First step in tech overhaul? Post-it notes

First step in tech overhaul? Post-it notes
Advisers counseled to write down job functions and work flows on sticky pads; like a storyboard
MAR 06, 2012
Information technology can help advisory firms improve their business, but even leading-edge firms still need help from old-school aids such as Post-It notes and whiteboards. “Great technology won't make advisory firms more profitable unless they have a systematic approach,” said Spenser Segal, chief executive officer of software provider ActiFi Inc. at the Financial Planning Association's 2012 Business Solutions Conference in San Francisco on Sunday. Mr. Spenser, who opened the conference, said that even with the best technology, advisers still need to go through the low-tech exercise of documenting exactly how their firm performs tasks in order to systematize their businesses. Sessions throughout Sunday and Monday morning focused on ways advisers can develop processes and use technology to automate their work. Mr. Segal said that outfits he worked with often started by documenting all the steps involved in firm functions, such as preparing for client meetings, bringing customers on board and planning events. One way to do that is by writing down each task involved on a Post-it note and arranging those notes in the proper order. “We all do it differently, even though we all use the same system,” Mr. Segal said. “There are a lot of single points of failure.” Developing a flowchart for each firm function is a key to delegating work, streamlining operations and increasing profitability, he said. “We have to systematize to create efficiencies,” Mr. Segal said. “There is no return on investment on technology purchases per se, it is how it translates to efficiency or increased value.”

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.