How Financial Advisors and RIAs Can Increase Profitability by Using a Digital Assistant

Time is our most valuable asset. How we spend it or invest it can have a big impact on our business and our clients' lives. Unfortunately for most financial advisors there are tasks that suck up this valuable time asset everyday without generating a very high return. Yet.. advisors don't have the option of not completing these tasks. They may be routine, mundane, and time consuming but they still need to get done. So advisors just deal with it. But do they have to?

In this week's episode of the Modern Financial Advisor Podcast, Matt Reiner, CEO of Benjamin shares how the company's digital virtual assistant for financial advisors uses artificial intelligence to free up this time spent on routine tasks and streamline processes for closing business faster.

Like Benjamin being born from an internal use case at Capital Investment Advisors, the newly launched RIABase.com was also born out of the core product at Truelytics and is now available to help RIAs gain deeper insights into their own firm's performance against its peers as well as allowing, asset managers, journalists, and service providers to explore RIA firms in their target market. Make sure you check it out and let us know what you think.

To listen to the episode simply click play on the audio stream below or listen and subscribe on your favorite podcast platform. You can find us on Apple Podcasts, Spotify, Google Podcasts, Alexa,  SoundCloud, Stitcher, and TuneIn.

Audio Stream

Resources Related to this Episode:
There are two common themes in this episode of the podcast, leveraging technology (specifically artificial intelligence) for financial advisors and improving profit margins. Below are a few other future-forward resources to explore: 

• Using Artificial Intelligence to Create Custom Portfolios That Are As Easy As Model Portfolios - Your clients deserve to have a custom portfolio created and managed for them that meets their financial, personal, political, and ethical goals for life. Listen to how Vise has made creating custom portfolios for your clients as easy as choosing a model portfolio.
• How Financial Advisors Can Become Their Own Wealthiest Client - Matt Reiner mentioned how he believes margin compression, not fee compression, is the biggest threat to most financial advisory businesses. Dan Cuprill, in this episode of the Modern Financial Advisor podcast agrees and offers some prescriptive recommendations for how advisors can improve their margins.
• How Financial Advisors Can Use Their Websites to Convert Prospects to Clients - One way to save time and make your business more profitable is to use your website effectively. Think about how much time you can save by making it easy for prospective clients to book time with you via your website. Also, think of how much better your close rate would be if you required these prospects to answer some vetting questions on your website as part of the process of booking a meeting or a call with you.

If you have any questions, comments, or even ideas for new episodes, feel free to reach out. If you like what you hear, make sure to subscribe to one of our channels listed above.