Robo-advising and other services

Valuable insights from Broadridge, this season's sponsor of Practice Makeover.

Dec 16, 2015 @ 1:43 pm

By Andrew Besheer, President of Advisor Solutions at Broadridge Financial Solutions

+ Zoom

In Episode Four, Archer Investment's Nina O'Neal and Matt Archer meet with technology expert Aaron Klein. He provides guidance on specific functions, parameters and tiers of service, and that prompts Nina to push back.

Robo-advising may be a great way to add efficiencies and lower costs; but, Archer Investments needs assurances that robo-advising can fit with their business model. Typical account minimums, tiered service levels and standardized portfolios aren't a part of how they do business today—so how will these fit?

It's great to see Matt and Nina raising these questions before moving forward. Being a breakout advisor requires smart strategic thinking and the willingness to ask the tough questions, even if the answers aren't exactly what you want to hear.

If the shoe fits

Organizations often hit a “Cinderella” moment when the solution they hoped would fit perfectly doesn't. Force-fitting, as Cinderella's stepsisters discovered, can be both painful and unproductive. Luckily, unlike glass slippers, business solutions can be optimized via a productive give-and-take.

The conversation shifts to the idea of a “continuum of service.” In the end, Matt's excited about the potential to more efficiently scale the business; and, Nina seems more comfortable with the direction the conversation has taken them. But is it enough?

Increase efficiency; strengthen relationships

Whether or not Matt and Nina decide robo-advising is a fit for their practice, they may want to consider some complementary ways to strengthen client connections and streamline operations. For example:

Data aggregation: Client information becomes spread across more platforms and sources over time, and new services such as robo-advising add even more complexity. Growing firms increasingly have more information to manage as well. To gain efficiencies while maintaining more complete and current customer views, consolidate data from multiple clearing firms, custodians, insurance carriers, internal data silos, and other sources into a central repository.

Marketing automation: Connect with customers in a more personally relevant way, even when you're not meeting with them person-to-person. Real-time analytics help to align communications with customer preferences and target them for improved engagement. Automation can boost efficiency and effectiveness across channels and campaigns.

Content marketing: Differentiate your practice by sharing value-added content via your website, emails, direct mail and more. When you connect with your customers via FINRA-reviewed articles, video, calculators and more, you'll help them become more savvy investors, and add to the benefits of working with your firm.

Explore your options

If you're interested in finding new ways to target, network and market, turn to Broadridge. Through a consultative approach, we help advisors understand their options and discover smart ways to grow.

To learn how you can prosper as a breakout advisor, contact Broadridge today.


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