Is Automation the Key to Unlocking Your Wealth Managers’ Time?

Being a successful wealth manager isn’t just about producing great financial results for your clients. It also means creating the best customer experiences possible. That’s because in a highly competitive industry, it’s what discerning customers have come to expect. As a result, it’s critical for not only expanding existing relationships, but also forging new ones.

The problem is that nurturing existing relationships and trying to build out a book of business can eat up a lot of time. For wealth managers, one of the most time-consuming activities is having to develop (and subsequently search for) the various types of content they typically share with their prospects and customers. This includes things like the custom reports they create for each of their client review meetings—which can occur multiple times per year—as well as the collateral and educational materials they need to onboard new clients and answer their questions.

While collateral like this is important, the question is whether or not having your wealth managers create this content themselves is a good use of their time over other higher value activities.

Are Your Wealth Managers Using Their Time Wisely?

All of the collateral, educational materials, and performance reports that wealth managers create have a role to play in nurturing customer relationships. They’re essential for demonstrating the value that wealth managers can bring by sharing insights into the market, answering an array of client questions, and providing tailored advice about how those clients can optimize their investment portfolios. They’re also critical for ensuring transparency into investment performance. Unfortunately, manually producing these materials is one of the most time-consuming aspects of a wealth manager’s job.  In fact, studies have shown that wealth managers can spend up to 31 percent of their time either creating or looking for content for their clients.[1] Not only is that a huge amount of time, it’s also a tedious part of the job that many wealth managers dread when they’d rather be focusing on higher-value activities.

Those higher-value tasks might include things like sourcing new clients, expanding their networks, nurturing existing relationships, and providing the kind of excellent service that results in loyal customers that refer new business. Instead of creating content, wealth managers would also be wise to spend their time better preparing for their client review meetings and completing their client reviews faster. Doing so would allow them to have a greater impact with their existing clients while also creating more capacity to seek out others.

So how do you free your wealth managers up to do all of this work, the necessary tactical elements of client management? The answer is automation.

Set Your Wealth Managers Free

Tasks that are tedious and time consuming prevent wealth managers from doing what they do best—and they need to be automated. Content creation falls neatly into that category. The good news is that with the right sales enablement tool, it’s easy to automate much of the content-related work that wealth managers have traditionally done manually. In fact, a good tool will allow them to find and create custom content with the click of a few buttons.

That’s important for making your business more efficient by allowing you to automate, transform, and centralize the content you need to enable sales. Of course, automation has other benefits too. For example, you can use it to ensure that your content is always up to date with the latest regulatory requirements, thus allowing you to mitigate risk.

The bottom line is that to be effective in wealth management, you’ve got to find ways to work smarter. Automating the creation of critical pieces of content is an easy and effective way to do just that. To find out more about how automation can help your business refocus on building client relationships, download a copy of “Reporting v. Guidance: Making the Most of Your Wealth Managers’ Time.”

[1] Emma Brudner, “Salespeople Only Spent One-Third of Their Time Selling Last Year [Infographic]” HubSpot

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