|By Marketwired .||
|March 5, 2014 09:00 AM EST||
OAKS, PA -- (Marketwired) -- 03/05/14 -- Although systematic workflows are critical to increasing a firm's value and ensuring a consistent client service experience, more than half of financial advisors (54 percent) have yet to adopt workflow processes, according to a white paper released today by SEI (NASDAQ: SEIC). The paper, "Workflows: The Key Ingredient to a Sustainable and Sellable Advisor Business," which includes a survey of more than 500 financial advisors, explores the growing trend among advisors to automate essential workflow processes starting first within their CRMs. It explains how workflows help transform advisory practices into sustainable businesses by creating repeatable processes, capitalizing on data to identify successes and deficiencies, and optimizing sales, services, and operations to create greater efficiencies.
"As client relationships become increasingly complex, the firms that embrace smarter ways to manage those relationships will be the firms that succeed," said Raef Lee, Managing Director for the SEI Advisor Network. "System integration and defined workflows are the critical success factor for today's most effective advisors. Firms must focus on maximizing both their human capital and technological investments by embedding workflows throughout their key systems including CRM, financial planning and custody. The workflows facilitate a team approach, and once in place, can help transform the firm into a sustainable, sellable business."
The paper suggests that even advisors who do implement workflows are often not using technology effectively. Many advisors continue to execute even the most basic procedures manually, often relying on their memories. More than half of advisors (58 percent) who claim to have workflows in place actually rely on memory, post-it notes, to-do lists, or travelling checklists to implement tasks. In addition, the survey results show that advisors also fall short when it comes to measuring workflows to see their impact. Half of the advisors polled (53 percent) said they do not ever measure their workflow processes to determine the effectiveness and impact change.
"Workflow integration is the key ingredient to creating an efficient and effective advisory business," said Spenser Segal, CEO, ActiFi, Inc. "Workflows not only provide a roadmap for how to deliver a consistent client experience, but the non-client facing activities can be orchestrated -- from CRM through financial planning and proposal generation, all the way through the advisor's custodial platform. Whether it's a large or small firm, advisors' success in increasing their firms' value and ensuring a consistent client service experience may hinge on their ability to implement workflows."
The survey results also revealed some concerns advisors have in regard to their existing technology and workflows. More than half of advisors (57 percent) said they lack confidence that they have the tools or processes in place to help their firms' next generation advisors succeed. What's more, the same number said they do not feel their current technology or processes ensure a consistent client experience across their firms (57 percent). When asked the primary barrier to keeping pace with the latest tools, the most frequent response from advisors is that they are focusing on daily operations (52 percent).
The white paper also provides insights on how to improve workflow processes, tips for incorporating workflows into all key technologies, and a roadmap to implementing workflow process solutions. It is published by the SEI Advisor Network, which provides an outsourced wealth management solution and ActiFi which provides practice management solutions to independent advisors. To request a copy of the full white paper, please visit: www.seic.com/workflow.
About The SEI Advisor Network
The SEI Advisor Network provides financial advisors with turnkey wealth management services through outsourced investment strategies, administration and technology platforms, and practice management programs. It is through these services that SEI helps advisors save time, grow revenues, and differentiate themselves in the market. With a history of financial strength, stability, and transparency, the SEI Advisor Network has been serving the independent financial advisor market for more than 20 years, has over 5,700 advisors who work with SEI, and $41 billion in advisors' assets under management (as of December 31, 2013). The SEI Advisor Network is a strategic business unit of SEI. For more information, visit www.seic.com/advisors.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $559 billion in mutual fund and pooled or separately managed assets, including $232 billion in assets under management and $327 billion in client assets under administration. For more information, visit www.seic.com.
ActiFi is a coaching, software, and consulting company that creates scalable business execution programs for the financial services industry. By implementing its proven people, process, and technology solutions based on research, best-practices, and industry benchmarks, ActiFi clients run more effective and profitable businesses. Learn more at http://www.actifi.com.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2535359
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 27, 2016 11:00 AM EDT Reads: 3,957
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 27, 2016 11:00 AM EDT Reads: 2,340
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 27, 2016 10:30 AM EDT Reads: 1,951
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 27, 2016 10:15 AM EDT Reads: 1,879
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 27, 2016 08:45 AM EDT Reads: 748
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 27, 2016 08:00 AM EDT Reads: 601
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 27, 2016 07:45 AM EDT Reads: 779
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 27, 2016 07:45 AM EDT Reads: 655
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 27, 2016 03:15 AM EDT Reads: 1,772
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 27, 2016 02:30 AM EDT Reads: 2,004
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 27, 2016 01:45 AM EDT Reads: 1,734
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 27, 2016 01:30 AM EDT Reads: 2,097
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 27, 2016 01:15 AM EDT Reads: 2,016
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 27, 2016 12:45 AM EDT Reads: 2,938
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 27, 2016 12:45 AM EDT Reads: 2,154