Blog Post

Advice Efficiency

How to build a better client review process

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9 months ago

Digital tools can streamline processes, provide insights into the effectiveness of your client engagement and improve efficiency

Advisers are under increasing pressure to deliver more in less time but the question is: how to achieve that without compromising on client service standards?

One answer is to harness the potential of digital productivity tools to streamline client interactions and free up time for more targeted engagement activities.

Practices with a fully automated review process, for example, can get the job done in around half the time it takes without automation. There is also less manual data entry, resulting in fewer mistakes.

A good place to start is by benchmarking your current review process to identify where you can improve. You can then assess what’s needed to fully automate the document preparation process and redirect the time saved to higher-value activities like client meetings.

Clients are becoming more familiar with completing online forms, allowing practices to use digital tools for manual tasks that are heavy on administration, such as regular reviews, risk profiling and fact finds, says Lachlan Fuller, Associate Product Manager for the Iress Client Portal application.

Better data

“Another benefit is that analytics can be added to the automation process. When review reports are sent by email, they can be interrogated for click rates and open rates,” Fuller says.

“This can provide a greater understanding of whether the client is valuing what is being sent to them.”

Many activities– such as client onboarding – can become more efficient with a digital solution rather than manual work.

“If a client requests a form or a review report, you can put in a digital tool to allow the client to self-serve. This gives them the ability to access their information 100% of the time,” Fuller says.

“Where that is coupled with a strong personal relationship, the service offered can work well, and well at scale.”

Quality engagement

Digital tools are also useful for client-based tasks such as service quality surveys and risk profiling questionnaires. They allow the adviser to focus more on high-quality client engagement and servicing.

Communicating with clients through digital tools like the XPlan Client Portal is an easy way to transmit sensitive personal information, such as asset holding statements and tax file numbers.

“Tools like this provide additional layers of best practice digital security for both the client and the adviser,” Fuller says.

“These days it’s essential that practices and clients are not sharing personal documents via email,” he says.

So, take the time to audit your processes and tools for ways to improve efficiency and insights.

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


Updated 26 days ago
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