Integration enables various applications used by advisors to communicate with each other without the advisor having to leave the system.
Revenues were found to increase 30% with system integration, freeing 10% more time for prospecting and winning new clients.
There are four steps required to achieve your ideal level of integration:
1. Analysis: You must distinguish information that’s important to their businesses from information that is not. Then they have to have a clear vision of how that information can help them achieve their goals.
2. Grade existing technology: You should examine the functionality of your existing systems to see what’s not being well utilized so you can determine if an upgrade is needed. This makes it easier to distinguish between process and the technology itself in attributing responsibility for shortcomings.
3. Staff empowerment: Input from your staff will help you identify gaps in your system that compromise your process.
4. Use the newfound clarity as an advantage: Knowing where the gaps are in your systems will help you make better decisions about integration and upgrades.
Investment in system integration can take as much as 1.4% of your revenues but a survey by Laserfiche said that RIAs with $500,000 in revenues can increase their profitability by 125% through integration.

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