From the July 2009 issue of Investment Advisor • Subscribe!

July 1, 2009

How Much Can You Save?

Sidebar to the feature "Right in Front of You"

Everybody says that automating regularly conducted tasks can save an advisory firm money, but how much? For instance, Schwab Technology Consultants estimates that for every daily five-minute process that's automated, you could save $800 annually in operational resources.

The number is based on the following research-based formula: 5 minutes per day x 250 business days = 1,250 minutes / 60 = 20.8 hours annually 20.8 hours/year x $40 per hour (average operational staff wage) = $832

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