Top 5 Reasons Advisors Should Use Workflows

Originally posted by Junxure on May 28th, 2013. View original post here.


"Workflow" is one of those hot-topic buzz words that is flying around the financial industry these days. Advisors know that they need it, but what exactly is workflow?  Maybe an even better question to ask yourself is "what should I be doing about workflow in my firm?" 

Workflow refers to the processes and procedures that help run your firm, service your clients and cultivate prospects.  These are all processes that you already follow (or try to follow).  Some of you have them written down and documented, but many of you do what you do from memory or you have someone in your office who does.  Maybe this memory method works fairly well most of the time; you get things done, clients are happy, and you are successfully running your business.  But what happens when you lose that critical Post-It Note, or that go-to employee is out of the office or even leaves the firm? Now imagine having to demonstrate your processes to an auditor, or having to train a new employee on key procedures. 

How efficiently these processes are managed can really affect your bottom line, and with evolving technology advisors have found more and more ways to run a better office.  Yes - creating and documenting your procedures takes time that many of us don't feel that we have. But the time you spend now setting up workflows will save you in the long run. Just remember that creating workflows is not just about you - it’s about your clients and your firm's future success.

Here are our top 5 reasons you should implement workflows:

  1. Consistent & Repeatable Experiences – Your clients will experience the same service every time with nothing slipping through the cracks.  Remember consistent experiences engenders confidence and trust, and that leads to more referrals.

  2. Documented Procedures – This creates planful processes that you can use as a part of your Operations manual.  Write it down, share the knowledge, and enable many people in the firm to best serve your clients.  In working through documenting your procedures, you'll become more thorough and capture all of the details you maybe hadn't considered before. 

  3. Internal Training Tool – New employees to the firm can hit the ground running with access to the knowledge they need to help you serve your clients and prospects. 

  4. Trackable and Reportable Data – Ever need to know where you are in getting an account transferred in?  In Junxure you can see what has been done, when, by whom, and what still has to be accomplished, all from one report.

  5. Marketability – A well run and well documented firm is very attractive to potential buyers or merge partners.  The discipline to document what you do pays off not only for your clients but for the future of the firm.

Want to learn more? Junxure now offers workflow training exclusively for clients. Not yet a Junxure client? Contact us at 866.586.9873, opt. 2. www.junxure.com

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