Digitised client onboarding – reducing paperwork and increasing the efficiency of advisors

Provided by InvestCloud

If client retention is the biggest concern for every investment advisor, then business development (i.e. growing their business) by default comes in second. Advisors devote on average ten hours per week to tasks such as marketing, lead generation and other necessary prospecting activities until the new account is opened and funded.  The challenge is client onboarding is time consuming – it’s hard to grow if the advisor is unable to invest the right time in building new relationships.

Unlike traditional CRM applications, which begin and end with sales lead management, InvestCloud provides a complete automated solution and has been designed to allow advisors to prioritise both retention and new client growth, while providing greater efficiencies throughout the advisory firm’s practice. InvestCloud brings massive automation in prospect management, lead generation, pre-client portals, automated account opening, onboarding and funding processes, allowing advisors to take on more clients in less time.

When an advisor first logs on to their Advisor Portal, they access their top KPIs that help them run their practice from one central dashboard. One of these KPIs is Advisor Intelligence, where advisors can quickly assess their Sales KPIs, allowing them to drill into details pertaining to sales leads, clients or households. Having these KPIs located on their Command Center Dashboard helps them to easily monitor their business development activities – allowing advisors to configure and pivot on key data points such as deal stage, target close date, referral source or method for obtaining leads, along with critical next steps for moving a lead through pipeline and turning them into clients.

InvestCloud’s Advisor Portal provides automation for sales and marketing activities right from the very beginning. The digital engagement process has been designed to provide greater efficiencies in account acquisition and begins when prospects visit a firm’s marketing site. Through the use of individual personas within a pre-client portal, advisors create unique client segmentations allowing them to better understand their customers – who they are, what they have and what they need, this enables personalised digital marketing with targeted content and data driven client prospecting. Features of InvestCloud’s Advisor Portal include the ability to schedule appointments and create marketing campaigns that improve sales productivity.

As digital engagement continues, advisors can further interact with the prospect to capture detailed information through automated account opening, onboarding and funding capabilities, complete with e-Consent and e-Signature. These features include customizable workflows with captured data flowing to downstream applications such as InvestCloud CRM and Billing apps, along with external custody and banking applications for seamless account opening and funding.

Within the last five years, the wealth management industry has faced increased competition from new entrants in the market, compounded with pressures to reduce fees. Technology needs to be optimized to provide financial advisors with the tools to grow their business, maintain strong relationships with existing clients and increase profitability through automation.

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