I was thinking about my RIA firm and the extent to which we've automated the practice. We use technology for just about everything, including CRM, portfolio accounting, rebalancing, custodial access, file sharing, word processing, spreadsheets, calendars, virtual meetings, conference calls, note-taking, tax projections, tax-return preparation, tax and fund research, client risk-tolerance analysis, portfolio construction,
financial planning, intra-office communication, quarterly reporting, presentations and social networking.
Just seeing this list amazes me. Yet I ask myself: Is there anything left to automate?
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A few possibilities come to mind:
• Client portal
• Fully automated billing
• Appointment scheduling
• Instant chat functionality on our website
The first two items are no-brainers. We are in the process of switching from our outdated portfolio-accounting system to one that integrates client portals and fully automated billing.
Although it's always a pain to switch software, it is sometimes necessary. If software is lacking necessary tools and/or has not kept up with the times (for example, moved to the web or cloud), then it's time to choose a better solution.
I'm a little hesitant on the second two items. That doesn't mean I won't take the leap; I just haven't done my research yet, nor have I thoroughly thought through the implications.
Currently, when a client wants to schedule an appointment with us (or vice versa), my administrative person works that out one-on-one via email or phone. If I had online scheduling, then that could save time, but there are downsides:
• Does it make the client experience less personal?
• How would clients react to seeing my availability? Am I too available, or do I appear too busy?
• Unless it's automatically integrated with my calendar, is it more trouble than it's worth?
On the other hand, we want to attract and retain millennials, so it might be worth a try.
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Today, people expect instant access and instant answers. When we go to a website and have a question or issue, the online chat tool is great. It's easier than a phone call and quicker than an email. Technology issues aside, the real question is whether we can support such a function. I think this service offering would be viewed positively by clients and prospects, but I would not want to implement it without knowing that we can do it well.
On the quest for greater efficiency and technology use, is there ever a time to say "enough?" It is critical to continue to consider new and improved solutions — even if your answer at any given moment is "not now."
Sheryl Rowling is the chief executive of Total Rebalance Expert and principal at Rowling & Associates. She considers herself a non-techie user of technology.
