Regardless of what industry you’re in, growth boils down to two paths: organic growth or inorganic growth.
It’s easier in the short term to buy your way to growth – inorganically – but obviously much more expensive. There’s also the added risk that it could backfire if the firm or business you acquire turns out to not be a fit for cultural or other reasons, or you fail to keep the acquired firm’s clients.
Organic growth, on the other hand, is time consuming – often at the expense of client engagement.
Advisors naturally want to find the happy medium that provides the relative safety of organic growth but with the quickness of inorganic growth.
The solution? Artificial intelligence. Here are three reasons how AI can help your business grow organically and quickly.
- You can spend more time with clients and prospects – not preparing to be with them. Let AI do the important, but time-consuming, grunt work that is required when preparing for prospect and client meetings, calls and updates. AI can alert you to important client milestones, noteworthy news stories and other topics that you’ll want to have top of mind when speaking to prospects and clients.
- You’re able to give all of your clients the same level of service. Most advisors with a healthy book of business struggle with finding time to check in and meet with all of their clients – not just the largest or most important ones. AI provides advisors with the scale and flexibility necessary so that they’re equipped with intelligent insights and talking points at the ready when meeting with every client, not just the ones that currently have the most complex or lucrative accounts. You strengthen your relationships with all your clients, likely leading to higher retention and more referrals.
- You have bandwidth to hire more advisors and salespeople. AI is meant to serve as a 24/7 virtual analyst. Without it, you have to invest in human capital to handle your research and client management. Instead, you can put those salary expenditures toward advisors and sales staff that can spend time prospecting to help you grow your book of business.