How to Use Financial Planner Software to Cut Admin Hours at Your Advisory Practice

financial Planner Software

Financial planning is a difficult industry and is only getting tougher, and hours of time tend to be eaten up by manual processes such as populating a System of Record or collecting signatures. The use of financial planner software to automate those processes can cut down on administrative expenses in a big way, resulting in greater process efficiency, happier clients and a more profitable business.

Data handling and input associated with the financial planning industry inevitably results in a great deal of administration, as does the production of Statements of Advice (SOAs). There are a number of different elements to financial planner software that can be a big advantage when it comes to trying to reduce admin hours at an advisory practice.

The advantages of a CRM

The use of Customer Relationship Management (CRM) software helps companies to keep customer relationships organised and managed via a centralised platform that is very easy to use. In terms of cutting admin hours, clients can make use of the software themselves and will enter their own details into a spreadsheet during the onboarding process.

This means that financial planners do not have to manually enter such details themselves, thus reducing admin hours and costs.

Extra time for clients

In addition to saving time and money by meaning financial planners and others at their advisory practice do not have to spend time entering such details, the use of CRM software also means that sessions with clients are not eaten up by entering user details.

This not only reduces admin hours and costs but also means that financial planners have more time to spend on the truly important aspects of customer service. The clients of financial planners want to discuss their financial needs and goals and advisors will have more time to discuss those and to make use of other aspects of financial planner software to provide clear and concise data and advice on how they can achieve their aims.

Better outcomes for planners and clients

The overall outcome of financial planning consultation will be better for customers when their financial planner makes use of financial planner software. Clients will be much happier with more concise and comprehensible SOAs and have a greater understanding of the advice they have been given to achieve their goals in the future.

Happier clients in turn results in a happier outcome for financial planners and their advisory practice, as it means their clients are much more likely to give them a positive review online in addition to word of mouth referrals. This also means that advisory practices have to spend a lot less time and money on outreach marketing.

It is very clear that the use of financial planner software at an advisory practice will reduce administrative costs and free up valuable time for financial planners to increase the quality of the advice they are able to give clients and increase the reputation and profitability of their business.


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