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Increasing productivity in financial advice firms
Why prioritise productivity in your financial practice?
Does basic admin often distract you from profit-generating projects? You’re not alone. Making their firms more productive remains the number one concern for IFAs according to 2024 research by Owen James. The top three concerns include:
- Achieving greater productivity
- Keeping up/innovation
- Finding and keeping the right people
Financial adviser weekly time allocation
With the various challenges facing them, the Global Survey of Financial Advisers by Natixis Investment Managers, shows advisers are finding their time and attention diverted from growing their business.
The challenges and opportunities for increasing productivity, profitably
Every firm wants to improve productivity, no matter how well they’re doing. But, from the front office through to the back office, several challenges and barriers prevent them from achieving their objectives. However, firms also recognise many opportunities and enablers for improving productivity across their businesses according to Owen James:
Challenges
- Client load ratio too high
- Unreliable data
- Disjointed and inconsistent processes
- Regulation
- Poor communication
- Outdated technology
- Operating in silos
Opportunities
- Straight-through process improvements
- New application technology
- Digitising client journeys
- Organic growth
- Use of AI restructuring
- Product innovation
- Mergers and acquisitions
How to maintain productivity in your financial practice
- Challenge the way things are done – Can existing processes be improved? Start by considering which process is typically the most time-consuming and/or complained about the most.
- Recruit and train effectively – Build a supportive team, learn how to delegate, and empower the people you manage to challenge the status quo and be innovative.
- Communicate and connect – We are always learning. Looking to those around you to see what they’re doing well could be a great source of inspiration. Trade shows, conferences, industry bodies, forums and thought leaders can all provide useful information.
- Reduce siloes – By streamlining your business, you can make sure your colleagues are best placed to offer their support when it’s needed. Encourage everyone to ask for help.
- Using the right software – 85% of firms agree that a lack of integration in their software is a major cause of inefficiency. Whereas using the right software with back-office integration can drastically reduce time spent on reporting. For example, our platform can be integrated into a range of third-party software systems, to help you manage your business more efficiently. What’s more, we’ve just completed our latest integration with Origo Integration Hub, providing greater and more direct access to client data.
How we can support your productivity
We continue to work closely with advisory firms, to better understand the processes and challenges you face every day. Our services are designed to give you all the functionality you need to keep your firm growing.
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Reporting services – Any reports generated are held securely, providing an overview of client transactions, adviser fees, pension transfers and more. You can also choose which reports you receive and when. Please visit our Reporting Services hub for further information.
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Client Management – Manage all aspects of your clients’ account through our secure online service. All the regulatory documentation you need is produced automatically within the process, too.
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Educational materials – Our client guides and Technical Matters content can be used to give you and your clients peace of mind, aid your conversations and free up a little more of your time. There’s also a comprehensive range of videos to support anyone studying for pension or tax and trust planning exams, or simply wishing to build their knowledge.
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Document vault – Get easy access to important client documents such as Statements and Valuations, with less time spent searching high and low for information when you need it.
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Points to remember – Solving productivity is a big challenge, but addressing it opens up opportunities. It requires the right people, with the right technology, following the right processes.
Our goal is to help firms like yours build strong, profitable and sustainable businesses, while supporting you through any challenges that may arise. That’s why we’ve curated our Profitable Practices series.
For more help and support, take a look at the rest of the series and discover other areas that could help you drive greater profitability for your practice: