The need for financial planning automation continues to grow at an almost exponential rate. It is just as important for private advisory practices as it is for giant global corporations.

Financial planning is a challenging industry and is only getting more competitive by the year. Manual processes such as the likes of populating a System of Record or signature collection can take up many hours.

Across an entire client base and one of the major risks associated. With the manual entry of data is that vital information could be accidentally mistyped. 

The automation of a private advisory practice’s processes can be a big help. In regards to a reduction in administrative expenses, easier compliance and improved accuracy. Result in more efficient processes, happier clients and a more profitable business. 

Saving time on CRM and administrative tasks:

The CRM system that comes with the majority of good financial planning automation software offers. A central place from which a private advisory practice can store the data of existing.

Potential customers as well as track all interactions with those customers and share data with colleagues. It is a great aid to business management. 

Financial advisor software also results in a massive reduction in admin tasks, which means that staff will have much more time.

In which they can work on more important things such as improving client check-ins and touchpoints and making the whole customer experience better. 

Automation also means that clients will be able to access their own financial information via an app. Allowing them to personally input data and manage their financial plans, and thus further saving the private advisory practice time.

As well as money that would otherwise be spent on printing out financial documents with which to communicate that information to them. 

How financial planning automation saves even more money:

Financial advisor software also improves financial goal mapping. Making it clearer than even for both advisors and their clients to understand exactly what needs to do in order for the latter to be able to achieve their financial goals. 

The use of automated software to generate a Statement of Account is another big benefit of financial planning automation. Again cutting down on paperwork but also making it much simpler for clients.

To understand their financial information and helping them to stick to their goals. A SOA created by automated software is simply better customer service. 

Automated online platforms have bolstered the ability of financial advisors to serve their clients better than ever before, both by helping with the more efficient running of their businesses. By freeing up significant chunks of their time in the process and allowing them to give better advice to their clients. 

Private advisory practices are increasingly turning to new technology and software programs that allow clients to actively participate. In their own financial planning and keep track of their assets and their liabilities in a way that benefits both them and their advisors.