3 Starting Points for Transforming Your Practice With AI and Automation

Ultimately, you’re solving problems for multiple people — maybe even before they realized they had an issue in the first place.

AI and Client Demand

AI is undoubtedly going to supercharge many of the practice management tools firms are using today. Prospects and clients pushed even the stodgiest firms to make virtual sessions standard even after the pandemic came to an end.

Soon, those same prospects and clients are going to have their own AI-powered assistants to handle their financial lives, including joining up with an advisor and monitoring their progress toward financial goals, and they’ll expect your firm to be able to interact with those assistants. Without a modern technology foundation, your firm will not be able to win that client.

3 Starting Points

If you’re wondering how to get that foundation in place, let me suggest some starting points that will produce quick wins in boosting efficiency and improving your client experience.

1. Automate Your Onboarding Process

One of the biggest time drains for advisors is client onboarding. By implementing automation tools that gather client information, send automated reminders, and streamline account setup, you can drastically reduce time spent on manual tasks. This gives advisors more time to focus on relationship-building rather than paperwork.

2. Use AI to Enhance Client Communication

AI-driven tools can help advisors stay ahead by automating routine client communications, such as portfolio updates or reminders of important financial dates. Personalized AI-generated insights can also provide clients with tailored financial advice, improving both engagement and client satisfaction with minimal effort.

3. Automate Workflows

Advisors often juggle many moving parts, from compliance paperwork to client check-ins. Workflow automation platforms can help by setting up automatic task reminders, managing deadlines, and triggering follow-up actions without the need for manual intervention. This allows your team to focus on higher-value work while reducing errors and oversight.

Kartik Srinivasan is President of Advyzon Institutional (www.Advyzon.com), a digital transformation company focused on building the most comprehensive tech platform for financial advisors and wealth managers.