Lincoln Financial is in the midst of an ongoing effort across several busines units to refine producer experience. The latest iteration is the launch of the AdviceNext initiative for the financial advisors in its Lincoln Financial Network, which combines technology and practice resources to make it easier for advisors to cross-sell and manage clients who have multiple products, including insurance and investments.
The company worked with Fidelity unit National Financial to develop a Unified Account Opening tool that uses straight-through processing and automation to reduce manual data entry by advisors.
The new platform works "across three important component of a client business — broker dealer, managed accounts, and variable annuity," says Lincoln Financial Network president David Berkowitz. "We've taken three third-party CRM systems, chosen by our advisors, and are integrating them with our new platform, which is built and powered by Fidelity. You have client info in your CRM system, import and prepoulate, and everything is automated all the way through the process."
The focus is to "improve client-advisor experience, and spur greater operational efficiency in advisors' practices," Berkowitz adds — a strategy that the company developed after receiving feedback from both advisors and clients.
"Clients want comprehensive advice —someone who can address their wealth planning needs and more," Berkowitz says. At the same time, he adds, "advisors want to spend more time with their clients and less time dealing with operational efficiencies in their practice."