Why Streamlining is so Critical in 2022

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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.