Leveraging Technology to Grow Your Practice

Author: Joseph Turek, CFP, Wealth Management Financial Planning Consultant

In today’s competitive marketplace, advisors need to leverage every advantage possible to grow their practice while continuing to offer clients a superior experience. Technology can be a big advantage, and advisors who become comfortable incorporating marketing and practice management tools into their practice will have a competitive edge in an increasingly digital economy.

Let’s look at some essential technology tools to consider incorporating into your practice to take your business to the next level.

Technology to Market & Grow Your Practice

Technology has changed the way people receive financial advice. Offering your clients flexibility in the way they interact with you and developing an online presence and brand are critical so you are better positioned to meet clients where they are.

  • Virtual Meetings: The recent pandemic has accelerated clients’ demands for online interactions. Video conferencing is an essential tool to supplement in-person interactions with your clients and welcomed by many clients who enjoy the convenience of being able to conduct meetings from home or their office. Effective video conferencing software is seamless, easy-to-use, and secure. The following are a few things to consider:
      • Choose a system that allows end-to-end encryption and password protection to avoid hackers accessing calls where you are discussing sensitive client and financial information.
      • Consider a solution that includes an interactive whiteboard to allow for more real-time, collaborative discussions.
      • Make sure you understand how to use screen sharing and editing capabilities, as well as the ability to effectively share videos with clients during meetings. It’s important to be able to use these capabilities in a seamless way to appear confident to clients and prospects, rather than struggling with technology challenges during a presentation. Practice using these tools in advance if needed.
      • Be aware of your background and presence online to ensure you are projecting a professional, competent image. Invite a colleague to a virtual meeting in advance and ask for their advice/critique on your set up and appearance.
  • Social Media Presence: Attracting new clients to your business or converting prospects in your pipeline can be achieved with social media marketing. Many financial advisors post information on Facebook, Twitter, and LinkedIn to showcase their expertise and the value they provide to clients and prospects, as well as other professionals who may be a source of referrals. It can also be a great way to connect with the children or grandchildren of your older clients who will eventually inherit your clients’ assets. The following are some things to consider:
      • Content should be educational or relevant to current events, not sales oriented.
      • To build an online presence, post at least two to three times a week.
      • Build content around the most common questions your clients have.
      • Content should be short, and you may want to also share infographics or short videos to make information more accessible.
      • It is also important to review your firm’s social media guidelines and policies to ensure your social media accounts and content comply.
  • Website: When you receive a referral or uncover a new prospect for your business, chances are they will go online to look you up before they meet with you. What does your website – or lack of one – say to a prospective client? All financial advisors should have a professional-looking website for their practice. Content usually includes:
      • Information about your background and any partner(s) if part of a team
      • Areas of specialty (for example, a focus on healthcare professionals)
      • Your approach to working with clients and building a goals-based financial plan
      • Services you provide and how you charge for them
      • Engaging photos, including a professional photo of you
      • Some sites may also feature a blog where the advisor shares market or planning insights

Technology to Run a More Efficient Practice

As you grow your practice, it’s easy to get bogged down in day-to-day details to keep a thriving practice running smoothly. But the more time spent on administrative or compliance-related tasks, the less time you have in front of clients and prospects addressing their needs and growing your practice. A variety of technology tools are available to help you run a more streamlined business and spend more time being productive and building trusted relationships with clients. Let’s look at some of the most helpful tools:

  • Prospecting and Relationship Management: An effective CRM tool – like Redtail – allows advisors to schedule client meetings, document meeting notes and client recommendations, and automate messages and touchpoints, such as a monthly newsletter. Advisors can also organize their client base in tiers an customize the client experience for each tier to ensure they spend more time with clients where they have the most opportunities and can add the most value.
  • Financial Planning: Financial planning tools – like MoneyGuidePro – allow advisors to help clients define and prioritize goals and then build a personalized financial plan. Most of these tools can be integrated with an advisor’s CRM platform so that client data can be automatically loaded. Many platforms also give advisors access to planning tools, like client questionnaires, to help ensure the right questions are being asked and discover new assets or information vital for the planning process.
  • Servicing and Monitoring: Once a client has a financial plan, investment planning tools – like Envestnet – allow advisors to generate proposals for managing clients’ portfolios. The program allows the advisor to show the client different scenarios based on their risk tolerance and how their portfolio would perform under different market conditions. After the initial portfolio is established, the tool allows advisors to monitor performance and make adjustments as the client’s goals or situation change.

Getting Started

Most broker-dealer firms offer access to marketing and planning tools to help you easily incorporate these solutions to your practice so you can continue to grow. For more information on the solutions, contact your dedicated your dedicated Financial Planning Consultant.

PCG West Coast: Joseph Turek (214) 859-5142
PCG Gulf Coast: David Pergande (214) 859-1479
Momentum Independent Network: Patrick Deist (214) 859-6036

To learn more about Momentum Independent Network, contact Wealth Management at WealthManagementInfo@hilltopsecurities.com or 833-4HILLTOP

The paper/commentary was prepared by Momentum Independent Network (MIN). Momentum Independent Network Inc. is a registered broker-dealer and registered investment advisor that does not provide tax or legal advice. MIN and Hilltop Securities are wholly owned subsidiaries of Hilltop Holdings Inc. (NYSE: HTH) located at 717 N. Harwood St. Suite 3400, Dallas, TX 75201 (214) 859-1800, 833-4HILLTOP. Member FINRA/SIPC 

For professional use only.

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