Issue link: https://resources.envestnet.com/i/1541917
7 FOR HOME OFFICE AND ADVISOR USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. Improve Advisor Productivity By freeing advisors up from having to personally oversee and stress about the billing process, firms can improve advisor productivity. While all-in-one solutions can provide time-saving convenience for advisors, when they fall short in the billing process this can negate any such advantage by tying up an advisor's time in explaining to clients what went wrong and working with the operations department to fix billing errors. Increase Revenue A specialized billing solution can more than pay for its cost by enabling firms to focus staff effort on tasks that help bring in and retain key business. Devoting valuable staff time to the minutiae of the billing process is a suboptimal use of employee time. By smoothly handling the complexities of the UMA billing process, an optimized billing system frees up a firm's advisors and support staff to focus on activities that help generate revenue such as managing assets, increasing alpha, and building client relationships. Reduce Operational Risk By automating and auditing complex billing processes and eliminating manual processes that are prone to error, an optimized billing system can help reduce operational risk. This includes scenarios where errors in the billing process are made which pose client retention, reputational and regulatory risk. The billing process is at the heart of the client relationship for wealth managers, with clients ever more fee-conscious due to the continued cost compression in the asset management industry. With clients highly attuned to the fees they pay wealth managers, this is an aspect of a firm's operations that deserves special attention. Using an optimized billing solution that reduces operational risk can pay dividends to firms in terms of improved operational performance, with all the associated benefits such performance brings. Benefits of an Optimized UMA Billing System An optimized billing system offers a number of advantages for wealth managers. These include: █████████████████ Ì20000F908_Î