Agency accounts are special types of investment accounts that allow outside financial professionals to make trades on behalf of investors, using broadly stated investment goals. In an agency account, the investor still maintains control over assets in their name, but can delegate responsibilities to the professional. Many community banks offer agency investing that can be beneficial to a variety of investors.
In 2023, clients will expect agencies to deliver demonstrable results and align their strategies with business outcomes. This trend will put more pressure on agency account managers to develop analytical skills, build stronger client relationships and think strategically about how data can drive measurable ROI.
Papersoft’s Last-Mile Banking toolkit enables service providers to manage agency accounts and their sub-accounts, while maintaining complete visibility and control. Agencies can organize their teams and groups of agents into categories based on permissions, skills or characteristics. This allows for efficient management of the growing number of agents that are registering to provide services for their Banks and can help to improve overall service levels.
In addition, an agency accounting solution like profit first can help to clarify the relationship between your accounting reports and your actual bank balances by prioritizing your business profit at the beginning of each month. This helps to remove the mystery of where your cash is going, and will ensure that you’re putting your money back in your business as often as possible. This is a critical step in making sure that your agency can continue to grow and thrive in 2023.