A seismic shift is emerging in the robo technology space. Many robos have pivoted away from the direct-to-consumer model to instead work directly with early adopter financial advisory firms.
San Diego, CA – February 9, 2016. Fox Financial Planning Network (FFPN) is announcing today the availability of a new industry white paper, which is the first practical guide for choosing ...]]>
Part 2 of the How to Build a Robo-Shield Series
A seismic shift is emerging in the robo technology space. Many robos have pivoted away from the direct-to-consumer model to instead work directly with early adopter financial advisory firms.
San Diego, CA – February 9, 2016. Fox Financial Planning Network (FFPN) is announcing today the availability of a new industry white paper, which is the first practical guide for choosing and implementing robo technology within a financial advisory firm.
The report covers the different robo varieties and service models, how robo tech is being used today and the four types of clients to serve and how. Advisers are also provided with four specific actions they can take to protect their firms from the fee compression triggered by the direct-to-consumer robo-advisers.
Much has been written in the industry recently about the evolving robo technology offerings. This report is different since it is focused on specific solutions for successful business planning and designing the practice management pieces for implementing robo technology. The report will help firms decide which the type of robo technology will be the right fit for streamlining operations, automating more workflow processes and maintaining profitability in a more transparent, price aware marketplace.
“It’s not a matter of advisers deciding if they will use robo tech”, said Deborah Fox, CEO and founder of FFPN. “Instead, it’s a matter of them deciding when. Within the next five years, all leading firms will be using some type of robo tech. And those who implement early will have a rare opportunity to differentiate themselves in the marketplace and accelerate business growth.”
The report also provides ideas for advisory firms about how to offer and price various service tiers for both their high net worth clients and their children and grandchildren, and also for other investors who do not meet their firm minimums. Deborah Fox provides a wealth of practice management advice on how robo technology can be leveraged to efficiently serve each of these client categories.
“We are experiencing a very real technology revolution that will forever change how financial advice firms operate on a day-to-day basis.” said Fox. “Financial advisory firms will need to utilize robo tech to remain competitive and make it easier for their clients to do business with them. Our new report provides dozens of ideas on how to do that.”
The new report, the second in the Build a Robo-Shield series from FFPN, introduces readers to various decisions that need to be made when adding robo technology. As a follow-on, the AdvisorTouch Robo Practice Management program deeply expands what is covered in the report. In March the AdvisorTouch Robo program will assist six specially selected advisory firms to be part of a group who will collaborate while being coached by Deborah Fox over six months to successfully launch robo tech services at their firms. The six firms will have an opportunity to be featured in industry media as their progress is documented. Advisory firms can request to be considered to be part of the group by emailing [email protected] by February 20th.
The new report is available on and can be downloaded at no cost by clicking here.
About Fox Financial Planning Network
FFPN is transforming the way advisors operate by providing the tools, templates, workflows and consulting to systematize the delivery of financial advice and excel in practice management. Based on the experiences of Deborah Fox, a 30-year veteran financial adviser, FFPN provides a comprehensive set of resources to enable advisors to increase profitability, scale their practice, while growing their firms.
FFPN recently made available the very first comprehensive practice management program for choosing, setting up and marketing robo-tech services. Its purpose is to assist firms with successful adoption and implementation of robo technology in the shortest time possible. More information can be found at www.AdvisorTouch.com.
FFPN is a network of financial advisors and best-in-class technology providers, consultants and other financial industry resource providers that together, are improving the lives of financial advisors, their staff and their clients by helping them evolve their financial advisory businesses. www.FoxFinancialPlanningNetwork.com
Media Inquiries:
Deborah Fox
Fox Financial Planning Network / AdvisorTouch
[email protected]
858-768-2520
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The second webinar will show you the brand new, customizable workflow system templates that are built into the new Redtail Tailwag workflow engine.
We are very excited about the new information and tools I will be showing that will allow Redtail users to work more efficiently and deliver superior service to your clients.
The last ...]]>
I will be presenting two live 30-minute webinars with Redtail Technology this month. The first one will be on how to build effective workflows.
The second webinar will show you the brand new, customizable workflow system templates that are built into the new Redtail Tailwag workflow engine.
We are very excited about the new information and tools I will be showing that will allow Redtail users to work more efficiently and deliver superior service to your clients.
The last time we did a webinar series with Redtail, all seats were filled so register today!
The registration links for the webinars are below. You will need to register for each webinar separately.
The webinars below have already taken place and have been recorded. Click Here to view them.
