Why Financial Adviser Software Helps Produce SOAs Efficiently
A financial advisor is the name given to a financial professional that offers advice and consultations on the finances of entities or individuals. Financial advisors are able to assist companies and people on the best way to achieve their financial goals as soon as possible by providing methods and strategies of wealth creation, debt elimination and a reduction in expenditure.
An SOA is the abbreviated term for a Statement of Advice, which is presented to a client by a financial adviser after a consultation and discussion about financial circumstances and goals. It is essentially a summary of the products and strategies being recommended by the financial adviser, in addition to the costs that may be involved with moving forward with those recommendations.
An SOA needs to be a straightforward and clear guide to what clients need to do in order to progress with their financial plan.
SOA have traditionally been delivered on paper, and lots of it, and it has often been the case that those SOAs have been considerably less than clear and straightforward, sometimes leaving clients just as confused as to what they need to do to achieve their financial goals as they were before they consulted a financial advisor.
The good news is that this no longer need be the case thanks to financial adviser software.
AI, automation, financial advice and SOAs
AI is a technology that the mainstream is now increasingly adopting, and the financial service industry has been one of the most rapid adopters of both AI and machine learning in general. Financial advisors who choose not to engage with this new innovation are at serious risk of being left behind in their own industry, which makes it vital for them to adopt and understand the technology and how it can enhance their business and the way in which SOAs are delivered to their clients.
AI can be a big help to financial advisors in a number of key areas including the likes of assisting with customer support, back office and a number of other client services.
The deep learning capabilities of AI also means that financial advisors are relieved from many of the more mundane tasks within their profession, such as monitoring and admin, tasks that take up a great deal of time. Financial advisor software with AI can be left to monitor client portfolios and if allocations go outside of particular parameters can alert the advisor that there may be a problem.
Many client inquiries can be handled by financial adviser software within set guidelines and it can also perform continual analysis of the financial situation of clients and suggest options as their circumstances change.
With more time at their disposal as a result, this means that financial advisers will be able to put more focus on marketing, finding new clients and delivering the best possible touchpoint customer service.
This software also means that the previously often overcomplicated SOAs can be revised down into a more easily digestible form that will make it much clearer for clients to understand their financial situation and the actions they need to take to reach their goals.
Financial adviser software is a vital tool that advisers should embrace in order to enhance their practices and ensure continued success.