Wealth advisory firms are standardizing their processes across regions and offices, according to a new study from Family Office Exchange.

The study, called Enhancing the Client Service Experience, found that wealth managers are: automating processes, eliminating inconsistencies between regions and offices, and creating designated teams responsible for process improvements and consistency.

Firms are also doing more “to demonstrate the client experience in their sales processes,” said FOX. This includes adopting a “more involved needs assessment” during the sales process and aiming for "white glove" treatment in all aspects, from responsiveness to scheduling meetings.

"Standardization can help advisors become more efficient, while giving firms a more sustainable business model over the long term," said David Lincoln, managing director of research.

A study released last week by Pershing said that, while some RIAs have regained profitability since the financial crisis, those who have failed to adapt are “literally paying the price.” Furthermore, the study said “most” RIAs had not made the necessary operational changes to tackle rising costs.

Among the suggestions for improving efficiency the Pershing study said RIAs should target more homogenous clients and create efficient and consistent workflow systems.