Blog Post

Advice Efficiency

3 ways improving processes can speed up your SoA creation

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6 months ago

Find out how keeping your processes up-to-date can help streamline SoA delivery

Creating a Statement of Advice (SoA) is a critical aspect of a financial adviser's role, providing valuable insights to clients and ensuring regulatory compliance. However, the time and effort involved in crafting a comprehensive SoA can be substantial. 

While every adviser will have their own system and plans, Iress' Client Solutions Design Consultant, Sarah Jacobs shares her recommendations for streamlining SoA delivery, regardless of a client’s complexity or sophistication.  

It all starts with data

Financial advice businesses looking to save time when creating an SoA should focus on the data they’re collecting during the initial client meeting. 

Jacobs points out that regardless of how complex the client’s needs are, it's important to get the right data from the start. 

As a checklist you should ensure the following is captured, or up-to-date if working with an existing client:

  • Personal information of the client: name, date of birth, contact information and marital status
  • Goals of the client and their risk profile 
  • Sources of income and current expenses
  • Current assets and liabilities
  • Tax and legal information
  • Health status
  • Financial statements 

By collecting this from the outset, it can save having to go back and forth with a client, which will ultimately save time. 

“It all starts with data. It’s about making sure your data is up-to-date, complete and entered into the correct place of whatever system you are using,” she explains.

Keeping templates up-to-date

Every adviser understands the benefits of having templates in place. 

But if they haven’t been reviewed in a while they can actually become more of a hindrance, with considerable time wasted editing and re-formatting the SoA.

This is why it is important to have up-to-date templates as a starting point. 

But Jacobs says each template should be catered to match the individual clients needs. For example, a client with less sophisticated financial knowledge will likely need simpler language and more visuals over a client who has been investing for years. 

Take advantage of software that is available to you

Another way to speed up SoA delivery is to look into tools and functionality that can do some of the heavy lifting for you.

These could include:

  • Selecting pre-build strategies 
  • Comparing products to generate a statement of advice within a single guided flow
  • Helping clients better understand the advice they are receiving by creating easy-to-digest reports
  • Using fact finding documents to help make data entry more efficient
  • Template and wizards for Record of Advice (RoA) and client review documents
  • A suite of standard letter templates
  • Automating Fee Disclosure Statements (FDS) with automation

By reviewing the way your approach SoAs and leveraging the tools available to you there’s time to be saved when delivering SoAs. 

If you’re looking for more ways to drive efficiencies, check out XPlan hacks to get even more out of your software.

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Updated 5 months ago
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