Webinar #1: How to Construct Effective Workflows and Procedures That Everyone Will Use
30-Minute Webinar
Tuesday, March 17, 2015 at 10:00 AM Pacific (Noon Central, 1:00 PM Eastern)
Register Here
Are you still working reactively rather than proactively? You already know it is important to have documented systems in place to be organized and deliver a consistent level of high quality service. The best way to create and leverage the benefits of well-designed repeatable processes is to build workflows with attached procedures within a CRM’s workflow engine. Deborah Fox, CEO and Founder of Fox Financial Planning Network will guide you through how to best construct workflows and procedures within Redtail’s new Tailwag CRM so you and your team can effortlessly work together to complete daily client-facing and back office tasks as efficiently as possible.
Deborah will provide you with tips and best practices on how to effectively construct your workflows so they actually “flow”. As both a long-time industry consultant and practicing financial advisor that spearheaded the building of a complete workflow system for her own firm many years ago, Deborah will provide you with a unique perspective and shortcuts for getting your own workflow system in place to save time and provide a higher level of service without working harder. Register Here
Webinar #2: How to Leverage the Redtail Tailwag Workflow Engine to Get Organized, Work More Efficiently & Track Firm Activity
30-Minute Webinar
Thursday, March 19, 2015 at 10:00 AM Pacific (Noon Central, 1:00 PM Eastern)
Register Here
Just having written procedures aren’t enough to achieve the efficiencies most advisors and their staff are seeking. Those written procedures need to be built into a robust workflow engine that can make them come alive, easy to use and automate as many steps as possible. Deborah Fox, CEO and Founder of Fox Financial Planning Network will introduce you to the Tailwag workflow engine components by providing a demo of how to build effective workflows into the engine so they not only work, but will also get adopted by your team.
Deborah will share her expertise with you so you can avoid many of the mistakes she and her team made. At the end of the session, Deborah will also give you a sneak peak of the FFPN Tailwag Workflow System Templates that are programmed into the Tailwag workflow engine available for purchase so you don’t need to start from scratch. Register Here
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As the heat builds up behind the emergence of the new category of online financial investment management providers, the so-called “Robo-Advisers”, many in the industry are predicting they will have a big impact on how investment advice is delivered and charged for in the future.
Backed by millions of venture capital dollars, these technology disruptors have set their sights (and literally their sites) on the investment management industry and have introduced an automated, low-cost service model to capture market share.
While still in the early stages, Robo-Advisers are gaining some traction, and putting pressure on traditional advisors to respond to their threat and rethink their business models. I believe the new, low cost competition from online advice platforms are providing both financial advisors – and the institutions that serve them – with a wake up call to evolve their firms.
As part of our mission to provide advisors with the actionable tools and information they need to succeed, FFPN has taken a leadership role in the industry to conduct in-depth research on the main Robo-Advisers, their business models, how advisors can respond, and ironically, which ones are actually friendly to human advisors.
This research is the basis behind our just released new white paper, How to Build a Robo-Shield for your Financial Advisory Firm: 20 Effective Tactics to Marginalize the Rise of Robo-Advisers. By taking a practice management approach, this industry report is the first to focus on solutions by providing advisory firms and institutions with specific business planning and practice management ideas they need to consider adopting in order to thrive in the coming years.
It is time to go beyond just acknowledging the presence of Robo-Advisers and predicting how they will affect our industry. I wanted to be the first company to provide advisory firms and institutions with an in-depth discussion of specific tactics they need to consider adopting. A Robo-Shield is the name we have given to the combination of operational efficiencies, staffing and practice management changes firms choose to implement in order to evolve their firms. In the report you will find concrete suggestions on how to update marketing messages, embrace technology, streamline operations, provide outstanding client service and maintain profitability in a more transparent, price-aware marketplace.
The good news is there is an incredible opportunity for firms to defend – and actually improve – their industry position by focusing on an efficient infrastructure that delivers a consistent and outstanding client service experience with well thought out systems, adoption of best-in-class technologies and clear pricing and client communications. I believe Robo-Advisers will actually serve as a catalyst to get firms to finally do what they should have been working on all along – upgrading their firm’s infrastructure and how they communicate and deliver their client services.
The white paper was released recently at the LaserApp Financial Services Conference. Read the press release here . To download a copy of the white paper at no cost, click here.
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Survey any independent advisor’s website and the words, “personalized,” “customized,” “unique,” and other similar adjectives jump out as key to their value proposition and service delivery.
While this level of service is something that all firms aspire to deliver, the reality is that very few do. The very nature of providing a high level of personalized service and custom delivery for each and every client has been a goal that many firms are unable to provide. This is typically due to their lack of systems and processes, which prevents them from being able to scale that delivery over their entire client base.
