Problem 1: Lengthy and inefficient compliance process
From speaking with Marketers, we know that a key objective of theirs is the growth and scale of their teams efforts to grow the business and maintain high retention rates with advisor. We also know that lengthy and inefficient process take away time from those efforts, an impact a marketer’s ability to support the field. The lengthy and inefficient that takes away from time spent growing the marketing program. When the marketing program suffers, advisor growth suggers and so does overall business growth. Growing the marketing program is a common goal for wealth marketing teams therefore anything that gets in the way of doing that hinders the ability to deliver strong results.
Wealth marketing teams want to continue to add value to their advisor marketing program. When the compliance process is manual taking up a lot of time, it eats into the time they can spend doing more valuable work and supporting their advisors.
To overcome this challenge, marketing teams try to set up designated time to review compliance submissions.
Problem 2: Manual record keeping
The second problem that is very common in wealth management firms manual record keeping. Accuracy, punctuality and completeness are fundamentals when it comes to properly responding to an auditor’s request. From speaking with marketers we know that manual process, which are often prone to mistakes, gaps and organizations problems, can consume an enormous amount of time for marketing teams, and derail their team for days or weeks on end. The manual process that many firms have in place leads to human error and long response times during the audit process.
Many firms go through both an internal audit a few times a year and sometimes get called on for audit by regulatory bodies. Both groups request to see specific information and teams must respond promptly. With a manual record keeping process, when these requests happen it’s very stressful trying to retrieve the right information for the right advisor, for the right time period. Marketers and compliance officers want to get through an audit as painlessly and headache free as possible. To do that, they need to be able to easily store and retrieve data in a digital format. This should be something that is done automatically.