Blog Post

Business Strategy

Efficiency isn't just about tech

tonystephens's avatar
Icon for Advisely Team rankAdvisely Team
13 days ago

One of Advisely's main objectives is to help financial advice practices be more efficient, particularly in the production and implementation of advice as well as the management of ongoing client relationships. 

As the Advisely Index demonstrates, software plays a very important role here. But it's just one part of the efficiency puzzle; tech, by itself, won't propel you to the highest ranks.

So: what are seven efficiency tips that don't involve tech? 

1: Understand the multiplier effect

Sometimes, small numbers count. Say, for example, you can save 10 minutes on a task in the advice process for existing clients. That’s 10 minutes for every client who has a review. 

Now, let’s say the business has 250 reviews per year – that means 2,500 minutes is saved. That's 42 hours, or one working week. Imagine a staff member having an extra week to undertake a project or review more clients!

Tip: Undergo a regular process review for both new client onboarding and existing client servicing. Even a small improvement in an often repeated task can save a lot of time over a year. 

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Updated 8 days ago
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1 Comment

  • conradfrancis's avatar
    Icon for Advisely Index Top 10 rankAdvisely Index Top 10

    Great insightstonystephens! The emphasis on understanding the multiplier effect, clearly defining roles, and filtering prospects is spot on imo. Efficiency is indeed multifaceted and goes beyond just implementing new tech. However, it’s important to remember that technology can be a powerful enabler when combined with these strategies. By automating routine tasks and enhancing communication, tech solutions can free up time for advisors to focus on high-value activities, thereby amplifying the benefits of the practices mentioned. It’s all about striking the right balance and ensuring that technology complements rather than overshadows the human touch.

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