Almost every advisor and their staff would love to be able to work more efficiently and profitably. Yet many shy away from putting standardized systems and processes in place because they believe it would create a service model that would be akin to a factory conveyor belt – providing advice to each client in exactly the same way.
Our experience in working with hundreds of advisors and running our own wealth management practice is that you can systematize, yet still deliver a personalized experience. Better yet, the efficiencies created by well thought out, organized processes actually frees up more time to spend on personal touches.
Documented processes should have many steps set in stone, such as “enter meeting notes into the CRM” or “send thank you note for a client referral,” or “set follow up meeting after financial plan delivery.”
However, some of the steps in a workflow or process need to be flexible so service can be customized to support service pathways that can be modified at various points to be able to bring in additional data, decision trees or implementation steps.
For example, when building a retirement plan for a client, the personalized step to a process would be to choose from a combination of 401K, 403b, Defined Benefit Plan, Pension Plan and/or IRA accounts to perform analysis and provide recommendations. Each of these analyses can be systematized so that all important points are considered, but the recommendations for each client can be customized.
The personalization of standardized procedures can be easily incorporated into a workflow system and can ensure steps don’t fall through the cracks. They ensure there is a systematic process in place to expertly complete a task, enable advisors and staff to work and interact together more efficiently, accurately and provide a higher level of service to clients without working harder.
Advancements in in emerging technologies on enhancing workflow engine capabilities and the multi-directional sharing of processing of data between systems is now available. This new “middleware” technology has the integration capabilities necessary to enable the flexibilities and dynamic data access needed to automate client services, while at the same time having the ability to personalize and customize for each client.
This new software application is an important development in the evolution of the financial advisory industry. In fact, it is highlighted in a recent white paper we developed that points out the opportunities for advisors to gain efficiencies, build a scalable platform for growth, all while providing a consistent and personalized client service delivery.
]]>Being in the business of practice management consulting and having worked with hundreds of advisors over the years and have seen all types of practices come to us – the good, the bad and the ugly.
What has been interesting to learn is that the large majority of these firms have pursued some form of consulting, coaching or training prior to engaging with us. The feedback we have received from the introductory conversations we have had with these ...]]>
Being in the business of practice management consulting and having worked with hundreds of advisors over the years and have seen all types of practices come to us – the good, the bad and the ugly.
What has been interesting to learn is that the large majority of these firms have pursued some form of consulting, coaching or training prior to engaging with us. The feedback we have received from the introductory conversations we have had with these firms enables us to aggregate the reasons why some programs work and others don’t. This input has also put us in a position to enhance the tools, advice and resources we provide to our Network members.
In a nutshell, consulting can be helpful, worthless or even hurtful. Often, consulting or coaching programs can be a siren that attracts advisors with promises of solutions to all of your problems or shortcomings and a vision of wealth and happiness that is just around the corner.
However, if there isn’t a philosophical alignment with your firm and the approach of the consultant or consulting program, the experience can quickly go astray. Many consulting programs have a specific business model or approach they force their customers to adopt instead of helping firms create the business model that’s right for them. We’ve heard feedback from advisors that they felt like they were a square peg being forced into a round hole.
Another frustration advisors have shared with us is some programs can be a perpetual engagement with no clear milestones that ends up costing tens of thousands of dollars and no real results to show for it. For example, we’ve heard from some of our members that they had spent thousands of dollars and only ended up with just a couple of workflows built when, in fact, they knew they needed dozens!
Other pitfalls we see are the programs are canned, not customized, and/or stretched out over long periods of time such that advisors lose motivation and momentum since they don’t see enough progress being made fast enough. Another complaint we hear about is advisors are required to keep paying high monthly or annual fees ad infinitum to be able to continue to use the materials or technology they paid thousands of dollars to get access to and adopt in their practice initially. In essence, they feel like they have been held hostage.
If someone else is creating ideas for you that don’t match with your and your team’s abilities and the way you think and operate, then there is a very low likelihood of adoption and success. This is especially true if a consultant doesn’t have deep enough expertise or personal experience in the area for which you’ve hired them. Unfortunately, many of these programs are sold with a great deal of hype you don’t find out that you aren’t getting what you thought you paid for until it’s too late.
Many advisors have no idea they are working with a consultant or coach that has limited experience or, in some cases, has never worked in an advisory firm or even in the industry. Due to either their lack of experience or the time that has lapsed since they were actively working in a financial advisory firm, they often cannot relate to how advice is provided today or how a office needs to be set up and run in these current times.
