Advisor Productivity: What's Technology Got To Do, Got To Do With It?

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3 March 2023


It is well known that advisors spend an inordinate amount of time on non-revenue producing and non-client facing activities. These include administrative tasks associated with client onboarding, new account opening, generating proposals/IPS statements, data collection, client profiling and even preparing for client meetings.

While some of these activities add value to the client experience, much time is spent by advisors gathering data and information, taking notes, rekeying data, correcting mistakes, and signing in and out of various applications. This is often referred to as the swivel chair effect which results in subpar advisor productivity.

This environment is ubiquitous across all wealth management channels and creates challenges for advisors who look to spend more time with their clients.

So, what can wealth managers do to help advisors overcome this dilemma and improve productivity?