June 20239Leveraging outside resources: for critical functions such as asset management, financial planning and marketing will help build capacity without the need to add more staff or advisors. There are several service providers in the industry that can be leveraged for a fee.Streamlining service offerings: can go a long way to build capacity. This starts by segmenting clients into three or four service groups. Many advisors go this far but fail to take the next step ­ designing and implementing a differentiated service offering for each segment. Too often the second-tier client group receives nearly the same service level as the top-tier group, missing an opportunity to build efficiency and add capacity while still delivering value to the second-tier group.Workflows can help coordinate the activities of the staff. The most critical step in any workflow is the hand off from one step to the next or from one staff member to the next. At least three core business processes should be supported by workflows: client onboarding, client service meetings, and client requests services. Automation, particularly of the workflows, could increase capacity. Often the Client Relationship Management (CRM) system is where workflow automation is housed. Using centralized files and automated notices to staff members can decrease the risk of handoffs and accelerate service delivery.Provide a Smooth Transition of Client Relationships from One Generation of Advisor to the NextThis is how Live Oak Bank serves this industry. We provide resources and content to Financial Advisors on how to:1) Prepare for succession2) Maximize the value of a business3) Find the best buyer4) Become an attractive buyer5) Source sellers6) Structure a deal that benefits both buyer and seller7) Manage the risk of transition8) Manage the change for buyers, sellers, and staffIn addition, we provide financing for these transitions. We leverage automated workflows to market, originate, underwrite and close loans. Through our technology-supported workflows, we have smooth transitions from one phase of loan processing to the next. Also, we can diagnose process inefficiencies and create solutions. Finally, we can remove some of the workload from the staff by providing cost savings to the bank and accelerating our time to close.SummaryAmerica needs what financial advisors provide but with the increased pace of succession, efforts to improve capacity and smooth the transition of clients from one generation of advisor to the next are needed. Workflow and automation are some of the best solutions to a potential challenge for the investment advisor industry. BCAmerica needs what financial advisors provide but with the increased pace of succession, efforts to improve capacity and smooth the transition of clients from one generation of advisor to the next are needed. Workflow and automation are some of the best solutions to a potential challenge for the investment advisor industry
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