Intelliflo has published a new white paper aimed at financial advisers who are focused on expanding the size and revenue of their businesses.
With input from three industry experts – Sharon Taylor from Jigsaw Tree; Tim Gale from Circadian and Michelle Hoskin of Standards International – the free-to-download paper, ‘Business in 3D: how financial advisers can structure for success’, highlights three key elements advisers should consider when setting their growth strategy: defining business processes; digitalising working practices; and data management.
Defining requires firms to question the way they work and be prepared to make changes. For firms using practice management software, the key is to understand what the system can do and ensure everyone in the firm is using it to maximum capability. Analysis by Intelliflo into users of its Intelligent Office (iO) software discovered firms that fully use it to drive efficiency through their processes are realising some 33 per cent more recurring revenue annually than their industry peers.
Digitalising an advice firm is vital for growth and essential to meet ever expanding client expectations. For advice firms of all sizes – even one-man bands – digitalised tools are readily available that offer services that match those of the financial corporate giants.
According to Intelliflo’s data, produced as part of its eAdviser Index initiative, those who fully utilise the iO technology generate some GBP112,000 more recurring revenue annually per adviser than those who just use the bare minimum.
Effective data management is about far more than not falling foul of the regulator. Data is essential for advisers to know and understand how existing clients are helping their bottom line. It can also help identify the type of clients’ advisers should be targeting to fit with their individual business models.
Nick Eatock, Intelliflo’s Executive Chairman, says: “Working with three industry experts and focusing on the results of data we gathered for our eAdviser Index which we published last year, we’ve put together this paper to help provide a guide for advisers who are keen to grow their business and expand their revenue. The key message is clear: those who use the technology provided through a practice management system have a clear advantage, both in terms of the efficiencies they can access plus the added value benefits they can offer their clients.”