Many economists are forecasting that the UK’s economy, which has apparently taken the Brexit vote in its stride so far, will slow down somewhat during the balance of 2017. Their reasons for this rather sombre prediction are varied and complicated, but the key factor seems to be uncertainty: it just isn’t clear what direction the country will take as our exit from the EU approaches. Financial advisers are clearly likely to feel the chill from any cooling of the economy.
Managing the uncertainty
Uncertainty isn’t good for any business sector. However, it’s singularly unhelpful for financial advisers, who need clarity to execute their roles with real effectiveness.
While there isn’t much that any of us can do to influence the external business climate, we can adapt our own practices to make sure that they at least are sources of certainty and efficiency. Investing in the latest generation of back office systems for financial advisers is probably one of the most useful ways to improve productivity, reduce long term overheads and ultimately ensure a healthy ROI.
Making the best use of your time
Billing, accounting and regulatory compliance – administration, in other words – are among the main drains on a financial adviser’s time and resources. They are time-consuming, unavoidable and labour-intensive, and they divert attention away from more profitable enterprises. They can, however, be dramatically simplified by the use of back office systems for financial advisers, such as those offered by firms like Intelliflo (https://www.intelliflo.com/).
These sophisticated tools are designed to help businesses in the financial services sector to carry out vital administrative tasks quickly and accurately with a minimum of fuss, allowing fee-earning staff to deploy their time on more lucrative, strategically important exercises. The software helps firms to manage the systemic risks surrounding the provision of financial advice and, in this capacity, also helps to build a stronger, more sustainable business – a lean, efficient business which can deal with existing challenges and is well-equipped to manage future uncertainty.
Of course, investing in this kind of software does require a strategic and financial commitment. The ways in which it will transform a business and enhance its profitability, however, mean that firms will quickly recoup their outlay and get a great return on their investment.
Source:: No Funny Business