How Technology Boosts Operational Efficiency with Chrissy Lee

Episode 060: Operations is the cornerstone of any organization, and technology is integral to successful business operations. Their integration revolutionizes any organization, and wealth management is no exception. By automating tasks, streamlining workflows, and connecting disparate systems, technology has become an indispensable tool for improving operational efficiency. This increased efficiency empowers advisors to focus more on what they do best: serving their clients, building lasting relationships, and providing personalized financial guidance.

In this episode, Kyle talks with Chrissy Lee, Chief Operating Officer of Merit Financial Advisors. Chrissy is responsible for the day-to-day operations of the firm, working within the executive leadership team and each department within the organization to create efficiencies and streamline the client service experience. She is also responsible for operational strategy, driving strategic growth through mergers and acquisitions, and overseeing onboarding processes, business development, and technology implementations to create a best-in-class experience for the Merit community.

Kyle talks with Chrissy about the importance of operational efficiency in wealth and asset management. She discusses the challenges of integrating technology, the significance of human relationships in wealth management, and how technology should enhance, rather than replace, these relationships.

In this episode:

• [02:32] - Chrissy's money moment
• [06:15] - What it takes to be a great operator
• [10:16] - What Merit Connect is all about
• [13:03] - Chrissy's thoughts on building a client portal
• [15:16] - What makes Merit Financial the right partner for firms
• [19:55] - Areas of operation with technology challenges
• [23:26] - The challenge of connecting advisor-facing and operations-facing technology
• [25:36] - Chrissy's thoughts about the future of the industry
• [30:32] - Chrissy's Milemarker Minute

Key Takeaways

• Operations and technology go hand in hand. Operations is at the heart of any organization. And technology is an integral component of successful operations.
• Integrating operations with advanced technology can streamline processes and enhance client interactions.
• Operational efficiency, meticulous planning, and client-focused strategies are crucial for consolidation and acquisition firms.
• Technology automates and streamlines processes, allowing advisors to focus on serving their clients.  

Quotes

[15:27] - "One of the things that really takes away from advisors is productivity. Why not allow advisors to stay in their "hot zone," which is to serve their clients and have that relationship with the clients?" ~ Chrissy Lee

[20:11] - "Operations and technology go hand in hand. Operations is at the heart of an organization because you have the relationships. And if we don't have the right technology or if it's limited, it is difficult because it becomes a manual process." ~ Chrissy Lee

[27:46] - "People are not numbers. You can only send so much data and analysis to someone, you know? They want someone who cares, who is listening, and who is hearing their story." ~ Chrissy Lee

Links 

• Chrissy Lee on LinkedIn
• Merit Financial Advisors
• Farmers Insurance
• Merit Connect
• The Map

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

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