Here at Fox Financial Planning Network, we don’t hype or aggressively sell our platform. We take the time to get to know you and understand your motivations and needs to ensure there is a good fit. We also have over 28 years of experience in owning and operating a successful advisory business that has enabled us to tailor a one-of-a-kind consulting platform that is delivered to firms in bite-sized pieces so implementation of systematizing the delivery of client services can occur quickly, with clear success milestones, and focus on helping advisors run a more efficient, profitable and satisfying business. And all at a fraction of the price of many of the other consulting options.
So, the next time the consulting siren catches your attention, do your homework, dig deep into the expertise of the consultants, determine whether the program matches your needs, and make sure that you are maximizing your consulting dollar before you make the leap.
In this latest iteration of his ...]]>
For those of you who are not familiar with Hurley, he is the CEO of Fiduciary Network, a financing company that provides succession capital to advisors. Hurley has just released a new white paper entitled, “The Brave New World of Wealth Management.” http://www.fiduciarynetwork.com/brave-new-world-of-wealth-management/
In this latest iteration of his consolidation prediction, Hurley argues that, “the wealth management industry is at a crossroads: heightened competition, increasing operational complexity, accelerating compensation costs and the inevitable retirement of many of the industry’s pioneers are poised to reshape the industry.”
As a result, according to Hurley, there will only be 150 mega-firms left standing that will have a systematized infrastructure, be profitable and operationally efficient. There will be about 2,000 “tweener” firms that have size, but not the scale or systems to make the leap to the mega firms and will be gobbled up by the mega firms or relegated to the 18,000 RIAs that are merely “books of business” that are not sustainable and have no real business value. The owners of these firms will be forced to work harder for less compensation, with no transferable equity in their firms when they retire or move on to the next phase of their lives.
While there is clearly a self-serving agenda to this type of content, what Hurley is pointing out is an industry problem. Too many advisors have not developed or invested in the systems, infrastructure, technology and human capital to create sustainable, profitable and enjoyable businesses that can live on beyond the founder.
However, we take a different approach to solving this problem. Rather than being bailed out by expensive financing, advisors can solve these issues on their own over a relatively short period of time, when provided with a guided system of customizable organized tools and templates to get it done.
For example, in our latest white paper, The Integrated PracticeTM (download it from our home page at www.FoxFinancialPlanningNetwork.com) we detail a step by step process that advisors can implement to achieve scale, efficiency, profitability and a more personally satisfying experience as a financial advisor.
To solve this endemic industry issue, the white paper introduces the concept of The Integrated PracticeTM, which is a process of business management that connects all of the moving parts of a firm to create an efficient organization and bring it to life. The four key areas of The Integrated PracticeTM include systems, technology, practice management and human capital. While for many firms each of these areas have been addressed as silos, we believe that they should be connected together.
The concepts and methodologies in this whitepaper are a direct result of the nearly 30 years of experience we have gained in applying them to our own advisory business. In our daily consulting work with advisors we see many firms struggle with these issues, so it is very motivating for us to build out a set of solutions that firms can adopt so that they can continue to thrive and build valuable businesses, while efficiently meeting the ever increasing demands from their clients.
So, if you find yourself as a “tweener” firm, or worse yet, a “book of business,” don’t despair. There are solutions that you can embrace to take control of your destiny and not end up in Hurley’s industry dustbin.
Let us know if we can assist you with putting in place a systematized infrastructure so you too can not only be more profitable and operationally efficient, but can achieve a work/life balance for you and your staff and can stand out from the crowd.
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However, for those of us who are practicing financial advisors, I think there is another meaning of the definition of integration and that is to integrate systems, technology, practice management and human capital to create an efficient, profitable and enjoyable financial advisory business. These thoughts and concepts are captured in our second white paper, The Integrated PracticeTM.
Here are some highlights:
Despite experiencing excellent growth over the past decade, the independent advisory industry is reaching a critical point in its evolution and is currently being challenged by inefficient operations and a lack of systems. Due to the lack of standard business practices being applied, independent firms are finding they are not able to evolve with growth, are becoming capacity constrained, are not delivering a consistent service to clients and ultimately, are becoming less profitable.
These issues are causing disruption in service delivery and are limiting their ability to manage growth and meet client demands.
Leading firms, however, are finding solutions to these fundamental challenges by bringing a focus on business and process management and applying it to improve their firms. These firms are combining the optimal use of systems, workflows, technology, practice management and human capital to create a thriving business operation that is efficient, is able to scale with growth and has a high level of profitability. They are creating The Integrated PracticeTM .
