Enhancing RIA Firms’ Client Pitches with Digital Proposals

With the advent of digital tools, the process of creating proposals has become more simplified for registered investment advisers or for RIA compliance services. As a result of these tools being available to your tech stack, registered investment advisors can create professional proposals within minutes with a simple, intuitive workflow.

Following that initial contact with your prospective client, proposals are often the key element of the “first” impression your company will make. Your firm’s introductory summary, your background, relevant account information about your prospective client, including assets and financial goals, as well as the client’s risk tolerance profile are typically included in your application. In addition, describe in detail how your investment selection criteria, rebalancing strategies and portfolio asset allocation will help further your goals. A proposal document can be used as a guidepost for advisors as well as investors in the future if it is properly conducted.

The use of proposal generation tools that offer customizable templates can be beneficial to advisors, as they enable them to easily understand what information is required, all the while providing investors with well-designed documents that convey their customized investment recommendations.

In some cases, advanced solutions will integrate with accounting custodians or digital account management tools to directly retrieve client information from the existing account custodian. Once all information is accepted, the tool can sync everything directly into the digital account.

A digital proposal tool offers the following benefits, among others:

  • Client Experience Enhanced: A digital proposal tool designed for advisors will let advisors build a better relationship with their clients by granting them more time to do so.
  • Advisors can quickly generate detailed and comprehensive proposals for prospective and existing clients, since templates can be customized, reused, and updated immediately after receiving first-contact information.
  • Increased Business Development: Advisors with increased time to develop new relationships will have the ability to generate proposals faster and better.

In order to develop a strong client-advisor relationship you must provide your prospective or existing clients with the right information. In addition to considering investors’ comparison of proposals, advisors should also acknowledge the fact that they are likely to shop around while seeking the right advisor. The first impression an investor gets from a financial advisor and their firm may also convince them to move forward. As a result, the advisor is put under greater stress to produce a proposal that is effective and well-written. As part of RIA compliance services and to prepare the advisor’s response, he or she needs to produce a document that is clear, visually appealing, as well as clearly defined in terms of goals and strategies.

Share this post

Leave a Reply

Your email address will not be published.