With spring in the air, the time is right for wealth management firms to encourage strong fresh growth by cleaning up technology systems and refreshing processes. These four suggestions are each capable of yielding powerful results.  

The four suggestions set out below are the bedrock of much of the work Evotra does to help wealth management firms get the best from technology. In celebration of spring, we’re sharing them to provide inspiration for the cleaning, decluttering and rejuvenating that’ll see you bloom! 

1. CRM feeling clunky? There are ways to nurture better results 

How many times is the word ‘clunky’ used in relation to a CRM? A lot! Granted, none of them are perfect but whichever system you’ve got, there’s usually more you can do to get it performing at its best. Here are some examples: 

• Are you up to date with regular releases and product enhancements from your CRM provider? Rolled out frequently these are often overlooked in busy work environments, and this means your CRM gets left behind 

• Is your CRM configured to help you succeed? Take time to look at this and make adjustments. You’re likely to find some quick wins 

• Are you taking full advantage of seamless integrations to reduce clicks? 

Need help? Through Evotra’s rEsolve service, we can get your CRM firing on all cylinders.  

2. It’s time to tackle those legacy data gremlins 

We all know how gremlins in legacy data can wreak havoc. They’re also a major barrier to future progress. So this spring, why not resolve to tackle your gremlins by facing up to the challenges, cleansing your data and preventing future issues. You’ll need to: 

• Spend time and effort fixing your data. It’s hard to quantify but it will be worth it 

• Cut down on future issues, for example by introducing automation to eliminate manual data entry errors  

Evotra is using Power BI to help clients not only turn their data into useful MI but also cleanse data by exposing problems and providing insights to fix the problems. Give us a call if you want to know more about this. 

3. Clear out inefficiencies, cultivate better processes 

You can’t solve every inefficiency in one go but how about harnessing some spring energy to take on your biggest problem? With our clients, this is usually annual reviews and when you focus on improving processes here, you can achieve big wins for you and your clients. Here’s some pointers: 

• Don’t be afraid to change your processes. Technology and people change over time and so should your processes 

• Review your configuration and make sure it’s set up to support you 

• Take advantage of AI in bitesize chunks. As an example, you can use AI to generate a meeting transcript and then turn the transcript into meeting minutes. And when you’re confident, you can go one step further, for example by creating a suitability letter from the output  

If you’d like someone to get under the bonnet of your processes or support you with introducing AI and automation, Evotra’s specialist team of wealth tech consultants can help. We’ve got lots of hands-on experience of helping firms make substantial gains by improving processes.  

4. Freshen up your digital experience 

Wealth management was once underserved by technology, particularly in terms of good digital experiences for clients. This is no longer the case but many firms remain uncompetitive in this area and this can stand in the way of progress and growth. Our guidance is: 

• Don’t assume your clients will resist change because they’re older and won’t like technology. This doesn’t bear out, particularly as everything else digitises rapidly 

• If you haven’t got a portal yet, get one! If your CRM system offers an out-of-the-box portal, that could be a great option. Alternatively, consider a specialist, easy-to-use option like Moneyinfo, which can plug in to your existing system. And if you do have a portal, why not run a spring campaign to get more clients using it? 

• When rolling out digital, think about the processes that matter most. This may sound controversial but we’d suggest parking the idea of creating a digital onboarding process for now, despite the fact that it’s often considered to be one of the biggest value-adds of a digital portal. Instead, focus on getting the basics right for your existing clients, for example by enhancing your annual review process – it’ll benefit both your clients and staff, which will then give you the bandwidth to look at your onboarding process next. 

Helping clients roll out digital portals is one of Evotra’s specialities. If you’re grappling with how to do this, get in touch for a chat. And if you’re planning to or are already using Moneyinfo, we can help you get the best from it. 

Happy spring cleaning and enjoy the longer and – hopefully – warmer days. Please do get in touch if you’ve got technology challenges or plans and need help.

Give us a call on 020 3410 1966 or email [email protected]