In a perfect world, advisors would spend all their working time building the practice, meeting with clients and implementing portfolio strategies – you know, the stimulating aspects of being an advisor.
Unfortunately, back-end operations are a fact of life that advisors have to contend. Thanks to STP Investment Services, an operations service provider that services more than $330 billion in total assets, is bringing new efficiencies to the operational side of advisory practices.
Earlier this month, the Pennsylvania-based company unveiled its BluePrint platform aimed at reducing advisors' operational burden and allowing them to get back to the more compelling parts of the business.
Bank on BluePrint
BluePrint automates some of the mundane back-end tasks advisors have to deal and that's positive because more efficiencies can potentially enhance profitability and the overall practice environment.
“BluePrint aggregates daily transactions; positions; and securities and account information. All of this is accomplished via a data agnostic architecture to support integrations with all types of vendors. This system also incorporates client fee billing and invoice capabilities with custom reporting built in,” notes STP.
Advisors should consider some of the benefits BluePrint offers – perks that are attractive for advisors looking to shed paper work and boost technology infrastructure exposure.
“BluePrint is now bolstered by two new integrations in the areas of the customer relationship management (CRM) and risk management: Redtail Technology, the industry’s leading web-based client relationship management tool, and Riskalyze, the world’s number one risk alignment platform,” adds STP.
Riskalyze is the proprietor of the popular “Risk Number,” which helps advisors illustrate to clients portfolio risk with the simplicity of a single, straight forward number.
Why BluePrint Matters
Now, more than ever, clients are increasingly savvy and they're looking for guidance and education on array of topics. Those are positives for advisors...assuming they've got the time to meet those needs. Data indicate the time element is questionable.
“On average, advisors spend 41% of their time on administrative tasks and office management, and only 59% of their time on client–facing activities,” according to TD Ameritrade Institutional. “Despite your best efforts, growing administrative burdens may be pulling you away from strengthening current and potential client relationships.”
Alone, that data confirm the utility of STP's BluePrint as does the fact that administrative tasks, when approached without technology, create an environment where advisors are meeting with clients less than 20% of the time.
Bottom line: Advisors looking to streamline and get back to the businesses of advising and practice building should give BluePrint strong consideration.