By breaking the process down into individual tasks, we determined that manually scanning, indexing and routing documents was very time consuming. If the advisor simply implemented some of the advanced workflow features of the document management system to create automated processes for indexing and routing, it would have reduced the time involved dramatically, creating the opportunity to batch process the manual scanning step into a role that a much lower paid part-time assistant could accomplish.
The benefit was that the firm could replace a manually intensive process performed by a highly paid staffer with an automated system operated by a lower paid assistant by fully leveraging the capabilities of their technology investment.
We realize most advisors aren't process engineers, but spending time with your staff to better define, analyze and document workflow processes before the technology purchase decision can go a long way towards creating efficiencies in your firm. It will improve your ability to identify which technologies can streamline your operations, as well as provide you with the right questions to ask technology firms so you get the right solution the first time.
Additionally, by defining job roles and responsibilities with clear descriptions you'll be able to better align your staff with their skills and identify where you might have potential gaps in your organization.
So, think about process and people before making a technology purchase decision and you'll be well on your way to making that return on investment a reality in your firm.
George Tamer is TD Ameritrade Institutional director of strategic relationships. He can be reached at [email protected].
The results of the quarterly RIA Sentiment Survey are available in the TD AMERITRADE Institutional report titled: Preparing for Growth in the New Era of Delivering Financial Advice.