The digital age is upon us, and it’s not going away any time soon! If you’re running a financial planning practice and not using a digital advice model, read on to learn how you could significantly improve your business’s compliance, efficiency, and client relationships.
FASEA Standard 8 Record Keeping Obligations
The FASEA Standard 8 Record-Keeping Obligations introduced after the Royal Commission added an extra layer of compliance — and an extra layer of work — to an already highly regulated industry. Using Xplan can help you to meet your compliance requirements and manage risk easily.
Your CRM database in your financial planning software keeps track of every piece of information regarding each of your clients — you’ve got a complete audit trail in a secure and easily accessible database. While paper files have always been the done thing, digital signatures and cloud-based software mean that paper files can become a thing of the past! Scanning your historical documents into Xplan allows you to have all of your documents compliantly stored, ready to access with the click of a mouse — and by using less paper, you’ll save a tree and perhaps save money on physical storage costs!
Manual data entry leaves your business open to all sorts of issues that come with entering incorrect data. Producing an incorrect strategy for your client due to data entry issues could have devastating effects on your client and prove to be a colossal compliance nightmare. Using digital forms such as the client fact find helps reduce data entry errors and double-handling information. When your clients fill out a digital form for themselves, you don’t need to waste time inputting the data later — the data is more accurate, and you save time and money.
Lockdowns or not, we all know how hard it can be for clients to make it into the office to sign documents — with digital signatures, they don’t even have to leave their living room!
Posting paperwork to your clients for a hardcopy signature is expensive and slow — They don’t call it snail mail for nothing! With tools such as DocuSign or Xplan’s Client Portal, they can jump online, sign their document and have it back to you in seconds rather than 3-5 business days.
By utilising this aspect of the digital advice model, you can reduce postage costs, provide flexibility to your clients who struggle to get into your office in a timely manner, and significantly cut down on the time it takes to get a document signed. Finding ways to save time and money is the key to success as a financial adviser — in fact, it’s the key to success in any business!
Arguably, the best way to save time and money is by getting a computer to complete mundane tasks. You and your staff will have more time to spend on more meaningful tasks like building relationships with your clients or creating their strategies. Creating unique workflows ensures each process is assigned to the right team member and is then tracked through to completion, with management reporting available to increase efficiencies further!
In addition to saving time and money, you’ll reduce the risk of errors and ensure tasks are smoothly running along. Some commonly automated workflows are:
- Client reviews — the client engagement process is automated as their review date approaches.
- Initial meeting documentation preparation — all the documents your client needs ahead of their initial meeting can be automatically generated with personalised details and sent straight to their inbox, ready for a digital signature.
- Revenue management — this is one area where mistakes are easily made. Remove human error by automating your revenue management process with CommPay.
Client engagement and relationship building
Efficiently provide clients with valuable information
Without clients, you couldn’t have a successful advice business — you couldn’t have a business at all, let alone a successful one. We live in the information age where all anyone needs to do to find an answer is ask Alexa or Siri — but just because you can easily find information doesn’t mean it’s reliable.
The Client Portal in Xplan gives you the perfect platform to conveniently communicate with clients and provide them with high-quality content to keep them informed and up to date with industry news and helpful, actionable tips. You can add your own branding and customise the content to position yourself as a thought leader in your industry, which helps instil a greater sense of trust and displays the value of your advice.
Through the Client Portal, your customers will be able to access their financial position in real-time to gain a sense of how they’re tracking toward their goal. This kind of insight is useful to show just how well your advice is helping them move closer to their dreams.
Stay connected to your clients
While face-to-face rapport and relationship building will probably never be fully phased out, our convenient lifestyle means that building solid relationships with your clients can be successfully done in ways other than meeting face-to-face. Xplan provides a whole swag of tools, such as marketing integrations — including email and content marketing — secure messaging and video conferencing.
Each of the functions mentioned above forms pieces of a puzzle that come together to provide the best digital advice model for successful financial advisers. The three components we covered — better compliance, improved efficiency, and client engagement — each forms part of that overall puzzle; For example, the client engagement tools tick off each of those three categories:
- Better compliance — you can video record your advice discussions which will then save the records straight to the file notes in Xplan.
- Improved efficiency — Xplan Client Portal allows you to directly address your clients needs with automated processes. It’s done in a personalised manner that will strengthen your relationship, but the process is automated — saving you time and money.
- Client engagement and relationship building — These digital tools make it easier than ever to effortlessly keep in contact with your clients. You can communicate and interact with your clients in real-time from a remote location without ever skipping a beat.
The digital age is here to stay, and if you’re not using a digital advice model, then it’s time for some changes! Contact Specialist PMC to learn how we can help you transition to a technology-driven business model with our Xplan support services.