Excuse me, do you have the time?
November 2021
What would you say is the most precious commodity?
Well, let’s see. Health comes to mind. And Family. Your Children. The romantics among us might say Love, perhaps?
How about in your working day?
If I asked what is your most precious commodity during the working day, then surely it must be Time.
Think about it. How often do you wish you had more hours in the day? There never seems to be enough time these days. We are told that we need to ‘do more with less’, that we need to be available 24/7. Apparently this is called the ‘Amazon Effect’, as clients demand an instant response at any time, day or night.
We can also thank the rise of mobile devices and the Internet. Notifications, email, instant messaging, online chat, and now even available on your wrist – welcome to your new smart watch! Ironically, this same device will track your sleep, and admonish you in the morning that you had a bad night worrying over the tasks you didn’t finish that day. Due to a lack of time, perhaps?
Unfortunately, this seems to be particularly acute in the world of the Financial Advisor. A study, published in our recent whitepaper (‘top 3 issues facing Financial Advisors – ask us for a copy) highlights that it is getting worse.
‘Regulation and compliance is their number one challenge. About 80% of advisors admit compliance burden and regulatory change is a big challenge, costing them and their clients time and money.
One third (32%) of them complain about back-office administration and business inefficiency as the second, biggest challenge.
Third, rising regulatory fees from Financial Conduct Authority (FCA) and Financial Services Compensation Scheme (FSCS) are driving a good number of them out of business (Merrett, 2012 & Andrieux, 2021).
The dilemma remains on how to tackle these three challenges and still add business value by creating more time to allow advisors to service their clients.’
We can’t help too much with the increasing burden of compliance requirements, but we do know a great back-office administration system that will help. It is called client-Assyst.
client-Assyst
will securely maintain your client data, meeting notes, follow up actions, contact details, and so much more - all in one place. Reducing the need for multiple systems, sticky post-it notes, administrative tasks, and all of the other manual things that steal great chunks of your time every day.
With client-Assyst, you reduce time spent on non-client-facing tasks. You reduce tedious administration. Suddenly, you can apply more time to revenue-generating activities such as client needs-analysis and investment recommendations – the ‘cool’ stuff that actually adds value to the client and to your business.
It’s like having your very own TARDIS, but without any scary monsters trying to exterminate you!
About Assyst Software
Assyst is the client management software suite of choice for Financial Advisers. The Assyst platform empowers and inspires Independent Financial Advisors, Investment Managers and Paraplanners with the AssystAdvantage. Assyst enables Finance professionals to better run their business and help manage their regulatory reporting responsibilities.