Wells Fargo Advisors
According to Kent Christian, the president of Wells Fargo Advisors Financial Network, his firm’s competitive advantages are its size and scope, which allow it to invest in technology. Wells Fargo serves advisors in three channels: registered reps, advisors registered with an RIA and hybrid advisors—approximately 15,000 advisors in total. So the company is familiar with all aspects of the advisor landscape.
Christian says that much of the work Wells Fargo has been doing lately is focused on enhancing the user experience. In the case of SmartStation, the integrated advisor workstation for Wells Fargo advisors, the focus has been on better navigation and ease of use. For example, previously the system only allowed advisors to work on one client at a time. The new version allows advisors to work on multiple clients.
A new “My Home Page” acts as a dashboard, allowing advisors to see all of the information they need to see to start their day. An “Attention” section highlights bonds that are maturing, annual client reviews that are due and the like. The new, simpler layout allows advisors to prioritize their day as well. The dashboard allows for some customization so advisors can make it their own.
SmartStation includes a proprietary CRM application, although advisors do have the option of selecting another CRM application if they choose to do so. Enhancements to the proprietary CRM should make it more attractive to advisors. The application is integrated with the Home Page and with SmartStation. You can launch the CRM systems from the home page. It now syncs with the MS Outlook calendar, a feature many advisors desired. The application also has voice recognition capabilities, so advisors can dictate meeting notes right into it.
Looking forward, Wells Fargo plans to roll out SmartToGo, a light, tablet-friendly supplement to SmartStation. It is designed for the advisor who is going out of the office to meet with a client. It will include the ability for an advisor to walk a client through an Envision plan (the proprietary Wells Fargo financial planning process). It will allow the advisor to access information from the research team. It will also provide functionality that allows the advisor to stay in touch with his or her office and to access contact information. The goal of SmartToGo is to ensure that advisors are less tethered to their offices and less tethered to their laptops in the future.
Wells Fargo tech plans in 2016 include making it easier for clients and advisors to collaborate. For example, the company plans to allow clients to run Envision plan scenarios on the client application that parallel those on the advisor application. The company will also build in advisor notifications, so if a client has been running college scenarios on the client app, for example, the information will be displayed on the advisor dashboard so that the advisor can reach out to the client and offer assistance.