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As a business owner, you understand that time is a precious commodity. From juggling your calendar to marketing your services, advising clients to maintaining your knowledge of ever-changing rules and regulations, and managing everything from compliance to IT, the list of things to do is never-ending.
As you near the end of Q4 and gather your thoughts, goals, and priorities for 2022, we have one piece of advice: Streamline your business!
Streamlining is the process of simplifying your workload by eliminating unnecessary tasks, communications, and processes to increase productivity, improve efficiency and boost cost-effectiveness. Here are three ways that you can streamline your RIA firm in 2022.
Utilize modern technology
A solid technology infrastructure is critical for the long-term sustainability of your business. From an organizational standpoint, it's important to have a simplified customer relationship management (CRM) system. A CRM system is a central place for businesses to store customer data and manage customer relationships. Forget the filing cabinets of old. CRM systems have become a necessary tool for burgeoning businesses.
RIAs need to have portfolio performance management and reporting systems to help take the research and guesswork out of managing client portfolios. This includes transition planning, investment solutions, portfolio implementation support, and access to custodial relationships.
The importance of strong technology extends beyond back-office capabilities. User-friendly and efficient technology on the client-facing side is imperative. After all, a messy client portal or unorganized billing system could have the potential to discourage clients from using your services.
Put a marketing strategy in place
While many RIAs understand that marketing is an important aspect of their business, few realize just how critical it is to have a structured and ongoing plan in place. A strong marketing plan requires more than the occasional blog post, media placement, or guest article. It's more than having social media profiles and liking other financial service professionals' posts. Your marketing plan needs to be well thought out, consistent, and on-brand.
Streamline your marketing initiatives with a strategic monthly plan and stick to it. If that means dedicating one day per month to marketing, so be it. If it means outsourcing to a freelancer, that's fine too. Come up with a plan, create a schedule, and keep it consistent.
Get on top of compliance
While most large firms have dedicated compliance departments, for many independent RIAs, compliance takes time, effort, and funds that they don't have. Get on top of your firm's compliance by finding a solution that fits for your business. Whether you choose to outsource, keep compliance in-house, join a financial network that assists with compliance coverage, or find an alternative solution, having an ongoing compliance plan in place for content and marketing will ensure that you don't waste precious time scrambling to take care of it on your own.
Bridget Grimes and Katie Burke co-founded Equita Financial Network out of a need to fuel business success while empowering other women in the financial services industry. Equita became the first platform solely focused on women-led financial planning firms, designed to encourage women to make the leap into launching their own practice and provide solutions to support them every step of the way. Equita is a way for like-minded women to not only share resources and run their business at an affordable cost, but to also share ideas on everything from best practices to help with questions regarding client issues.
Equita Financial Network helps female financial advisors pursue an independent path, take more control of their business, gain access to better career opportunities, and boost their overall sense of freedom. If you’re ready to break away from your current firm and go independent, reach out to the Equita team.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
