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How Xplan Can Create Opportunity In Your Advice Practice

Aug / 03 / 2022

How Xplan Can Create Opportunity In Your Advice Practice

As it stands today, your financial planning practice is likely worlds away from where it stood only a couple of years ago. The COVID-19 pandemic has impacted almost every industry, but it has only added to a myriad of influencing factors of change across the Financial Planning landscape.

Understanding how to respond to changes in your practice is key to your business continuity, which is why we are excited to share with you how Xplan can not only assist in managing turbulent times but also create opportunities for growth within your firm.

COVID-19’s impact on Financial Planning practices

Perhaps one of the most significant movements that the global pandemic prompted was the large-scale transfer and exit of people from the workforce, dubbed the ‘great resignation’. The undeniable stress and uncertainty that came with COVID-19 meant that many Australians re-evaluated their priorities in life, with many adopting a renewed focus on health and family. This naturally carried through into their perspectives on work/life balance, and the rapid change of work format imposed by lockdowns, work-from-home arrangements and a lack of skilled migrants and working holidaymakers truly meant that Aussie employees held the upper hand in demanding change.

Unfortunately for the financial planning world, the ‘great resignation’ was already being felt, only through increased public scrutiny of the industry, heavier regulations and a compulsory uplift in the educational standards for advisors. Advice businesses were placed under enormous strain to weather not only changes internally, but increased client anxiety and the struggle of social distancing when it came to delivering advice.

One of the tools that many practice principals can use to not only survive the great resignation, but thrive despite it, is Xplan software. Keep reading as we explore how you can devise growth and opportunity strategies using Xplan.

Uplift Financial Planners’ business management skills

Advisers are true practitioners when it comes to financial planning, with their intellectual property often underpinning the value proposition — but what happens when advisers need to become business managers as well? The role of a business manager requires a different skill set from that of an adviser. Particularly if your business is a single practitioner planning practice, then chances are you’ve felt the pinch of increased licensee pricing, and may feel that attracting and sourcing a business manager is simply out of reach.

This is where you can support either yourself as an Adviser Principal or your key financial planners to enhance any skill gaps when it comes to business or people management. The benefits of increasing business management skills can be felt right through your business with:

  • Improved efficiency around business decisions and business operations.
  • Better insight into drivers of revenue and growth.
  • Ability to integrate advisers into critical business management operations. This comes with the added bonus of securing financial planners for the long term and potentially making them a partner in your business.
  • Skilled advisers who can help promote business culture and work with support staff more effectively.

Improving either your business management skill set or that of your advisers can be a useful strategy to cement a foundation upon which to continue building your business upon. The functionality of Xplan makes managing your book of clients easy, meaning you have more time to invest back into the business and your intellectual property.

Look into new advice streams

The modern age of planning is such that clients are looking for a holistic and much more personalised approach when it comes to planning their future. With Australia’s aging demographic, retirees are often faced with the arduous process of placing their parents into aged care homes and find themselves amidst estate planning complexities.

Areas such as Aged Care advice, Estate Planning and even cash flow management are becoming advice areas that more and more financial advisers are building into their repertoire, but that the industry as a whole still lacks in. Xplan’s unrivalled functionality means that you can seamlessly include cash flow modelling, including the impacts of Aged Care and Estate Planning, into your advice documents which allows new advice streams to be one of the business opportunities that underpins your success through turbulent post-COVID times.

Explore and utilise technology

One of the ways that your business can thrive in the current climate is to utilise technology to its full potential. The Quality of Advice Review (QAR) issued by the Australian Treasury earlier this year sought to remove duplication of processes and cut some regulatory costs, but also pointed to how digital advice and technology could further revolutionise the industry.

Compliance and data management have always been front and centre of mind for advisers, and often takes an enormous resource strain to get right, both in time resources and human resources. Utilising Xplan technology to store your data and ensure your compliance, is one of the key opportunities that can be explored if you’re time-poor or running low on human resources.

Xplan solutions are flexible and can be tailored to achieve the unique needs of your firm. Did you know that Xplan’s inbuilt functionality allows you to complete compliance tasks online from any location?

At Specialist PMC, we provide personalised Xplan solutions to dealer groups and advisers all over Australia. If you’re interested to learn more about how Xplan can create opportunities in your practice, or if you simply want to utilise the Xplan suite to its fullest, then contact us today.