Add Value to Your Office and Reduce Staff Training Time
The most time-consuming task for a wealth management firm may not be finding and cultivating new client leads — it’s likely training new staff members.
With all the intricacies of wealth management processes and compliance, training a new employee can take months. That’s time a firm has to pay salary and benefits but doesn’t gain the value of having a fully contributing employee. Not to mention the time it takes for other employees and managers to work with the new employee. And with the financial advising industry growing faster than many other industries — with some positions expected to create more than 100,000 new positions in the next decade — firms can’t afford inefficient staff training systems. The faster staff can be trained; the sooner they can get to work and make an impact on the firm.
Fortunately, there’s a way to automate the staff training process so managers and advisors can spend more time growing the firm and less time training. A comprehensive office manual of workflows simplifies processes and makes it easier (and faster) for employees to know what to do and how to do it.
And here’s where workflows really shine instead of having to sit side-by-side and walk through every process manually, you can simply point a new team member to your workflows. These serve as a living office manual — clear, sequential, and tailored to your firm’s operations. It’s like saying, “Here’s how we handle a client review,” or “If we have a new client, this is how we onboard them,” or “Events are done like this.” It removes ambiguity, prevents things from being forgotten, and lets new hires self-educate at their own pace — with the freedom to follow up with questions as needed.
Let’s dive into how workflows reduce staff training time and add value to a firm.
Workflows Turn Complex Tasks into Consistent Practices
In its most basic form, an office workflow is a series of tasks to achieve a goal or complete a process. Instead of employees onboarding clients ad hoc or hosting an event from scratch each time, an office workflow provides them with a step-by-step process of how to achieve the task. The result? Smoother, more consistent processes. It’s especially helpful to help new staff easily understand and adapt to internal procedures.
Office workflows help firms address what may be slipping through the cracks, such as emails that take too long to get a response or an ineffective lead management process. With workflows through Hubly, firms can deliver a consistent experience at scale. No more long training and confusion for new employees — just a comprehensive task list so they can get to work. Workflows remove the guesswork and lay out the required steps.
The beauty of office workflows is that they can be tailored to the needs of each firm and include as many or as few details as necessary. Putting in the effort upfront leads to stress-free processes later, reducing staff training time without sacrificing results. That means staff can be engaged and impactful sooner.
Here are just a few workflows to consider:
- Money Movement workflows: Money Movement Workflows including account opening, transfers, contributions, rollovers, ACH instructions, and distributions.
- Client Review Process: Workflows for client review meetings including scheduling, meeting preparation, and follow-up tasks
- Client Onboarding Process: New client onboarding workflows, including prospect tracking, discovery calls, onboarding, and financial planning
Consider what processes new employees will use and then create an office workflow for each process. With more than 100 workflow templates, Hubly makes it easy to turn any procedure into a custom workflow.
Build Adaptable Training
A common training challenge for wealth management firms is that they invest time and resources in in-depth staff training programs, only to have the processes and information outdated within a few months.
The financial industry moves quickly, and firms need to be adaptable in how they operate and train employees. Workflows can be living, breathing processes that adapt to internal changes, industry shifts, and business decisions. That means firms can drive continuous improvement and ensure employees stay current without recreating the wheel with every market change or merger. If a compliance requirement changes, updating the workflow to ensure all steps are covered is a simple, cost-effective task.
Automating workflows through Hubly helps advisors and back-office staff stay on top of processes and helps new employees make an immediate impact. The new partnership between Hubly and Docupace means wealth management firms of all sizes can reap the rewards of workflows and set themselves up for long-term success with shorter training.
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