With the official start of summer last week, it’s the perfect time for financial advisors to think about how they can maximize efficiency and free up more time to enjoy the sunny days ahead. At Skience, we understand the importance of balancing work and leisure, especially during summer. We also spend a lot of time thinking about using automation and smarter workflows to save time. Here are some tips advisors can leverage to reduce time spent on administrative tasks and focus on other things — whether that’s time with clients or time at the beach.

Automate New Account Openings

Opening new accounts can be a time-consuming process, but with automation and smart integrations, it can become a seamless part of your workflow. A streamlined account opening process not only reduces the manual effort required from an advisor but also minimizes errors, ensuring that everything is set up correctly the first time. With automated systems, you can:

  • Automatically fill in client information from integrated CRM systems.
  • Streamline the approval process with automated notifications and reminders.
  • Ensure compliance with built-in checks and balances.
  • Get clients into the system faster so they can begin growing their assets.

By automating this process, advisors can save significant time and ensure a smooth onboarding experience for their clients. At Skience, we recently trademarked our account opening workflow, which was specifically designed to automate and simplify the onboarding process for new clients.

Streamline Workflows

Smart workflows are key to maximizing productivity. By designing workflows that integrate various tasks and processes, advisors can reduce the time spent switching between different systems and tasks. Consider the following:

  • Use integrated platforms that allow seamless transitions between client management, portfolio analysis, and reporting
  • Implement task automation for routine activities such as sending client updates, scheduling meetings, and generating reports
  • Utilize workflow automation tools to manage task dependencies and ensure nothing falls through the cracks

Streamlined workflows mean that advisors can complete their tasks more efficiently, leaving more time for client interaction, strategic planning, and summer fun.

Integrate Your Systems

Integration is crucial for creating a unified, efficient work environment. By connecting your CRM, portfolio management, and financial planning tools, you can eliminate redundant data entry and reduce the risk of errors. Benefits of system integration include:

  • Real-time data synchronization across platforms, ensuring that you always have the most up-to-date information.
  • Enhanced reporting capabilities with data pulled from multiple sources.
  • Improved client experience with consistent and accurate information.

Embrace Paperless Solutions

Going paperless is environmentally friendly and a great way to enhance efficiency and accessibility. Digital documents can be easily stored, searched, and shared, saving time and reducing clutter. Consider these paperless options:

  • Using electronic signature tools to expedite document approvals
  • Storing documents in a secure, cloud-based system for easy access and sharing
  • Implementing document management systems that allow for quick retrieval and organization

Utilize Client Portals

Client portals provide a self-service option for clients to access their accounts, view reports, and communicate with their advisors. This not only enhances the client experience but also reduces the time advisors spend on routine inquiries. Features of an effective client portal include:

  • Secure access to account information and documents.
  • Interactive tools for financial planning and goal tracking.
  • Messaging capabilities for easy communication.

With a robust client portal, advisors can empower their clients while freeing up time to focus on more strategic activities.

Whether you want to save time because it’s summer or in a general effort to streamline your processes, there are many ways that technology and automation can allow financial advisors to significantly reduce the time spent on administrative tasks and maximize their efficiency. At Skience, we are committed to helping advisors achieve this balance — in the summertime and all year long — enabling them to provide exceptional service to their clients while managing an efficient financial practice.

Click here to connect with Skience and get started today.