We use technology in almost every aspect of our day-to-day lives. Whether it’s asking Siri for directions to the closest bank or streaming our favorite shows on Netflix, we’ve come to expect a certain degree of technological convenience to be at our disposal. With the newfound popularity of artificial intelligence (AI), it’s astonishing that there are still some within the financial planning industry that are wary of accepting the new technology – especially when it could help advisors earn more money.
AI is an opportunity, not a threat.
It’s understandable that an industry that’s so keen on human-to-human interaction would have a hard time with the adoption of technology. The key to being on the forefront of this change, however, is to see technology not as the quickest way out the door, but as a faster route to a higher paycheck.
Here are 3 ways technology can help advisors earn more money:
As advisors, we make our money off of the business we do with our clients. When our clients are thriving monetarily through their portfolios, so are we. A client’s satisfaction with our work not only directly correlates with their retention rate but also entices them to bring in referrals.
Keeping our clients happy, though, means adapting to their expectations. As the market continues to expand into younger generations, clients are beginning to expect technology to be incorporated into their finances. What some advisors fail to see is that implementing technology into their practices is actually a win-win situation. Technology allows advisors to give their clients more depth, perspective, and involvement, which not only makes our jobs much easier but also makes the clients happier – and remember, the happier the client, the more money you can earn.
Staying productive throughout the day is a never-ending battle for advisors. Between managing current clients to onboarding new ones, your bandwidth for handling any additional tasks is relatively small. The more time and energy you spend on the small day-to-day upkeeping tasks, the more you detract from your bandwidth to increase your client base. Then begins an endless game of productivity catch-up that could have easily been avoided by implementing technology that can alleviate some of that stress. The more capacity you have to take on new clients and find any potential opportunities you otherwise would have missed, the more money you’re bringing to your business.
Technology is here to do one simple thing: make our lives easier. And for advisors, one of the biggest time consumers of your day is handling administrative tasks such as scheduling meetings, filing paperwork, and following up with our clients. While these things are necessary, they’re extremely inefficient. Your talents as an advisor would have more of a financial impact if spent on other facets of your day-to-day operations, such as prospecting and portfolio management.
This is where Benjamin, the latest in advisor technology, can help you out. Benjamin works as an assistant, helping you communicate with your clients through text and email to schedule meetings, send reminders, and follow up about important paperwork so you can have the capacity to bring on more clients.
Ready to become a higher earning advisor with the help of Benjamin? Reach out to us here and we’ll get you started with a free demo.