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Digitizing a legacy financial firm

When you inherit a financial practice or join a legacy advisory, it can be difficult to adjust to the existing business model and traditional practices that have been in play for years and years, while also bringing your fresh perspective to the conversation.

Established firms are more likely set in their ways, and it could be rightfully so. They’ve curated a successful book of business, created trust with their loyal clients, and grown the practice through traditional ways. This is why if you’re a financial planner joining a legacy business, it can be tough to navigate bringing change to an established firm.

Especially change in the form of technology. 

But the reality is that in today’s rapidly changing technology landscape, businesses need to leverage tools and systems that provide efficiencies, visibility into processes, and automate manual processes that can slow down or limit your potential. 

Let’s use email marketing as an example. If you’re still managing your database with a spreadsheet, uploading lists into a mass email delivery system, and drafting emails in another program, you’re wasting valuable time that could be focused elsewhere. By implementing an email marketing tool, you can streamline the entire process, from creation to distribution, into one system. 

Now think of applying focused technologies to all areas of your business — from accounting and payroll to marketing and sales to client services and support — the time, money, and resources required to run these programs, becomes much more manageable when you can perform tasks with the click of a button.

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As a champion for technology, how can you bring change to your legacy financial planning firm? Here are 7 benefits to automating manual processes:

1. Clarity into business processes

Automation provides a clear and complete understanding of how processes work and who is involved at different points in the workflow.

2. Less errors, more efficiencies

An automated process minimizes errors, and redundancies that can easily be overlooked when performed manually, resulting in more efficiencies.

3. Better client experience

Everything we do as financial planners is to help our clients reach their goals. So providing a better experience while they’re on their path to their financial future should be a top priority.

4. Reduced time and costs

With faster turnaround and elimination of wasteful practices, automated processes facilitate time and cost savings.

5. Better allocation of resources

Since mundane tasks are taken care of with automation, staff can be reassigned to do high-value work or focus on strategic solutions.

6. Continuous optimization

Technology helps you gain deep insight into your processes with analytics and reports, which can help you easily see trends and make data-driven decisions. More so, your firm can start to test and optimize on what works and doesn’t work for your unique business.

7. Grow your business

With manual processes, it’s very difficult to scale in response to an increase in demand. So whether growth for you comes in the form of AUM, more clients, or work-life balance, automated processes make this effortless.

And adapting technology won’t just streamline backend processes; it can also positively impact the front of the house, so to speak. Clients have trusted your firm for so long, that when you introduce anything new there can be a learning curve. 

For example, when David introduced his clients to the Altruist platform, there were obvious hesitations to change. How did he overcome them?

“Patience, combined with education, can help remedy some of the growing pains that come with technology and make clients start to see the benefits of digital tools.”

The future is now for technology, and whether your firm is considering investing in email marketing software, a CRM, or a digital brokerage platform, the shift in automating manual processes will enable your business to increase efficiencies and engagement, as well as acquire new clients.

Overall, your financial planning firm can go through a complete transformation with the power of technology.

Learn more about David Hicks and Oakmont Advisory Group, by visiting the website


About Grow

Grow by Altruist is a show dedicated to bringing business growth advice to advisors, by advisors. I'm your host Dasarte Yarnway and each week I sit down with industry professionals as they share their best ideas around attracting new prospects, building a successful firm, and keeping clients happy. Watch more episodes here.

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