Simply switching between applications and doing routine tasks multiple times costs advisors enormous amounts of time, a new study from the Aite Group claims.
This particular research was commissioned by an integrated advisor technology firm, so its aim is pretty clear. But the specifics Aite uncovered are pretty breathtaking:
* Barely 50% of all the applications advisors use every day talk to each other.
* Principals spend two full days a week on operational tasks if their software is not integrated. With an integrated platform, the grunt work is cut in half.
* Support staff spend three times as much time on data entry and other operational tasks. That makes sense, because they're on the operational side of the business -- but they could still be a lot more efficient.
* Integrating the technology saves an average of five weeks of work per employee per year that could otherwise be spent prospecting, talking to existing clients, or other mission-critical tasks.
* Firms with between $100 million and $500 million in AUM save an average of 114 worker days per year.