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It Takes a Village of Integrated Apps and Data to Raise an Advisor’s Digital Success

March 28, 2019

Advisors and their clients have something in common. When it comes to their digital experience, it needs to be seamless and easy. Clients are looking for highly personalized communications and rapid responses, and advisors can meet these expectations – thanks to integrated technology and automation.

The Digital Transformation of Financial Services

The business of advisors’ is building relationships, but they often find that too much of their time is spent on tedious manual processes. Entering client data and notes into CRM systems, sending meeting confirmations and many other necessary, but non-revenue generating tasks can take precious time away from engaging personally with clients.

Today’s leading financial services firms have recognized the need to digitally transform this aspect of advisor prospecting and relationship management. With cloud CRMs, turn-key advisor websites, social media, compliant texting – and beyond – advisors are empowered with tools that should increase success in a highly-connected world. However, advisors often struggle with new tools that don’t plug in easily and work right away. Without insight into field activities, it’s hard for corporate to know whether their investments are worthwhile, and measure advisor success.

From Silos to Integration for Advisor and Corporate Success

Thinking any one technology will solve an enterprise-wide business challenge is unrealistic. Core systems can’t live and function separately; every platform and software application must cooperate to handle the vast increase in data, the number of applications used and the increased demand for a seamless and personalized experience. We are in a world where “playing nicely’ in an ecosystem of vendors is imperative.

Imagine this scenario: CRM tools like Salesforce and Microsoft Dynamics hold a wealth of client data, but populating them can take hours of an advisor’s time. What if you could automatically capture all advisor-client interactions and push them into your CRM? No more manual data entry for advisors. Now add social insights – life moments that indicate the potential to buy. Advisors become smarter about when to reach out and with the most personalized message. Add to that automation to proactively prompt advisors when they need to take action, suggestions for what message will be most effective and the optimal channel to use. Now, time isn’t wasted searching for leads, responding in a timely way or trying to figure out what follow up will be most effective.

Mark Madgett, Chief Distribution Officer at New York Life, explains exactly how and why this type of integration and automation are so powerful for advisors and their corporate counterparts in this brief video.

Drive More Value from Critical Business Applications with Integration and Automation

As technology advances in our ecosystem, data and application integration continue to be fundamental challenges. Uniquely in Financial Services, we are also burdened with ensuring these communications are compliant and captured. The good news is it puts us in an advantageous position relative to data. For AI to help automate and streamline processes, it becomes increasingly dependent on the continuous capture and integration of more data sources to improve the accuracy of models and the downstream automation and triggering of critical events.

When advisor-client interaction data is automatically captured and synced to CRM, the quality and the quantity of data rises. In fact, in our client base, we have seen a 10-15x increase in data in customer CRMs based on the automated capture of client/advisor engagement.  Subsequently, this captured knowledge about when prospects have a need and the ability to respond in a timely way with a personalized message drives better close rates and increased revenue.

It is imperative that applications can live and thrive in an increasingly broad ecosystem of partners. The more we can automate and capture data within this ecosystem, the more we can make both applications and workflows smarter. This coexistence can fuel automation and deliver a new era for the Advisor where time is spent enhancing the human touch by eliminating what is meant to be automated.

Donna Prlich

Hearsay’s Chief Business Officer Donna Prlich is responsible for global strategic business initiatives, marketing and partnerships at Hearsay Systems.

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