The financial services industry is a fast-paced one at the best of times. Every day, Los Angeles RIAs spend their trading hours answering emails, making calls, meeting with clients, scheduling appointments, and numerous other activities that make up their routine responsibilities.
The potential for being overwhelmed is enormous, but, fortunately, there are time-saving resources that allow RIAs to remain busy without burning out.
There are efficiency apps for several critical business functions, such as data analytics and goal planning, slideshow presentations, and communicating with the clients. According to Investopedia, every RIA should be using the apps similar to those listed below to enhance productivity.
- Evernote: Enables RIAs to save web links, create notes, and synchronize files across different devices. Evernote is like a “cloud-based virtual filing cabinet” that makes important data easy to retrieve.
- Bloomberg Mobile: Provides up-to-the-minute stock quotes, market news, and more. The My Stocks feature is easy to personalize, so RIAs can put together custom stock and index portfolios.
- Hootsuite: A popular, user-friendly social media manager. Los Angeles RIAs can use Hootsuite to monitor and maintain all their social media accounts from a single dashboard.
With so many pressing obligations at any given time, proper scheduling is important. Scheduling software such as Appointment-Plus and BookedIN manage personal and professional responsibilities and even allow clients to book their appointments subject to the RIA’s availability. Practically all scheduling technologies generate reminders and notify the advisor of potential conflicts, leaving them with one less thing to track.
The Power of CRMs
Financial advisors who do not want to go through the process of installing software and maintaining apps can use CRM platforms to manage their time and workload. Popular CRMs like Salesforce and RedTail can sync to the RIA’s calendar and feature built-in task lists that can be used to prioritize responsibilities and even rearrange them if necessary.
For added efficiency, software such as e-forms provider Laser App, can be integrated with CRMs for filling out forms. Client information is imported from the CRM and used to populate industry-approved forms instantly and with a high level of consistency, which eliminates the need for time-consuming data entry.
For Los Angeles RIAs, trading hours are packed with a never-ending series of obligations: tracking the stock market, contacting prospective clients, servicing client accounts, and more. Wealth management can be a hectic profession, but proper use of tech-based time management resources prevents workload from compromising efficiency.
What tech-based tools and resources do the RIAs at your company use to save time during trading hours? Let us know your thoughts in the Comments box below.
And to follow-through on the tips introduced in this short article, be sure to download your free guide, Investing in High Net Worth Clients: The LA Investment Advisor's Guide to Using Technology to Manage and Grow Your Firm.