Maximising tech success in 2024: A guide for financial advisers

As we kick off 2024, financial advisers must assess how technology can further enhance their advice practices. The challenges faced by advisers daily call for innovative solutions, such as the implementation of comprehensive financial Customer Relationship Management (CRM) systems.

1. Embrace efficiency with a modern financial CRM

Revolutionise your advice practice by implementing a robust financial CRM that goes beyond basic client management. Opt for a system that provides comprehensive tax and performance reporting, research tools, and more, offering the following benefits:

• Time-saving features: Automate routine tasks, from data entry to appointment booking and document generation. This allows you and your team to channel efforts into high-value activities.
• Efficient task management: Minimise task transfers between team members through seamless collaboration. Assign tasks, set deadlines, and monitor progress within the system.
• Comprehensive reporting: Effortlessly access detailed tax and performance reports, enhancing client communication and saving time on manual report generation.

2. Enhance communication and collaboration

Effective communication is paramount for maximising team productivity. Leverage technology to bridge communication gaps and streamline collaboration:

• Client portal: Choose a CRM that acts as a central repository for client data, notes, and communication history, reducing the need for constant data transfers between team members and clients.
• Client engagement: Utilise automated communication tools within the CRM to keep clients informed about market developments, upcoming appointments, and other relevant information, fostering stronger client relationships.

3. Reduce administrative workload

Efficiently manage administrative tasks by opting for a CRM that supports digital document management, reducing reliance on physical paperwork. This not only saves time, but also contributes to more manageable end-to-end practices.

• Automated reporting: Choose a CRM that provides comprehensive tax and performance reporting tools, automating report generation for accuracy and compliance, saving time on manual reporting.

4. Optimise capacity planning

Ensure your CRM includes features for capacity planning, allowing advisers to allocate resources efficiently. This prevents burnout and optimises productivity by balancing workloads among team members.

• Scalability: Future-proof your practice by selecting a CRM that scales with business growth, accommodating an expanding client base without compromising efficiency.

5. Focus on strategic planning and client attraction

Utilise the CRM's analytical capabilities to gain insights into client behaviour, market trends, and performance metrics. This data-driven approach enables advisers to make informed decisions and develop effective strategic plans.

• Client acquisition tools: Leverage CRM features for lead tracking, client segmentation, and targeted communication to attract new clients, expanding the client base without sacrificing efficiency.

6. Integrated research tools

Stay ahead of market trends and investment opportunities with integrated research tools. A financial CRM offering access to market insights, financial news, and investment research empowers advisers to make informed recommendations, thereby enhancing the quality of service for clients.

In conclusion, with the new year just around the corner, modern technology solutions provide financial advisers with many benefits, including enhanced communication, reduced administrative workloads, optimised capacity planning, and more to maximise their success in 2024. By incorporating new technologies, advisers can position themselves for growth, efficiency, and success in client service.

Lanie Worsley is director of customer success and client solutions, financial planning at Morningstar Australasia