[Part 4] Efficiency + Repeatability + Scalability = PROFITABILITY
Can you imagine doubling, tripling, or even quadrupling your advisory firm’s profitably? In a time of fee compression and shrinking margins, it seems that the only direction compensation is going is down. However, increasing your firm’s efficiency, repeatability, and scalability is the secret recipe to boosting profitability. In this article, we share how retirement plan advisors can accomplish exactly that.
When the time it takes to run a report is significantly reduced because the data is right in-front of you, it makes for a more efficient use of your time, thus increasing internal profitability.
As you look at your client services, service partners, and investment screening processes, the more varied they are, the more they break down repeatability. Yet, if you use a dashboard that seamlessly links to the backend of each platform and pulls the data forward to an easily visible roll-up, the diagnostic data tool helps your business become repeatable. Repeatability leads to greater profitability.
Lastly, you can scale upward as each new client adds incremental, yet meaningful, margins, thereby increasing profitability. This allows you the freedom and flexibility to determine your internal hourly rate.
As you reflect on your business, take a moment to think about all the websites, tools, and systems you are currently logging onto to find plan data. Then think about how that data information is transferred from one interface to the next. Mostly, it is a process of copying and pasting. There has to be a better way.
Achieving Profitability with Fiduciary Benchmarks’ New Advisor Business Management Dashboard
As the retirement plan industry continues to advance with technology and data aggregation, you should consider a new tool. It’s Fiduciary Benchmarks’ new Business Management dashboard, an aggregator overlay that connects with your current retirement plan tools. It pulls the appropriate information about your business, plans, and participants into one easy-to-view executive dashboard. All of your data is in one place.
Lastly, at Fiduciary Benchmarks, we build tools for the retirement plan advisor, striving to look ahead and see where our industry is going. We have developed technology that advances our clients forward and anticipates the needs of plan sponsors, while enhancing participant outcomes.
Contact us today to preview the Business Management Dashboard and learn how it can increase your efficiency, repeatability, scalability and – profitability.
Craig Rosenthal Senior Vice President, Advisor Sales & Service
Craig is responsible for sales, service, product development and partnerships with the Advisor/Consultant, Broker/Dealer, and DCIO channels.