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Financial planners work directly with businesses and other clients in order to help them with personal finance issues. Financial planners give advice on achieving financial goals and some may also offer fully comprehensive planning services.

While many financial planners work for large investment or insurance companies, others operate on their own, but the job description is essentially the same. Financial planning can often be heavy with administration work such as the paying of bills, the collection of signatures, and populating SORs (System of Record), which can take up an inordinate amount of time. 

However, the good news is that many aspects of financial planning can now be automated. 

Financial planning automation

The technology that is now available for financial planning automation gives financial planners better tools that are immediately accessible and allow them to streamline their entire service from beginning to end, something that has never previously been possible. 

Automation can help to transform a financial planning practice into a considerably more efficient and effective endeavor.

Interactive and digital information gathering

The gathering of client information is the first step that needs to be taken in any type of advice process, but it is crucial to remove barriers and unnecessary work that could deter potential clients. 

40% of potential clients drop out of the initial fact-finding process because of the sheer number of tedious paper forms they have to fill out, even before they have met an actual financial adviser, according to a study from CoreData. 

These clients are always going to be more likely to complete that process if they can do so in their own home and with the use of a mobile device for a discovery process that is online, digital, and very visual in nature. 

Nearly ¾ of all companies are now using web forms for the purpose of lead generation, the latest statistics show. 

Saving money

The cost of business is rising for financial planners, but there are ways to overcome the barriers that may seem to be preventing businesses from achieving greater profitability such as manual processes that are very time-intensive and ever-increasing administration costs. 

Signature collecting, integration with SORs, and manual workflows both within businesses and with external licensee partners are the three factors that these issues affect the most and combined create an enormous drain on both money and time. Process efficiency can bring these costs down in order to ensure a healthier bottom line. 

Financial advisors either have to perform administrative tasks themselves, which costs time and money or by hiring others to do them, which again impacts their revenue. Automating administration is not only quicker with paperless digital systems and eForms reducing manual data entry dramatically lowers the cost of business and reduces the risk of errors. 

Getting people to sign paper forms takes a lot of time, but getting digital signatures can save hours, if not weeks and the quicker process also increases client satisfaction. 

Manual workflows can also be automated, removing the need to manage the document workflow at all stages between planner and client. 

The implementation of process efficiency with the automation of digital forms, workflows, and digital signatures saves time and expense for all financial planners. 

Ray Parker

Ray Parker

Ray Parker is an entrepreneur and tech enthusiast who loves to incorporate new technologies to get more efficient outcomes. When he's not marketing his latest venture, he keeps himself busy in writing technical articles to educate peers and professionals.
Ray Parker

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