Streamlining Success: 4 Ways to Create Efficiencies in Your Advisory Firm

Building efficiencies into your advisory firm will do more than just improve your bottom line. Of course, optimizing processes and reducing operational inefficiencies help to control costs and improve profitability, but there’s so much more to it.

An efficient firm is a firm better equipped to deliver the kind of customer satisfaction that elevates it above the competition. Financial Planning Standards Board research found that since the COVID-19 pandemic, financial planning professionals have developed a relationship with their clients that goes beyond traditional financial advice, with 32% reporting more involvement with supporting their clients in managing emotions. 29% believe that the greatest value they can deliver to clients is in the form of “collaborating to set and achieve financial goals”, while 27% think it’s “providing objective advice to facilitate decision-making”.

Efficiency is undoubtedly going to be essential for financial advisory firms to be able to deliver this type of personalized, high-quality service while maintaining a competitive edge, managing risks, complying with regulations, and driving business growth. As your firm grows, it becomes even more critical in terms of handling increasing volumes of clients and assets without sacrificing service quality.

1. Leverage Technology

While the human touch is an essential part of today’s advisor/client relationship, technology is key to supporting that touch. By adopting robust financial planning and portfolio management software, you can streamline otherwise time-consuming processes and automate repetitive tasks.

In terms of client-facing activities, utilizing client relationship management (CRM) systems will help organize client data, track interactions, and improve communication efficiency, and secure document management systems will give you and your team easy access and storage of client documents.

Using technology to streamline both back office and client-facing processes will make it easier to consistently deliver reliable, quality advice in a timely manner, another tool in your arsenal designed to help you to attract and retain clients.

2. Standardize Processes

Consistency is key to boosting efficiency, so it’s important to develop standardized workflows and procedures for common tasks, such as client onboarding, investment reviews, and reporting. Not only should you make sure processes are standardized, but you should also ensure every member of your team works in a consistent way to complete them. To save time, you can create templates for client communication, proposals, and reports.

Establishing clear guidelines and protocols for compliance and regulatory requirements is also vital. Compliance with financial regulations is a fundamental industry requirement, and standardizing processes around regulatory compliance will help you develop robust frameworks, monitor any relevant changes, and promptly implement any necessary measures.

3. Outsource Non-Core Activities

Outsourcing delivers multiple benefits to advisors, including the efficiency needed to grow their firm without compromising their ability to effectively meet their clients’ needs. The obvious way to start here is to delegate non-core activities like administrative tasks, bookkeeping, or compliance to external service providers or virtual assistants.

Delegating more critical business functions may be a harder decision to make, but it’s often a smart way of creating extra efficiencies. Consider outsourcing certain investment management functions, such as research or trading, to specialized professionals or firms, and you’ll free up the time and capacity needed to keep your business running smoothly.

4. Enhance Collaboration and Communication

The drive to create efficiencies needs to be fostered throughout your firm, and that means buy-in from every team member. Foster a collaborative work environment by encouraging everyone to share ideas, expertise, and best practices and use project management and team collaboration tools to streamline communication and task management.

On top of that, regular team meetings to discuss progress, address challenges, and align objectives will encourage the right culture. By promptly identifying and addressing potential inefficiencies and risks, your firm can protect client assets and preserve their financial well-being.

By focusing on efficiency, your firm can enhance client satisfaction, drive growth, and build a strong reputation in the marketplace. Get in touch today to find out how CG Advisor Network can help you identify and create efficiencies in your day-to-day business.


Financial Planning Practice in Future Will Be More Innovative, More Human and More in Demand, According to Global CFP Professionals – Financial Planning Standards Board. (Oct 03, 2021).

Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Capital Asset Advisory Services, LLC. dba CG Advisory Services, a registered investment advisor. Capital Asset Advisory Services, LLC., CG Advisory Services, and CG Advisor Network are separate entities from LPL Financial. Registration with the SEC does not imply a certain level of skill or training.

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