Everyone talks about digital transformation, but few people seem to know exactly what it entails. Digital transformation isn't rocket science. It simply means adopting digital tools and platforms for critical processes in your business. For most companies, this would mean budgeting for the initial investment, a key objection point. In the long run, though, a properly executed digital transformation strategy will deliver substantial ROI through a reduced number of manual processes, faster execution, fewer errors, better utilization of resources, and long-term business sustainability.
What does digital transformation entail for financial advisors? In practice, it will involve adopting digital solutions for client outreach and marketing, your Financial Planning Canada process, data collection and compliance, reporting, and other internal functions.
There are many digital tools available which can help you transform your advisory practice. As the world moves to digital, this is something all Financial Advisor Business Plan need to consider. But getting on board with digital transformation right now could yield substantial benefits.
