Want to increase your practice’s efficiency and boost client engagement and retention? Here are some growth hacks that RIAs can employ to work smarter, not harder.

  1. Automation: Instead of spending valuable time prepping to speak to and meet with clients – organizing research, sifting through notes, finding timely topics that relate to their investments and goals – employ technology that automates the process and does the grunt work for you.
  2. Scalability: Human capital is expensive and often unreliable. Virtual analysts now exist to take necessary tasks such as creating comprehensive daily client summaries for you.
  3. Personalization: No one likes to be bombarded with generic communications – or worse, endless sales pitches. By being selective in what messages you send to clients and how that information is communicated, you can keep clients up-to-date with things they’re interested in; it’s actually much easier than it sounds (hint: see hack #1!).
  4. Openness: A strong client-advisor relationship is built on two-way communication. Regularly ask your clients for feedback on what’s working well and how you can take the relationship to the next level. 
  5. Empowerment: Many junior employees or paraplanners  require a long onboarding process and management, which can take your attention away from servicing clients. By standardizing your firm’s messaging, sharing best practices and making information available across your firm, your less seasoned employees can make an impact sooner. 

Great advice and personalized service and attention is the bedrock of growth. Employing these practices can help your firm grow faster while giving your clients a truly personalized experience. If you’d like to learn more about how to do this, feel free to reach out to us.

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