Nov. 28, 2023

Onboarding New Clients Made Easy with Lacey Shrum

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Season 1

Episode 022: The financial advisory industry has always been known for its meticulous attention to detail and dedication to providing a seamless client experience. However, the traditional approaches to managing fees and contracts have presented challenges, requiring a revolution in processes to elevate the onboarding experience for clients.

In this episode of The Connected Advisor, Kyle is joined by Lacey Shrum, Founder of Smart Kx. They discuss the challenges of fee schedules and billing in the wealth management industry. With a background in law, Lacey saw the need for better automation and efficiency in the fee and contract processes for financial advisors. Lacey explains how Smart Kx streamlines the client onboarding process, optimizes fee schedules, and ensures accurate billing. She also touches on the importance of providing a seamless client experience and how automation can help advisors grow organically. 


Join us as we discuss:

  • [02:09] - Why Lacey prefers Kindle over physical books.
  • [04:05] - The problem Smart Kx solves.
  • [07:15] - The importance of digitizing fee schedules.
  • [11:00] - The benefits of using Smart Kx to streamline billing processes.
  • [12:50] - What inspired Lacey to create Smart Kx?
  • [14:52] - How Lacey's background as a lawyer is beneficial in running an advisor technology firm.
  • [20:33] - Simplifying and automating client contracts to streamline the onboarding process.
  • [24:18] - Ways to improve the client onboarding experience.
  • [27:49] - Lacey's best investment.
  • [31:12] - Mile Marker Minute: Tip for organic growth in wealth management.
  • [31:21] - Mile Marker Minute: Favorite brand in advisor technology.
  • [31:50] - Mile Marker Minute: Tip for growing on LinkedIn.


Key Takeaways

  • Smart Kx helps financial advisors optimize client onboarding, draft fee schedules, and automate the billing process.
  • Customizable fee schedules are a common challenge for advisors, and Smart Kx ensures that the fees in the contract match the fees calculated in the system.
  • Automating the client onboarding process and reducing friction can help advisors grow organically and provide a better client experience.


Quotes

"If you look at the fee problem, you have these client contracts on one hand and the processing system on the other hand. Now, we've built all these systems to hold them together." ~ Lacey Shrum

"From a business standpoint, when you have a prospect that says yes, this advisor needs to get that prospect on immediately. They don't need to give them a bunch of homework." ~ Lacey Shrum

"You're sitting at the table with a prospect, and they say, 'Yes, I want to come on board.' What if you could take that 'yes' and instantly click through our system and say, 'Great, I've already sent you the documents.’" ~ Lacey Shrum


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