Back to blog

Boost Financial Advisor Productivity with Innovation

Financial advisors have a tough job to do. Not only are they responsible for helping clients select the best retirement, insurance, and banking solutions to sustain their current lifestyle, but they also hold the job of helping protect a client’s assets so that their client will be able to look forward to a well-funded and secure retirement.

Arguably, good financial advisors are some of the most valuable frontline employees in financial institutions because of their  extensive roster of clients. At the same time, they hold the most in-depth insight into what clients want in terms of products and services.

So how can you keep financial advisors engaged and tap into their knowledge about clients?

Why Advisors May Tend to Avoid Innovation

Financial advisors are spread out across the country and exist on the outskirts of the organization unlike employees at the financial institution’s headquarters or main branch. As a result, it can be difficult to engage financial advisors and even harder to connect them to leaders and each other.

Here are some of the key barriers to innovation for financial advisors:

  • No singular platform for communication is used to connect advisors across the country. There is little or no communication between advisors and with leaders.
  • Initiatives to tap into the insights of financial advisors are then often led by internal business analysts which can be time consuming  (imagine conducting focus groups at every branch in the country!) or external strategy consultants which can be very expensive.
  • Many of these firms have satellite locations in different geographic areas so teams are unfamiliar with one another and their unique services or products.

How Technology Can Help

Different software solutions have already proven to vastly improve an advisor’s ability to come up with the best financial solutions for their clients. Rather than page through tons of paperwork, one click of a mouse can deliver a client’s personal information, current investment portfolio, and more within seconds.

One unifying platform can help financial advisors who are desks or even contents apart connect with one another and their leaders to brainstorm and create strategies that will meet or exceed the goals of the firm and their clients. Advisors can contribute as well as witness ideas gather in an organized fashion rather than have them haphazardly strewn about through emails, on notice boards, or on Post-It notes.

But the right software and technology can do a whole lot more for the benefit of everyone, from clients and the financial advisors themselves to the financial institution they work for. Advisors are responsible for growing the assets of a firm, which in this more turbulent economic climate can be incredibly difficult.

In the most optimal state, financial institutions would be able to use an innovation management platform to both engage and innovate. Having a way for advisors to collaborate and debate, come up with ideas, and align strategies, however, can not only optimize workflows and improve asset growth, but also, it will improve a firm’s ability to retain the best and most engaged advisors. By tapping into their insight, the organization can optimize products for clients and even change the way that they offer services to cut costs and generate new revenue.

Most of all, building a culture of Engaged Innovation and idea sharing will encourage input from everyone in the firm, and leadership will no longer need to force ideas from their financial advisors.

Harness the power of employee ideas.

Subscribe