The Importance of Leanness for Financial Advisers

From simple tools and practices to complete and comprehensive back office systems for IFAs, there are many tools and opportunities that financial advice specialists can use to implement lean processes and boost efficiency in their business. While leanness has some very fundamental and sizable benefits for most businesses, it is especially beneficial for financial advisers.


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There are a number of reasons behind this and several areas in which encouraging leanness and efficiency is especially beneficial for financial advisers. Here is a look at a few of them.

Better Regulatory Compliance

Independent Financial Advisers (IFAs) are subject to large amounts of strict regulation; this is a necessity when they make their living from helping other people handle their money. Fines for failure to comply with all of these regulations can be large, but it can also be difficult for all advisers in a given firm to remain compliant. There is less room for making mistakes when the processes they have to follow are leaner and simpler and there are fewer manual steps involved. This also means there are fewer distractions from making sure that complex rules are followed.

More Speed and Less Wastage

This is the essence of leanness in any organisation, but its importance cannot really be understated because it is a vital, fundamental principle that underpins many business’ efforts to maximise success. More speed and efficiency with less waste of time, effort and resources means that more business can be handled in the same amount of time by the same team. Often, the best way to boost efficiency and speed up processes is through the implementation of specialist IT solutions such as those offered by

Better Customer Experience

Lean, efficient processes don’t just provide internal benefits for a business; they also have external benefits for that business’ customers. When processes are as fast and simple as possible, it translates into a better, faster and smoother experience for clients. This is always going to be helpful in attracting potential customers but is especially important in services such as financial advice where customers’ important personal affairs are involved. Providing them with a smooth, fast, efficient, and well-developed experience is a great way to boost their confidence in you as a reliable, professional business that can be trusted to handle their financial affairs. This is one of the most vital principles behind adviser-client relationships.

Mike John
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