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