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How Your Financial Planning Firm can Reduce Its Workload



Any advisor can attest to the fact that more often than not, it feels like 24 hours is just not enough time in the day to get through everything on our to-do lists. With all of the planning, administrative tasks, upkeep, and prospecting to do, it makes sense. However, through the use of our AI technology, we were able to help one financial planning firm cut workload for operations by 50% – and here’s how. 

In order to get away from menial, mundane tasks and elevate your team to progress forward quicker without adding headcount, follow these steps:

1. Identify the pain point 

In order to cut workload, you first needed to identify what’s causing so much overflow. This financial planning firm, in particular, was bringing in a high number of account openings week after week. However, they were opening these accounts the traditional way – get a sheet, put it in a folder, monitor feed, go through folders every few days to see status on every client, etc. When new prospects began coming in the door, they had to keep hiring more people to keep up with the tasks associated with opening the account: pain point. 

2. Identify the process

Once this pain point was pinpointed, we reflected on each component of the current process they were following to open these new accounts. Within each component were a set of tasks that needed to be completed in order to move the client through this onboarding. These sets of tasks were what needed to be made more efficient.

3. Look at technology

Once these tasks are identified, look at your current tech stack to understand what you have in your toolbelt to help create efficiencies for the specific process.  For example, this financial planning firm had a portfolio management tool, CRM, and custodial data feed that could better be utilized through automation.

4. Automate the pain point

Automation allows for processes and workflows to run more smoothly, never missing a beat, without adding headcount. This firm implemented Benjamin, an AI assistant, to alert and notify advisors when accounts were opened, funded, and then needed to be moved within the workflow. By automating this simple process, Benjamin eliminated folders from the desks and allowed each advisor to engage with the prospect deeper – something that is necessary when it comes to managing a relationship in the financial advisory space. 

By looking at the process, identifying the tools, and creating a solution, this firm drove a 50% operational efficiency when it came to onboarding new clients. If this sounds like something your firm needs, reach out to us here and we’ll help define areas in which Benjamin can help you. 


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