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While Benjamin Franklin might argue that "nothing is certain in life except death and taxes", for advisors the continual hunt for growth remains a key focus regardless of year or quarter.
As we move into the second half of 2024, advisors are facing more complex challenges and opportunities than ever before. We have spoken with hundreds of our advisor users about their experiences with proposal generation systems, AI automation, and other tools.
This blog post highlights the common themes we've heard from our top advisors on leveraging these solutions to power growth in 2024.
The Growth Imperative for Financial Advisors: A 2024 Perspective
Recent industry research paints a clear picture of advisors' priorities and challenges:
- Growth is Top of Mind: According to the 2024 Interactive Brokers Advisor Insights Survey, winning new business and firm growth are the top priorities for advisors this year.
- Automation is Key: The same survey reveals that 79% of advisors agree that increased automation in their operations allows more time for client relationship building – a crucial factor for growth. Additionally, since the proliferation of AI across the industry, new ways to automate are just coming online.
- Expanding Services is Imperative: Highlighted by industry experts as shared by RIAIntel.com, RIAs are broadening their service offerings to include tax, estate, insurance, and cash management services to meet client demands and justify fees.
- Generational Shift Ongoing: While much attention is focused on Millennials and Gen Z, the next decade will see Generation X experiencing the largest growth in wealth, presenting a significant opportunity for advisors who can meet their complex needs.
These trends underscore a critical reality: in today's landscape, advisors need tools that not only streamline operations but also enhance their ability to provide comprehensive, personalized service to a diverse client base faster than ever before.
How To Shift The Week-Long Proposal Processes into Same-Day Wins
Today's clients and prospects expect fast responses. In a world focused on same-hour delivery, instant gratification, and 24/7 availability, fully answering and delivering what they are looking for is no longer a competitive advantage but a daily necessity.
Advisor Core is revolutionizing how top Advisors’ prepare for and conduct prospect and client meetings, allowing them to:
- Drastically reduce proposal preparation time
- Enhance the depth and personalization of their analyses
- Significantly improve their prospect conversion rates
Let's explore how Advisor Core is helping advisors elevate their practice, impress their clients, and achieve a better work-life balance – all while growing their business faster than ever before.
Watch: How RIAs can use Advisor Core to power growth
Building a process to speed conversion and retention rates: Extract, Analyze, Optimize, and Present
We’ve helped hundreds of Advisors tackle these challenges and utilize Advisor Core to enhance their practice and deliver exceptional value to their prospects and clients.
Through our proprietary OCR extraction technology, magic ticker functionality, risk tolerance, and values discovery questionnaires, and much more, here are the 6 ways advisors are bringing this solution into their workflows to power growth in 2024 and beyond.
1. Extracting holdings information from a brokerage statement using OCR and AI Technology
Industry Challenge: Manual data entry from diverse client statements is time-consuming and prone to errors, delaying analysis and increasing compliance risks.
Advisor Core Solution: Automated data extraction from any PDF statement in under a minute on average, with 95% first-try accuracy for uploaded brokerage statements.
Imagine receiving a prospect's statement at 9 AM and having a complete portfolio breakdown before your 10 AM strategy meeting. With Advisor Core, you simply upload the client's statement (from any custodian, even photographed documents), and the system does the rest.
This not only saves time but also significantly reduces the risk of data entry errors, enhancing the overall quality and reliability of your analysis. Better yet, we’ve employed the Magic Ticker Fill after extraction that in one click identifies and aligns the closest publicly traded tickers with your unmatched holdings—including stocks, mutual funds, and ETFs to help bring you to analysis quicker.
2. Matching Portfolios with Existing Models for Best-Fit Opportunities
Industry Challenge: Tailoring portfolio recommendations to each client's unique situation often requires hours of analysis and comparison. Furthermore, when looking over a prospective client’s portfolio, finding which model or offering might be best for them is traditionally a very time-intensive process.
Advisor Core Solution: The Find Best Fit feature within Advisor Core instantly matches clients to optimal existing model portfolios, if offered, based on their current holdings, risk tolerance, and even values preferences allowing you to immediately assess where to place their investments within your existing offerings.
Picture being able to show a prospect three personalized portfolio options within minutes of your initial conversation. Advisor Core's intelligent matching not only speeds up your process but also demonstrates your ability to provide thoughtful, tailored solutions right from the start – a powerful differentiator in competitive pitches.
3. One Screen Open, Full Focus On The Client
Industry Challenge: Gathering and presenting holistic portfolio insights often requires juggling multiple tools and platforms, leading to disjointed presentations and potential oversights.
