How to Tell if Your Firm Could Benefit From a Technology Upgrade

Nobody becomes a financial representative to spend their days fruitlessly searching through cloud-uploaded files, hunting for a spreadsheet whose specific nomenclature eludes them. And few things are known to cause a stomach to drop faster than getting a question from a client where they point out you had misspelled their name while filling out a form for them.

What do these issues have in common? They likely point to a firm not having the right technology solution in place to help their advisors thrive.

Not having adequate technology support for your advisors can make your firm a more stressful place to be and limit their ability to provide clients with the best service possible. The best-fitting technology solutions will increase your ease of access to critical documentation, reduce liability, inform your sales strategies, and limit errors, all while seamlessly communicating between platforms.

Here are some of the benefits a robust technology can provide, and how to tell if your firm is ready for an upgrade.

Ease of Access

Staying compliant with SEC and FINRA regulations can be daunting, but it doesn’t have to be. Financial representatives are responsible for verifying clients, ensuring investments are suitable for clients, and maintaining accurate records of all transactions and communications. If there isn’t a robust uniform system in place, it isn’t a question of if, but when, problems will arise.

For example, imagine you’re covering for another rep while they’re out on leave, and a request for documentation comes up. Digging through that rep’s files for the right document can be a nightmare if everyone uses their own methods for filing, naming, and organization. With uniform rules and a central, shared technology hub in place, this task suddenly becomes far less panic-inducing.

Liability Limitation

How do you maintain a robust organization system and stay on top of compliance while not letting it dominate your calendar? That’s a big question for firms working without proper automation technology. Time spent manually documenting transactions and other data is time that could’ve gone toward connecting with clients and maximizing your output.

Luckily, technology solutions have emerged that make the process of gathering and interacting with this information easier and more intuitive than ever before. In some cases, representatives can outsource this data gathering and can have their support team assist. Using these solutions can allow for preset reports that can be built specifically designed to satisfy FINRA or SEC requests.

Having these reports eliminates the stressful work that would otherwise be required to prove reps have remained compliant throughout their process. Technology solutions can both liberate space on your calendar and give you much-needed peace of mind.

Sales Strategy

Too often, outreach and sales strategies are ad hoc and developed on the fly. But leaning on technology to help build your strategy might sound stilting, potentially dampening the intuition you and your representatives have used to build your client portfolios to date.

However, recent technology offerings have been developed that allow users to quickly organize their leads and prospects intuitively. This allows reps to drive business, automatically scheduling follow-up calls and distributing hyper-personalized marketing material at scale. Reps are provided clarity into the effectiveness of their efforts with real-time reporting capabilities, giving them the feedback they need to adjust their approach for the best results.

Error Elimination

Whoever invented the keyboard shortcuts for copy (ctrl+c) and paste (ctrl+v) deserves a medal. That being said, if you have business processes that are dependent on the regular, manual use of these shortcuts, you’re exposing yourself and your team to unnecessary risk.

Human error is one of the main causes of account complications and commission inaccuracies. In a world with interconnected applications and organization tools, manual processes are no longer a necessary liability. When implemented correctly, a good tech stack with integrated systems will reduce the likelihood of errors to close to zero. Don’t let intimidation around building out automation keep you trapped in a world of manual frustration.

Take Your Firm to the Next Level With EAI’s Technology Solutions

EAI specializes in guiding representatives toward solutions that are the best fit for their business. We have a demonstrated track record of developing tools that aggregate, centralize, and organize data regardless of its source. We’ve worked with a variety of firms and have the experience and perspective to help you plan your next big move. Reach out to us today to schedule a demo or ask any questions you might have about the right technology solution for your organization.

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