Wealth advisory firms in the US are standardising their processes across regions and offices, according to a new study from Family Office Exchange.

The study, called Enhancing the Client Service Experience,
found that wealth managers are: automating processes, eliminating
inconsistencies between regions and offices, and creating designated
teams responsible for process improvements and consistency.

Firms are also doing more “to demonstrate the client experience in
their sales processes,” said FOX. This includes adopting a “more
involved needs assessment” during the sales process and aiming for
"white glove" treatment in all aspects, from responsiveness to
scheduling meetings.

"Standardisation can help advisors become more efficient, while
giving firms a more sustainable business model over the long term," said
David Lincoln, managing director of research.

A study released last week by Pershing said that, while some RIAs
have regained profitability since the financial crisis, those who have
failed to adapt are “literally paying the price.” Furthermore, the study
said “most” RIAs had not made the necessary operational changes to
tackle rising costs.

Among the suggestions for improving efficiency the Pershing study
said RIAs should target more homogenous clients and create efficient and
consistent workflow systems.