Advisors can achieve these results by following the recommendations and ideas contained in the report. These actionable strategies and innovative approaches can be thoughtfully incorporated to transform the ways advisors operate today.
By doing so, advisors are positioned to build a great business that seamlessly delivers a high level of service, is profitable and increases in value that can later be monetized upon their retirement.
The high level concepts we’ve identified above are some of the critical success factors we’ve identified. To learn more, please download our free The Integrated PracticeTM white paper at www.
You can also find me on Twitter @DeborahSFox for my latest thoughts.
]]>Starbucks has mastered providing a consistent customer experience. How have they accomplished this? It has systematized the process of procuring coffee and turned it into an excellent customer service experience that is repeatable and creates not only customer loyalty, but raving fans. So what can we learn from this? I think quite a bit and this is the subject of our first white paper written specifically for financial advisors.
Here’s a quick summary:
Due to the evolution of the independent advisor industry, many firms have not invested in developing the core systems, workflows and infrastructure needed to efficiently provide a consistent level of service. As a result, advisors are suffering capacity constraints exactly at the same time that macro forces, such as baby-boomer retirement, are driving a growth curve their way.
The solution to this conundrum is to adopt systematized workflows for providing a high-level of service, similar to how industry leaders, such as Starbucks Coffee Company has done. Through the automation of client service workflows, advisors can build an efficient foundation that will enable them to scale their businesses for growth and increased profits, all while building business value that can be monetized when advisors transition to their next phase of life.
The challenge for many firms that is preventing them from systematizing their processes is that they typically don’t know where to start or feel that they don’t have the time or expertise. However, when breaking the project down into smaller, manageable steps, advisors can begin to organize and document client service workflows, leverage CRM technology and adopt the best practices of industry elite firms, consultants and experts.
These steps and sample workflows are illustrated in our report and can be utilized by advisors to get started in building that efficient, scalable, profitable and sustainable practice that can help withstand volatile markets and tackle challenging compliance regulations.
Firms who do adopt this approach can be richly rewarded by their efforts and the new business opportunities coming their way. For those who don’t, industry experts predict they are likely to struggle to maintain profitability and long-term sustainability.
These are a few of the quick takeaways from our white paper. For a deeper dive, including specific examples of how to automate a client service delivery such as converting a new prospect to a client, download our free white paper at www.
Don’t forget to follow me on Twitter @DeborahSFox!
]]>I’ve been a practicing financial advisor for 28 years. I feel so fortunate to have been able to work in a career that has provided me with so ...]]>
As part of our commitment to transforming the way advisors operate by providing the tools, templates, workflows and consulting to systematize the delivery of financial planning/wealth management services, this space will provide the latest news, trends and happenings to help you create your ideal firm.
I’ve been a practicing financial advisor for 28 years. I feel so fortunate to have been able to work in a career that has provided me with so much job satisfaction. I created the Fox Financial Planning Network (FFPN) to leave a legacy to our profession. FFPN is the go-to platform for advisors looking to work more efficiently, increase profits and offer a higher level of service to clients without working harder.
We’re providing the templates, workflows and technology recommendations needed to systematize your day-to-day activities so you can provide a consistent, repeatable and standout service to every client. You’ll learn specifics on how to unify systems, technology, practice management and human capital to bring your practice to life and create the ultimate working environment. By doing so, you’ll be able to build a unique, more profitable business that can scale with your growth and ultimately provide you with a way to do what you do best and bring back the enjoyment you had when you first started your firm.
As an industry, we are at a true inflection point with the prospects of amazing opportunities crossing with a more challenging business environment. Never before have we seen such a massive wave of people transitioning from work to retirement which is creating an unprecedented demand for professional financial planning and investment management. While that is the good news, we are also faced with increasing client demands, more compliance requirements and higher operating costs.
To respond to these interesting times, it is critical to have a solid operational foundation that you can leverage and scale to provide both an outstanding client experience and profitable firm. However, trying to create that foundation on your own can many times be time-consuming and overwhelming. That is why we have made the systems, workflows, processes, and templates we use in our firm on a daily basis available to our Network members so they can hit the ground running and not have to spend years building them from scratch.
I look forward to providing you with thought-provoking posts on this blog that will challenge you to rethink how you work so you can evolve your firm to thrive in the new environment we find ourselves. Please join me and hundreds of other financial advisors who are members of FFPN to explore how you can better run and scale your business. We’ll provide our best thinking and views on the advisory business here, but for more timely updates, feel free to follow me on Twitter @DeborahSFox.
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