Fee compression and new forms of competition are real threats to growth. In this sink or swim environment, RIAs need to be more efficient than ever.
Yet firms hurt themselves by doing things as they’ve always done... manually.
Manual work eats up precious time and resources, and humans make mistakes.
Investment managers have a lot on their plate, and time is money. They shouldn’t be doing time-consuming, manual work... especially when it can be automated.
RIAs should be focused on what matters most: servicing clients, being profitable, and driving maximum efficiency. RIA automation tools helps achieve those objectives.
Even if advisory firms want automation, they frequently don’t know the full scope of what can be automated.
There are workflows they never thought of where automation can apply... more than they ever realized.
Simple automations can provide value when you have a lot of work that is straightforward. You can also add together several automations and automate a complete process.
With Required Minimum Distribution (RMD), RIAs can automate the process as follows:
Stay in touch with your financial planning clients. Keep them updated by sending out friendly emails on a regular basis:
With private equity investments, they are typically a very manual process. We automate this to be as follows:
With this approach, there are countless opportunities for automation, and therefore efficiency in your business.
Below are some simpler examples that you can combine to make complete automations.
Knowing who meets the requirements, calculating their distribution, sending an email to impacted clients asking if they want a lump sum or monthly distributions.
Downloading alternative investment statements from email, websites, and portals.
Converting file formats, setting up naming conventions, and uploading to internal storage servers or other specified locations.
Getting specific information from emails and PDFs and placing into spreadsheets, documents, presentations, and CRM systems.
Automatically generating reports a few days before a meeting and emailing them to the relationship manager; generating reports for portfolio managers when certain criteria are met.
Sending emails to desired recipients with standard messaging when processes are complete or when reports are ready; sending investment objective emails.
Auto-emailing your clients' tax advisors with reports to help with quarterly estimated taxes.
Automatically emailing your updated privacy policy and updated Form ADV Part 2.
Tracking based on overall portfolio, fund strategy, entity, and time periods.
Updating fields in older accounts with new data, across multiple systems.
Loading data into forms, sending out emails, saving signed documents to a specified location.
Calculating fees, excluding assets, checking to ensure there is sufficient cash prior to debiting accounts.
Having bots grab data from statements to put into an asset allocation model.
Automatically alerting traders or portfolio managers when new cash hits the account.
Compiling data from custodians into a single PDF and ready for advisors to share with clients.
Moving data from an older system into a new one.
Pulling in data from multiple sources into a single, consolidated format.
Triggering a card service such as Handwrytten to send out cards.
13D, F reports, and AUM.
Creating internal calculations and comparing them with broker’s numbers.
Automation works best for tasks that are manual and routine.
Routines can be time-based, such as:
Or when certain conditions are met:
Bots are the agents that carry out the automated tasks. Bots are not physical robots. Rather, they are programmed software applications that work within your device to carry out the desired functions.
The key to automation is to get all your data in one spot. Then you can enable bots to perform these tasks.
No need to worry about setting up the automation internally. It’s a costly and potentially futile endeavor to attempt in house. Leave it to the experts.
Firms can leverage RIA automation specialists like Empaxis to implement the solutions for them.
The only thing RIAs need is knowing what to automate. It’s really that simple.
Our methods are designed to allow you to get the most from RIA automation.
After a brief call to better understand your organization, we will arrange for a discovery session and procedural walkthrough to know your specific requirements.
Upon reviewing and accepting the scope of work, Empaxis will begin implementing the solutions according to an agreed upon timeline.
At each stage of development, we will provide regular updates showing our progress. Our quality assurance analysts will oversee all work being done, ensuring deliverables to meet your expectations.
Once the bots are ready to go live, Empaxis maintains and reconfigures the bots as needed, given new workflows.
