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Identifying the right technologies to help your advisory firm improve efficiencies and better serve clients is an important first step in transforming your back office. Before you can take full advantage of that technology, you must get the buy-in of staff and manage the change that’s about to take place across the organization. Only when a firm anticipates and properly addresses issues triggered by new technologies will users fully embrace the tool – and recognize its value to both the company and their jobs.
Depending on the tool being implemented, change management efforts can span months and should begin well before launch. During this period, firm stakeholders need to manage the expectations of those who’ll use and benefit from the technology. Four major themes to address are:
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The learning curve. Some advisors may be reluctant to adopt a new tool (and more so if they’re not digital natives) because it can be intimidating. Assure people you understand that changing how they’re doing things can be uncomfortable. Make support readily available. Identify early adopters (those who typically rush to learn and use a new tool); with coaching, these early adopters will quickly see the value of the technology and actively advocate for it with peers – and can be enlisted to help train others.
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A transition period. In many cases, implementation isn’t a “flip-of-a-switch” event in which the old system is immediately supplanted by the new one. To minimize the speed bumps inherent in getting a new system up and running, many firms run both systems in parallel for a time. This acts as a safety net for staff and gives the team time to ensure that all features and capabilities are functioning as expected.
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Mission-critical features. During the evaluation phase, you’ll be able to identify a system that provides the features you need, but the best solution for your business might not include some features that you’re using today. Similarly, advisors and other users will find that the new tool behaves and functions differently, and feature and process nomenclature are somewhat unfamiliar. Setting expectations for the team that they’ll be working more efficiently but “differently” will help overcome any objections.
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Integrations with existing systems. Your current system might work seamlessly with others in your office, like your CRM or your financial planning tool, but the way your new system integrates with them may differ, requiring staff to operate them in new ways. Your technology partner can help assess your current systems, then guide integrations to ensure optimum usability and performance.
There’s no such thing as over-communicating – before, during and after implementation. For advisors, this also means preparing and supporting clients, particularly those who use portals to view and/or manage aspects of their accounts. In all communications, it should be very evident that leadership supports the initiative. Without key stakeholders’ eager stamp of approval, employees will be less inclined to eagerly adopt the tool.
Don’t wait until after you’ve selected a technology solution to start getting employees on board. Not only will the vetting process benefit from advisors’ and other users’ input but could help you avoid some potential roadblocks.
Communications that focus on the benefits of the tool – cost and time savings, quality and productivity improvements, process efficiencies – will help convince users that the change they’re making (and their role in its success) is important to the long-term success of the company.
Anil Beniwal is the director of engineering at Betterment for Advisors - a digital wealth management platform that empowers financial advisors to grow their business and clientele. Anil is an experienced engineering leader with a passion for solving problems in software engineering and business development.
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