Blog Post

Advice Efficiency

How automating the client review process can save you time

Advisely-Team's avatar
Icon for Advisely Team rankAdvisely Team
5 months ago

Technology is great for doing more with less. However, only 16% of advice firms we surveyed are running with a fully automated review process. Evidently a balance needs to be struck between efficiency and relationship building. Let’s dive into how automation can support more productive client reviews.

Making the case for automation

Our most recent Financial Advice Efficiency Report is crystal clear on the case for using tech to drive more effective client reviews.

Practices that fully automate their review process spend just 2.1 hours to prepare review documentation for existing clients. This is way less time than the 5.5 hours spent by the industry on average.

Furthermore, a review document for a new client takes three hours for those who’ve totally embraced automation. This increases to 5.3 hours for the industry average – approaching twice as long.

It’s little wonder Business Health research suggests the ongoing review is one of the lowest-rated aspects of a client's experience.

What can be streamlined in client reviews?

The reduced friction offered by automation comes in many forms. Before we look at solutions, start by making a list of any small-but-time-intensive admin tasks you complete on a weekly basis.

Do you find yourself personally sending out invitations, reminders, requests for personal detail changes or even birthday greetings? 

These are all examples of regular client communications that can be streamlined by taking a digital-first approach. You’ll likely have some more of your own.

You can widen out your list by including any larger tasks from client reviews which can be automated within Xplan: 

  • Entire workflows, scheduling and management reports can all be managed digitally.
  • You can also use templated review documents to further drive efficiencies.
  • To ensure your clients’ portfolios stay aligned to their risk profiles, you can automate portfolio rebalancing.
  • Digital tools are also useful for tasks such as service quality surveys and risk profiling questionnaires. 

Each of the examples above allows you as an adviser to get on with more high-quality client engagement as you drive down the time spent preparing review documents.

What can’t be automated?

You don’t need us to tell you that building rapport and a strong ongoing relationship with a client takes time. Understanding all of your client’s specific goals is never going to be something that can be fully automated. 

In more complex situations, such as bereavements or separations, it’s always going to be more effective to use the human touch by picking up the phone. 

The same goes for any processes that would offer little to no investment return if they were automated.

Despite this, research shows high-performance advice firms almost always use technology to drive better performance. Yet only 4% of advice companies have reached complete digitalisation in all their processes.

Benchmarking your current process can help you better optimise your reviews. It can lower human error and reduce lost time better spent elsewhere.

Find out how your automation game measures up with other advisers through Advisely.

Updated 5 months ago
Version 2.0
No CommentsBe the first to comment
Related Content
G'day All There is always a lot of focus on new client engagement and SOA production. Given most practices have way more ongoing clients than new, how are you finding the process of arranging review...
6 months ago