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Automate Your Practice to Maximize Profit (With or Without Hiring Staff)

We all dream of growing our business. But if you’re like me, you dread the thought of becoming over-extended. You’ve got all the work you can handle right now! And perhaps you don’t want to commit to adding employees right now.  With each new client, of course, comes dozens of tasks and processes that can feel overwhelming if we don’t have good systems.

In other words, how do you grow and service your clients without stressing yourself out?

Recently I spoke with Sayer Martin, the chief operating and technology officer of Orchestrate, about the exciting new ways registered investment advisors can scale their businesses through automation technology.

Martin is leading the charge for Orchestrate, a software company that spun out of The Foster Group, a leading advisory firm. They offer registered investment advisors a new product, ProcessComposer, as an application add-on to the Salesforce platform—now available on the AppExchange.

We discussed how you can grow your advisory business assets—and the number of clients you serve—with or without adding staff. This would mean “comfortable” growth as well as profit, whether you’re a small advisory firm with just a few employees, or a billion-dollar advisory firm with dozens of employees: you can put the power of automation at your fingertips to maximize profit and efficiency.

As Martin explained: “Our app fills gaps in Salesforce’s standard functionality. ProcessComposer handles advanced workflows and provides better reporting. You can map out processes that happen over a longer period and assign steps to your team as well as steps that happen automatically.”

The routine tasks that sometimes fall through the cracks

For instance, a client moves. It’s a simple thing, right? (I’ve moved four times in 10 years—my poor CPA)—but it creates more tasks than you might realize. Not only do you have to update your contact manager with the new address, but you must update the billing system—and the custodial account.

With ProcessComposer, you (or someone on your team) would just make the address change once, and automatically complete two related tasks: updating the billing system and the custodial account. “One field update instead of going to different screens,” Martin says. You can see those things get done automatically once you make the initial change. (See the illustration below).

Additionally, tracking your sales process and business development in ProcessComposer lets you define the steps that are vital to moving prospects and clients through your pipeline.

For example, if you schedule a prospect meeting on your calendar, all the steps around the event for weeks in advance get created automatically, including preparing necessary paperwork, assigning someone to set up the conference room, and an automated email or text to remind the client about the meeting and the location.

After the meeting, follow-up steps happen automatically as well, including preparing all the data to create an Investment Policy Statement for a client, and sending a follow-up email to the client on how the meeting went, with your notes.

“You can generate mail merge documents as a PDF or word doc,” Martin says. “As you’re defining a process, the process is a combination of human and automated work. Any firm that wants to grow, must break down their process, and get it out of the hands of people (institutional knowledge)—and automate.”

This helps firms as they bring on new employees, Martin adds, because the process is defined, repeatable and not dependent on one person being around who knows how to do it.

You can put the power of automation at your fingertips to maximize profit and efficiency.

(Example of Automation)


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