Summary
What this article covers in 30 seconds
- Post-meeting administration can prevent advisers and support staff from spending more time with clients.
- The calculator uses data such as team size, support split and meeting frequency.
- Its output helps firms estimate monetary savings, hourly savings and extra adviser capacity.
Every client meeting results in a mountain of administrative follow-up work, which burdens advisers and support staff alike preventing them from spending more time with clients.
Across the industry, firms are embracing a more digital-first approach to business. Sometimes, clearly mapping out areas for improvement can be a struggle before solutions can be researched and business cases drafted.
In an effort to help improve visibility on the scope for process enhancements that can boost efficiencies, compliance and client loyalty, we have developed an interactive calculator tool designed specifically for wealth managers, IFAs and similar financial service organisations. The Time Saving Calculator is a completely free resource to help steer thinking on digitisation.
Many companies lack clear figures on the amount of time that is being absorbed in post-meeting administration, with our research suggesting that in most cases this can equate to more than a day or two each week that is being underutilised.
The calculator has been created with input from across the Recordsure network including leading wealth managers and IFAs as well as our partners. The tool analyses data such as team size, the split between support staff and advisers and the frequency of client meetings. This is fed into bespoke algorithms that break down both the monetary and hourly savings which firms can realistically aim to use.
This allows leaders to visualise how much time is being lost each week and how many hours of administration could be removed through sophisticated automation. Ultimately, wealth management is an industry that relies on the close relationships between advisers and their clients, and a key goal of automation is to free up adviser capacity so more time can be spent strengthening client relationships and drawing in new business. The calculator tool helps illustrate the potential here by giving an estimate on the number of additional meetings with the capacity freed up through increased digitisation.
Building a business case for automation
The calculator is a great way to start mapping out the need for automation of post-meeting admin and building a business case based on realistic ROI figures.
Frequently asked questions
It is designed for wealth managers, IFAs and similar financial services organisations.
It analyses team size, the split between support staff and advisers and the frequency of client meetings.
It helps estimate monetary savings, hourly savings and additional meeting capacity that could come from automation.