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It’s no secret that running a successful business now walks hand-in-hand with leveraging automation technology. This integration of automation is particularly valuable and plays a significant role in reshaping the revenue management space. 

In this piece, we’re taking a closer look at what this means for financial advisers and how leveraging automation can:

  • Save time
  • Ensure accuracy in tasks
  • Enhance client relationships and
  • Facilitate scalability

All while providing valuable data analysis insights, and offering a competitive edge in the market.

Why revenue management automation is essential for financial growth

As an IFA, there are a lot of critical moving parts that need to be managed when running a business. Unfortunately, more often than not, manual tasks take up a large chunk of your capacity, limiting the time and resources you can spend on growth opportunities. This is particularly true regarding revenue management processes. 

Many advisers still input commission rates manually into their own spreadsheets and use Excel’s built-in calculator to handle each commission rate individually. While this method may get the job done, it has several limitations, such as

  • A higher risk of errors
  • Limited functionality and a
  • Lack of real-time insights and analytics

Fortunately, advisers don’t have to settle for a DIY approach or compromise time, energy or resources to leverage powerful revenue management strategies. 

The benefits of automation in the revenue management space

1. Streamline and optimise mission-critical tasks

By leveraging automation, advisers can streamline repetitive tasks in the revenue management space, like data entry, report generation, and client onboarding. By managing these tasks on auto-pilot, IFAs can instead focus on high-value activities like client interactions, strategy development, and investment analysis. 

However, not just any automation software will do. Finding a revenue management tool that understands the niche requirements for task-optimisation within your business is quintessential. For example, with features like automatic data classification, IFAs can rest assured that fee information is automatically classified into predetermined categories based on industry best practices (i.e. product categories, commission types, etc.)

2. Leverage reporting and visual analytics

Often, IFAs are so caught up in their day-to-day responsibilities that they rarely have additional time and resources to dive deep into client data, causing them to miss critical trends and opportunities and be unable to make data-driven recommendations to clients.

Fortunately, automation tools can allow advisers to analyse vast amounts of financial data quickly. This is also then presented in a way that’s easy to manage, interpret and apply. For example, integrated, interactive visual analytics allow users to easily analyse trends, spot unusual spikes and discover exceptions in their revenue data.

3. Boost client relationships and trust

Managing client relationships is a significant part of an IFA’s role. Although there is value in spending quality time with clients, the reassurance, guidance and management needs to be rooted in accurate client data, preferences and goals. Because of this, automation tools often include client management systems, allowing advisers to provide more personalised and timely services to their clients.

Simple, easy and accurate automated revenue management

Don’t sweat the small (or big) stuff. At Commspace, we offer specialised commission management and revenue analytics for Financial Advisers in the Life, Investment, Health, Short Term and Employee Benefits sectors, so you can rest assured in beautiful, accurate and proactive revenue management.