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According to a recent RIA efficiency study, streamlining routine business processes is one of the must-haves for advisors looking to boost efficiency and capacity.
To begin streamlining processes, you should have a clear understanding of the service you want to deliver to your clients. A total client experience mapping exercise can be helpful in defining the business processes that will benefit most from automation so you have more time to spend on higher-order activities like building business relationships.
To begin mapping the total client experience, you need to think about your practice as a complete, end-to-end system where advisors move from one stage to the next. This helps you to see how each stage is interconnected, and what a quality client experience should look like.
This mapping exercise is a great tool for increasing your own knowledge about how clients experience your service. You may gain insight into areas of weakness you weren’t previously aware of. The exercise makes streamlining business processes more manageable by helping you to focus on the areas that need automation most. Ultimately, working through these steps will help your business run more efficiently so you can deliver on client expectations more effectively.
To learn more about the study’s key findings and how your firm compares to the industry at large, read the full study findings now.