During the presentation, he explained how he has integrated various financial technology tools into his practice and that it is possible for an advisor to have his business become completely digital.
According to Jason Pereira, digitizing business processes should be seen as an opportunity to improve productivity in order to create deeper and more meaningful interactions with customers.
One of the best examples was the integration of the digital appointment scheduling tool Calendly. He had just discovered that 60% of his administrative assistant’s time consisted of making appointments with his clients and confirming them. This tool allowed him to reduce this task to 10% of his time.
“Imagine the productivity gain! I saved about half (the working time) of a human being, for software that costs less than $120 per year per person. And that’s user-friendly enough for people to choose their own dates,” he pointed out.
Another improvement stems from the use of the Zoom video conferencing platform to enable calls with customers. This relatively inexpensive feature allowed him to retire his physical phones as soon as he returned to the office post COVID-19.
One of the most time-consuming tasks for a team of advisors is often keeping track of the tasks to be done by the different team members. Different options exist in the market, but he discussed the Hubly software, which allows for workflow management.
“You can map your processes. Each time a client is onboarded (on boarding), I can click and open a checklist of steps fromon boarding “, he said. Each person then knows what he has to do and where he is in achieving it.
Of course, advisors must first reflect on the different steps of each process. “Make your processes easy to repeat and easy to track from one place,” he noted.
Jason Pereira also presented the advantages of the Sidedrawer software, “a kind of Dropbox for advisers”. It prevents documents containing sensitive information from being sent by e-mail, “because e-mails are not secure”. A client can file his will, protection mandate and other important documents there. “Not only do I have a collaborative space to communicate with my client, but also with other professionals. The tax file can be shared with the client’s accountant. So come tax time, the accountant doesn’t need to talk to me. He knows that all his information is there. In fact, we send them a notification. The accountant has completed the tax return? He can drop it there and I’ll be the one to get a notification,” he explained.
If one of his clients who owns a business is wondering about the value of the business, he can offer him an external opinion from the Interval tool.
During his presentation, Jason Pereira showed the possibilities of a number of software programs, including one that bridges the gap between subscribers to his newsletter for business owners and his customer relationship management software Saleforces. Or even software that analyzes clients’ portfolios, their insurance coverage or makes financial plans.
How much does it cost?
Obviously, the integration of financial technologies for an advisor will depend on his business model and his degree of independence in the choice of these with his broker. Advisor Jason Pereira noted that it is possible to integrate many technologies while meeting the requirements of his compliance department. Of course, we must ensure that the technology provider is secure.
In addition, to the question of the costs of all these technologies, Jason Pereira indicated that he spent the equivalent of approximately 2 to 3% of his gross income on techno tools. Some observers believe that the industry should invest 5 to 10% of their income in it.
Disclosure: Our sister publications Advisor’s Edge and Investment Executive are media partners of the Inside ETFs conference. Coverage of this event was not conditional on the partnership.