The world is a much different place than it was five or ten years ago. Really, a lot has changed in just one single year. Technology’s already quick takeover saw an immediate uptick when so many companies went remote due to COVID-19. Although the dust has begun to settle on working from home and folks have slowly started making their way back into the office, technology’s impact on our workday remains as crucial as ever.
Both fresh-faced financial planners looking to join the workforce and seasoned advisors looking to make a move are looking for firms at the forefront of technology. They expect technology to work for them, not against them. The best part is new talent, especially young advisors, will embrace apps and software because that’s what they’re already used to. Having AdvicePay’s efficient workflows and intuitive user interface as part of your tech offerings can help new advisors feel confident in their decision to join your firm. Here’s how!
New advisors want to dive in and start signing clients onboard right away (at least you’re probably hoping to attract new talent with that mindset). After all, that is how they’ll be making money and supporting themselves. Having AdvicePay as an efficient means to bill allows new advisors to begin collecting payments quickly. AdvicePay’s built-in email reminders also make it easier for advisors to collect payments before they become late, allowing them to focus on building their business instead of tracking down past due invoices.
With AdvicePay, new talent has a turnkey solution for their financial planning business. They can easily manage electronic documents and invoices in one convenient place. This cuts down the time on learning systems and handling administrative tasks. Our client portal also makes it easy for clients to manage their billing, which means less time hand-holding clients through the process. When new advisors can jump in, they’ll feel supported and not like they’re spinning their wheels trying to get things in place before they can do what they do best -- helping clients.
New advisors may be overwhelmed by the countless financial planning software or CRMs out there, but when your firm offers the best technology solutions, it can take the pressure off advisors to research and determine what they’ll need to use. Instead of having to learn that other well-known billing solutions aren’t truly compliant options for the financial industry on their own, the work is already done, and you can ensure advisors are collecting payment appropriately.
When I graduated college, I had a handful of friends (and mere acquaintances) go into the financial industry. I inevitably received a few text messages and phone calls asking if I’d be interested in working with them as they started building their book of business. What could I offer them as a client? Other than being a lukewarm lead at best, I didn’t have much to offer in terms of investing. If fee-for-service financial planning had been as widespread as it is today, they could have actually taken me on as a client. They even could have made money AND gained experience working with me.
New financial advisors have been reaching out to friends and family to land their first clients for a long, long time. Having AdvicePay and a fee-for-service platform will allow these new clients to stick and be lucrative. The door is open for new advisors to work with clients just starting their own careers or those nearing retirement.
Attracting new advisors can be difficult when there are so many firms to choose from. Having AdvicePay as part of a turnkey tech stack lets new talent know you’re serious about offering best-in-business technology and that you’re staying relevant in the financial industry.
Designed to provide firms with the management structure, controlled visibility and settings needed to oversee multiple advisors and their clients, AdvicePay for Enterprise makes it possible.