Advisor Core Solution: One-click access to a full spectrum of portfolio analyses, including asset allocation, fees, risk assessment, historical returns, values alignment, and more.
Envision walking a client through a complete portfolio review, seamlessly transitioning from performance metrics to risk analysis to values alignment, all within a single, cohesive platform.
No longer do you have to navigate through a sea of tabs, or move between tools while you’re meeting with a prospect or client. This level of comprehensive analysis not only impresses clients but also positions you as a truly holistic advisor who considers every aspect of their financial picture wrapped up in one presentation, and your focus can remain on building the relationship and not on “let me just find which window I left this in.”
4. Generated Talking Points, Sparking Thoughtful Conversations
Industry Challenge: Explaining complex financial concepts to clients in a clear, compelling manner is an ongoing challenge for many advisors.
Advisor Core Solution: AI-generated talking points and explanations for each analysis section, helping you articulate the benefits of your proposed changes clearly and convincingly.
Make use of the confidence that comes with having expert-level insights readily available for every aspect of your proposal. Whether you're explaining the details of risk-adjusted returns or the effects of geographic diversification, Advisor Core's AI can help you provide clear, convincing explanations that resonate with your clients.
You can also easily incorporate your own analysis and speaking notes, and utilize the "Chat-With-Portfolio" feature to ask the AI analyst within Advisor Core for additional insights. It's like having an AI paraplanner working for you 24/7. Then bundle all of the speaker's notes and analyses into the proposal with further ability to edit and customize with your insights and voice.
5. Values-Based Investing Opportunities
Industry Challenge: Incorporating clients' personal values into investment strategies is increasingly important but often complex and time-consuming to implement effectively.
Advisor Core Solution: Robust values alignment features that quantify and visualize how portfolios align with specific client values and preferences. From a Behavioral Values Questionnaire to in-depth values reporting, there exist solutions to meet a broad spectrum of clients no matter what they care about on either side of the spectrum.
Imagine being able to show a client exactly how your proposed portfolio aligns with their environmental concerns or religious values, backed by concrete, transparent data.
This capability not only meets the growing demand for values-based investing but also deepens your client relationships by demonstrating that you understand and respect what matters most to them.
Looking for an even more custom solution? Optimize a Direct Indexing Portfolio using the client’s values using the VADIS solution.
6. Polished, Client-Ready Presentation Generation
Industry Challenge: Creating polished, client-ready presentations often consumes hours that could be better spent on analysis and client interaction, and repeating that process for every prospect and client can take a team of resources.
Advisor Core Solution: One-click generation of customizable, branded PowerPoint presentations that showcase your analysis and recommendations.
Picture wrapping up a client meeting by immediately sending them a professional, branded presentation summarizing your discussion and recommendations. This level of responsiveness and professionalism sets you apart in a crowded market and leaves a lasting impression on clients and prospects alike.
The Impact of Utilizing a Proposal Generation Platform: Transforming Practices and Growth Trajectories
The results achieved by advisors using a proposal generation system like Advisor Core speak volumes about its transformative power to employ a comprehensive and repeatable workflow in your practice:
- Accelerated Proposal Turnaround: Average proposal preparation time reduced from 1 week to just 1 day, with some advisors able to generate comprehensive proposals within a single client meeting.
- Improved Client Acquisition: 20% increase in prospect conversion rates, directly impacting bottom-line growth.
- Enhanced Productivity: Advisors report saving an average of 5+ hours per week on analysis and report preparation, freeing up valuable time for client relationship building and business development.
- Elevated Client Satisfaction: Advisors saw an increase in client satisfaction, attributed to more personalized, data-driven advice and faster response times.
"Advisor Core has greatly reduced the time spent researching client’s current fund expenses and comparing them to our proposed portfolio. Thanks to Advisor Core, I now have an extra 2-3 hours a week to focus on the families that I serve." - Alexx Peralta, CFP, Financial Advisor Associate, Retirement Investment Advisors, Inc.
Additional Resources
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View Our Advisor AI Tech Map
Financial advisors are currently leveraging AI across six primary use cases as framed by our co-founder, Gabe Rissman, Marketing + Content Creation, Segmentation + Lead Optimization, Compliance, Notes + CRM, Document Extraction, Analysis Assistants. But how do you break through the noise of what solutions have substance and others that feel like bolt-on applications of Chat GPT? That's why we've built our AI Tech Map to do exactly that, be your guiding process in evaluating and researching possible AI solutions in a curated way.
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