3 Ways Home Offices are Providing Personalized Advisor Experiences

When it comes to technology, 93% of advisors say that it plays a critical or very important role in their processes. So it’s no surprise that leading firms view technology as a competitive differentiator for attracting and retaining advisors and helping them grow their business. But when your tech needs to support hundreds or thousands of diverse financial professionals, you need flexible, scalable tools to meet everyone’s needs. 

With AdvicePay’s new advisor segmentation capability, the Home Office can now provision eSign access and engagement workflows to specific groups of advisors. Let’s look at some ways that firms are efficiently supporting advisors by creating more personalized experiences in AdvicePay.

Pilot Process Changes

Pilot programs are a key part of any change management effort, allowing your team to gather feedback, reduce risk, and increase buy-in with a small group before making a sweeping change that impacts everyone. 

Whether you’re looking to incorporate eSign or Deliverables into your AdvicePay workflow, or make some other process change, start by choosing the advisors who will participate in your pilot program and adding them to a group. From there, you can enable eSign or assign specific engagement workflows to that group in your firm settings. This can help prevent confusion and noise for your non-pilot advisors since only the pilot group will see the templates or workflows you’re testing.

Once you’ve completed your pilot program and refined your new process, rolling it out is as easy – just update the permissions to include all advisors.

Manage Specialized Services

If your firm requires advisors to have specific credentials or training to offer specialized services like estate planning or tax planning, you can use segmentation to control who can use AdvicePay to bill for those services.

Create an engagement workflow that includes the document templates, service descriptions, and deliverable requirements applicable to the service. Assign the workflow to the appropriate group to make it visible to qualified advisors in AdvicePay. When a new advisor completes the requirements to offer that service, simply add them to the group to grant them access.

Facilitate M&A Integrations

There’s no shortage of mergers and acquisitions among RIAs – 2024 was a record-breaking year. As this activity is expected to remain strong in the coming year, firms are growing quickly and need tech that can support them now and in the long run.

Following a merger or acquisition, both business units need to maintain the status quo for some time before eventually transitioning to the “new normal.” Segmentation can allow advisors from each group to continue using their existing branding, agreements, and processes while giving leadership the benefit of monitoring all financial planning revenue in one system.

When it’s time to move advisors toward a common process, simply add the appropriate group or groups to the standardized workflow and disable any outdated workflows.

As many firms are setting goals to grow their financial planning revenue, it’s becoming increasingly important for Home Offices to leverage technology that can support advisors with differing needs and remove friction from the advisor experience. 

If you’re a current AdvicePay Enterprise customer and you’re interested in using advisor segmentation to run pilot programs, manage specialized services, facilitate M&A integrations, or another use case, please contact your Customer Success Manager to learn more.