Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Technology > Marketing Technology

How Much Can You Save?

Your article was successfully shared with the contacts you provided.

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


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.