The Best of Operational Efficiency: A Collection of Resources for Maximizing Your Firm’s Operations

A free white paper by Morningstar, Inc.

Predictable answers…or surprising “disconnects”? This survey of over 400 advisory firms explored advisors’ thoughts about operational challenges and the technology solutions that are designed to solve them—and yielded some revealing results: • Principals of RIA firms have a vastly different view of the burden that manual data entry puts on their operations team than the members of the operations team itself. • Only 6.9% of principals said their firm spends 20 or more hours per month on manual data entry, yet nearly 25% of operations staff said they surpassed that figure. • While most principals stated that their greatest operational challenge was lack of integration between systems, operations professionals claimed it was manual data entry.

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