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Video: What questions should advisors be asking about their technology?

Posted by Thrivent Insights

How do you approach a conversation with an industry expert? Most would come prepared with a list of questions and a pen and paper to jot down all the insights they can. Our new video series, The Experts Ask, flips that approach on its head. Instead, we ask Thrivent Advisor Network’s partners and experts to share the questions they think advisors should be asking. Today we are talking with Joseph Larizza, Founder and Managing Partner of Mirador, a financial services reporting and technology company.

Joe’s three questions were all about technology and how advisors can leverage new and existing tools to optimize their businesses.

What is the best way that I can use a client portal to engage my clients?

Today’s client portals have evolved to be both sophisticated and user friendly. They’re not a replacement for human interaction but are an effective extension of the advisor-client interaction. Portals are particularly today, as clients are more people are accustomed to working online and getting access to information on-demand. Portals can typically be accessed on a desktop, tablet or mobile phone, making them a flexible and powerful tool to increase client engagement.

How can I incorporate workflows and task management to operate more efficiently?

Joe jokes that workflows can help stop the question, “Are we there yet?” A well-implemented workflow tool provides a status update and visibility on where requests and tasks are with the team. Tracking tasks through a customer-relationship-management program or workflow tool allows you to stay on top of everyday assignments in your practice and implement larger initiatives with greater efficiency. Digital workflows can also save you and your staff time by taking on the updating of status reports and communicating progress through the team. This allows you to focus on your responsibilities and quickly address road blocks when they happen.

How can I use a TAMP to streamline investment operations?

We know that it’s more important than ever for advisors to spend the majority of their time focusing on the activities that are core to their business. If advisors can delegate some of the responsibilities that are important but not necessarily a value-add to clients, they can gain efficiencies and improve their client-relationship. A TAMP is a turnkey asset management program. Investment processes like rebalancing are critical but time-consuming practices that are prone to errors. Joe explains that TAMPs can become registered sub-advisors who can take on this work and give the advisor time back and create additional efficiency and accuracy improvements. TAMPs use their own tools, technology and staff to take on these tasks and can often provide better results by leveraging advanced rebalancing features.

Watch The Interview Now

The Experts Ask Joe Larizza


Topics: Technology, Ask The Experts

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