Have you heard the Johnny Cash song “One Piece at a Time?”
Even if you aren’t a huge fan of country music, the Man in Black is someone whose music transcends genres. In the song, Cash tells the story of assembling a sort of Frankenstein automobile put together with parts from all different years.
I mention this because many advisory firms assemble their tech stack in a similar way — by adding one piece at a time instead of building a comprehensive plan of compatible software.
The technology stack they end up with is functional, but not effective and efficient. And too often, adding one more piece of technology is treated as the catalyst necessary for “client service.”
Advisory firm owners need to approach client service within their firm with intention and not treat it as something to be remedied by simply adding another piece of technology.
Providing great client service requires a certain level of adaptability, combined with a positive attitude toward continual reinvention and willingness to try new things — both from within and outside an organization.
And though technology can inject some short-term improvement, it is the client service and the operational process that bring efficiency and stability to a firm. If you want to build the best firm possible, it begins with your people and processes, not with an exterior resource, like technology.
How Does Your Firm Work?
Operational efficiency requires you to put in effort to understand the details of how your firm’s client service operates. To begin, you must know where to start.