How Hubly’s Innovative Workflow Management Software is Built for Financial Advisory Firms

How Hubly’s Innovative Workflow Management Software is Built for Financial Advisory Firms

Trying to manage clients and firm activity with spreadsheets, notes, CRM tasks, and calendar reminders is clunky and inefficient. Hubly's powerful workflow management software is the solution that the financial services industry has been waiting for.
Meghan Rutherford
4 min to read
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Once a financial advisory firm reaches a point where it has outgrown its CRM (and the pile of sticky notes that once covered desks), additional software is needed to streamline processes and increase efficiencies. This is when the advisor or operations lead turns to workflow management tools to help them scale. Software like Asana and Trello help document business processes and coordinate work, all in an attempt to drive optimal efficiency. There’s just one problem — they are not built for the complex services that you deliver as a financial advisor. 

The wealth management industry is multifaceted and needs a workflow management tool that is specifically built for financial advisory firms' intricate needs.

Luckily, in 2019 Hubly entered the wealthtech space to address this gap. Hubly’s practice management software brings easy-to-use workflows, tracking, automations, and seamless collaboration into a digital and efficient workspace. You may be wondering if there are any advantages to using Hubly’s  wealthtech workflow management tool instead of an industry agnostic tool. Below are the key ways that Hubly’s workflow management tool is making an impact on financial advisory firms through their purpose built technology.

How Hubly is Built for Financial Advisory Firms

  1. Client data is synced back and forth with your CRM
  2. Clear visibility across the firm and of client priorities
  3. Plug and play workflow templates to deliver a consistent experience at scale
  4. Documentation to meet wealth management compliance standards
  5. The technology is built to grow with your firm 
  6. Training and support from professionals who understand the industry 

Client data is synced back and forth with your CRM

One undeniable advantage of Hubly over generic workflow management software is that it integrates with CRMs Redtail and Wealthbox — which together make up 67.89% of the market share for CRMs in the financial advisory space according to 2022 T3/Inside Information Survey. Hubly’s integrations sync your client data back and forth between its software and your CRM, eliminating the need to rekey information — ensuring your client data is always kept up to date. 

In fact, when you get started with Hubly, it pulls in all of your client data, so that you don’t need to start from scratch. When using a generic workflow management tool, you will not be able to sync your data and so you will need to manually update client information across your tech stack. 

Learn more about Hubly's CRM integrations here.

Visibility across the firm and of client priorities

A single source of truth, in a visual and easy to understand format, is needed in order to get a birds eye view across your financial advisory firm.  Workflow management software is great for visualizing processes using Kanban. Hubly goes even further than industry agnostic tools by providing the ability to see where your clients are in each stage of a process, what the next step is, and who is assigned to that step — all of which are vital to running the day-to-day operations of your firm.

Alyssa Lum, MBA, CFP®, Founder of  Luminate Financial Planning says;

“For me, Hubly keeps me sane. I can look at one place and see where my clients are in the process, what I have to do today, and what is coming up."‍‍

Having all tasks captured in one central location is an easy way to manage top priorities and ensure your team is working together to address the most important tasks. Being able to look at all tasks within your firm in a dashboard helps identify areas of inefficiency or bottlenecks and provides insights on where your team may need to reallocate resources.

Plug and play workflow templates to deliver a consistent experience at scale

When we say that Hubly is purpose built for financial advisory firms, we are not just talking about the software. Hubly comes with best-practice workflow templates right out of the box so that you don’t need to spend your own valuable time building workflows from scratch. Each workflow is built to help you scale by implementing consistent, repeatable processes into your firm. 

With over 60 pre-existing templates, covering an array of services from account opening to client onboarding to client meetings, it’s easy for you to choose workflows that align with your services offerings and you can implement and customize them as needed. Other agnostic workflow management tools require a lot more manual setup and work-arounds in an attempt to get them to meet your firm’s unique needs. With Hubly workflows, your firm can hit the ground running while still being able to customize them on the fly.

Hubly comes with over 60 best practice workflow templates for financial advisory firms

Documentation to meet wealth management compliance standards

The heightened oversight and tighter rules around documentation standards from Reg BI have forced financial advisory firms to do a better job of client notes and record keeping. Industry agnostic workflow management tools are not aware or concerned with wealth management specific regulations since they are servicing a wide range of different industries. 

When Hubly is implemented at the firm level, you can capture a chronological history of tasks completed for a single client: including client notes, recommendations, meetings held, etc. Beyond managing your firm’s workflows and processes, Hubly doubles as a way to stay compliant with these standards. 


The technology is built to grow with your firm 

Many advisory firms create tedious workarounds in their workflow management systems in order to get them to try to do what they want. If these workarounds are tedious now,  imagine the impact and complexity of maintaining them as the firm and team grows. In order to scale effectively, you need a workflow tool that understands the challenges that come with onboarding more clients and hiring more staff. Instead of manually keying in data and entering the same recurring tasks multiple times –  for more and more clients as you grow – Hubly automatically adds clients to workflows for you based on key dates or important milestones.

As an example, your financial advisory firm may run an RMD report by using a spreadsheet to track clients with RMDs including communications with those clients, amounts needed, which accounts are impacted, and dates actions were taken. Comparatively, in Hubly these tasks are automatically added to the client’s card (every year from age 73 on) and the actions are clearly documented so that you no longer have to manually track them.

As your firm size grows, Hubly can assign tasks based on specific personnel or by roles and service teams. This ensures that tasks never fall through the cracks and helps you to better manage your back office teams’ workload. Hubly also serves as a way to easily onboard new staff, because every firm process is documented step-by-step in one place.

Training and support from professionals who understand the industry

Financial advisors and their teams are responsible for providing a complex service to multiple ongoing clients. When confronted with a challenge with the software being used to service these clients, it is imperative that you receive support and training from someone who not only understands your tech stack, but also understands your profession. Hubly’s responsive customer support team and thorough help desk are dedicated solely to helping your financial advisory firm improve your processes so that you can provide a better client experience.

The success of Hubly’s workflow management software is due to the customization of content, workflows, features and training designed with the complexity of the wealth management industry in mind. Financial professionals using the software are the number one driver for product future enhancements. 

Workflows are essential for financial advisory firms in order to create repeatable processes, standardize the client experience, increase efficiency, prevent things from falling through the cracks, and simplify complex processes. There are many high quality workflow management software solutions available in today’s market and the popularity of these tools is quickly growing. 

Hubly prides itself on its ability to design technology and features specifically tailored for financial professionals. According to Dennis McNamara CFP® CHFC® AIF® CSLP®, Co-founder of  wHealth Financial Advisors;

“Hubly has quickly become the single most valuable tool in our firm’s tech stack.”

In fact, according to Hubly customers, workflow triggers and automations save them about 6-8 hours of administrative work each week. While one of the industry agnostic tools can be a great solution for a solo advisor who is not interested in growing their practice, a growing financial advisory firm will quickly discover bottlenecks, inefficiencies, and limitations when trying to use an agnostic workflow management tool.

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