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Operations for the Financial Advisor: Consistency Delivers Results


Operations isn’t exactly the sexiest topic, in fact for those not immersed in the day-to-day details, the topic can seem quite dull. Stay with us though – a strong operations arm is integral to the success of your business.


As a driven entrepreneur, you spend countless hours planning how to differentiate your firm from your competition. Demonstrating your knowledge and value to your clients is paramount but your ability to deliver precise and consistent service in a timely manner is just as important. Welcome to the world of operations -- optimizing workflow management to deliver an enhanced client experience. 


Workflow management correlates directly to the client experience. 


Imagine for a moment the hub and spoke of a wheel. At the center, or “hub”, is your operations manager. They are responsible for overseeing and delegating the inflows and outflows of information to you and your team as well as the client – both groups represented as the “spokes”. 


When we think about the many layers associated with individual tasks and what considerations must be made, the processing and follow-up for each item requires a very specific and detailed step-by-step procedure outlining the next steps for each phase. Your operations manager must be nimble and excel at workflow design to deliver appropriately to each of the “spokes”. This is done by automating certain processes, utilizing various technologies such as a CRM (Customer Relationship Management) software to make sure that steps 1-50 are completed sequentially and on schedule.


As you approach the workflow design for your office, be mindful of the “three C’s” -- client, compliance, and cost. Each of these considerations must be at the center of all design ideas and decisions prior to implementation. The process is time intensive but the benefit of doing so is worthwhile from a cost and time savings perspective.


A well-designed workflow system with the proper technology to manage each step encourages greater and more effective communication across your team. When the tasks are well defined focusing on timeline, roles, and responsibilities the bottlenecks are quickly eliminated, and your client receives what they need on time and without error. A win-win for your client and your firm.


Join us again when we take a more in-depth look at practical steps to get started on your workflow design.

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