How AI Can Help You Standardize Recurring Processes

As professionals in the financial industry, we often struggle with maintaining a good balance between delegating time spent on recurring processes and our one-off type projects. In order to sustainably grow and scale an advisory business, or to finally find time to take that vacation, it’s only logical to adopt and implement AI to help standardize recurring processes.

How AI can help standardize your recurring processes

In the financial advice world, RIAs and financial advisors usually deal with a few main recurring processes - the ones that we have week after week or month after month that are necessary but don’t drive any substantial revenue our way. Some examples:

  • Scheduling meetings.

  • Filing/following up with paperwork.

  • Managing and addressing allocations and growth.

Each one of these tasks is essential for keeping the business running smoothly, but without proper time management and delegation, they can prevent us from prospecting and, unfortunately, result in a lot of missed opportunity. However, with the implementation of new technology and AI, we can better delegate our time toward more impactful tasks, resulting in increased bandwidth.

AI is at the forefront of change in the financial advice space, enhancing almost every aspect of an advisor’s life with simple technological integration. The advisors that once believed AI would take over their jobs are now utilizing tech as if it was an extension of themselves, helping to minimize pains of on-boarding and enhance client relationships while allowing you to focus on what’s important: your business.

At Wela, we know the pains of advisors because we are advisors. That’s why we’ve created Benjamin, a game-changing AI tool that will help you standardize your recurring processes and allow you to allot more time toward tasks that will help grow your business and relationships. Remember those recurring processes we talked about earlier? Here’s how Benjamin can help with each of them:

  • Scheduling meetings. While you’re only required to meet with clients on an annual basis, we know plenty of you like to meet with clients more frequently. You can assign this task to Benjamin who will automatically reach out to your clients per the schedule that you set regarding when you want to meet with clients.

  • Filing/following up with paperwork. Benjamin helps advisors follow through and decrease the time it takes to get paperwork and supplemental documents back from a client and submitted to a custodian. This eliminates the time needed by a human to follow through on CRM tasks to follow up with prospects to get the paperwork back. It’s also an engaging medium for clients to be reminded.

  • Managing and addressing allocations and growth. Managing allocations during a period of growth or decline is vital to crafting a successful portfolio, but it’s also important to address those changes as they are occurring to constantly keep your clients in the know. Benjamin continues to communicate with clients, whether it’s reminding them of the new 401k allocation or giving them a number to the estate attorney that was recommended.

Interested in finding out more about how Benjamin can help you focus more on growth and less on recurring processes? Reach out to us here and a member of our team will follow up with you to schedule a free demo.