, we anticipate you do so ASAP as it will very soon become the standard for voice calls, much like landlines were in the 20th century.
- Go paperless
‘Sign on the dotted line.’ It wasn’t too long ago that phrase meant signing on an actual piece of paper. But these days, as we strive to go paperless (and save the environment), electronic signatures are becoming mainstream, removing the time and hassle traditionally associated with getting a document signed. There’s no longer a need to print out, scan, and then resend a document to a client to sign it and send back to you – I’m exhausted just typing this article. And that’s when things go to plan (which they never do). If there’s a mistake, or adjustment, delays get worse, leading to a waste of precious time, resources and energy. With e-signing software, you can sign and send online before the proverbial ink has even dried! It’s a no-brainer! Speed up the pace of transactions and sign agreements within seconds without needing a pen (or handshake). Platforms like Quickly Sign processes over 55,000 legally signed contracts online every month.
- Keep sensitive info under lock & key
As hackers get smarter, it is more important than ever for financial advisors to ensure sensitive and personal client information is protected, particularly when most (if not all) the data you deal with is highly confidential. If you, like millions of others, use the same password for almost every application you use (hopefully it’s not 123456), or are one of those who sets up complicated passwords you never remember, you urgently need to adopt password management technology into your business which keeps track of stores all usernames and passwords for different websites and platforms in a ‘vault’, keeping your own information and your client’s safe, protected and in one place. 1Password, Dashlane and Lastpass are among the most popular.
- Look at that Cloud! It’s shaped like success.
Scale is everything. That’s old news. But don’t expect exponential growth if you’re not harnessing the cloud. If you’re still using an outdated and clunky in-house, on-premise IT system, it’s time to enter the 21st century. In today’s digital world, cloud-based ERP software is central to digital innovation, connecting people, processes and technology to accelerate business growth, and can handle everything from payroll to sales to accounts to inventory – it’s virtually a one-stop shop for your business. And, the acceleration of technology means resources like cloud-based ERP software are inexpensive, reliable and easy to adopt. Most importantly, your employees can access it from anywhere with the same ease as on-site staff, making it especially vital in today’s socially isolated world. Some of the leading ERP softwares for IFAs include Xero and Sage Intacct.
- CRM – a key piece of the puzzle
Are you managing your leads on an Excel spreadsheet? This is generally a bad idea. Or worse, reliant on a cumbersome paper-based system which confuses you each time you attempt to navigate it? A CRM platform is a key piece of the puzzle when it comes to growing your business in a highly competitive environment. CRM solutions not only give you and your team a holistic, 360-degree view into every client, provider and partner you do business with, but can help improve productivity, collaboration and the customer experience. Some of the most popular CRM’s for IFAs include Salesforce and Wealthbox.
- Do more with your data
As an IFA, I am sure you can count on more than both hands the times there have been commission or revenue errors from manually tracking and reporting on revenue transactions from multiple product providers. Simplify your life by incorporating a commission tracking system into your business. Commspace, has built an intelligent revenue analytics software solution that simplifies your current commission and revenue tracking processes and couldn’t be simpler to use. That’s why we’re proud enough to put ourselves on this list.
Simplicity is the ultimate sophistication. – Leonardo da Vinci
- Are you digitally present?
Lastly, while your business might be online, are you digitally present? With information overload online, it can be difficult to sift through the noise. Which is why there’s a range of tools available to up your online ‘street cred’. From social media, to Search Engine Optimization, to Google advertising, if you haven’t already, you are 10 steps behind the others, and urgently need to cement your digital footprint.
Digital Transformation aren’t just buzz words. Implementing it makes a real difference to your cash flow and the time spent on your business. It kills repetitive tasks, streamlines your operation and ultimately contributes to client acquisition. You can be the most personable, effective IFA there is, but without the right tools, don’t expect to build something that outlasts the others.
