With those embedded workflows, the firm was able to recast its key operations, becoming more reliable and efficient. The cost of serving clients at Foster Group decreased by more than 30 percent while service levels were either maintained or increased. Those metrics are attainable for firms of any size.
Unfortunately, the benefits of embedding workflows has yet to be fully realized by many advisors, who are still prone to viewing their rolodex or Microsoft Outlook as a CRM system and need greater efficiencies to raise the standard for the level of service they offer.
There is, however, evidence that advisors recognize the need for some self-improvement.
According to a 2012 study conducted by Advisor Impact, “streamlining or standardizing routine processes” was singled out as a top contributor to increasing capacity and improving efficiency. And while the survey indicated that this category held the highest potential for firm improvement, it also indicated that advisors struggled to activate it. Eighty-four percent of firms agreed that the category is a key to increasing capacity, but only 47 percent of those same firms agreed that they’re doing it well.
By investing in workflow implementation, advisors will realize a more consistent and higher quality client experience, internal clarity regarding work efforts, increased capacity to serve new clients, reduced expenses and increased firm value. A robust, integrated CRM system provides fail-safes checks and balances, resulting in decreased client turnover and increased referrals. Firms with defined routines embedded in their service models will also fare better with valuations, becoming more appealing acquisition targets.
As client relationships become more complex, firms need to embrace new ways of managing them. Advisors that understand the benefits workflow has to offer--and move to capitalize on it--will be poised to unlock their next chapter of growth.
Travis Rychnovsky is the CEO and president of Orchestrate LLC. Rychnovsky and his team first conceived the idea for their current process automation solution, ProcessComposer®, while leading the operations and technology efforts for a leading independent wealth management firm, and quickly realized a fit for this solution across many industries using the Salesforce.com platform.