Blog Post

Advice Efficiency

Two ways to simplify client onboarding

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

Onboarding is one of your clients’ first real experiences of you and your service. Here’s how to get it right.

Any new client will present a range of challenges. From scoping out the complexity of needs to completing the first strategy paper. 

Additionally, you’ll need to address how to fit them into your already busy schedule. Business Health data shows 44% of advisers spend between 76% and 100% of their time servicing existing clients. 

The onboarding process is a big pain point for time-poor advisers. To kick things off well with a new client, onboarding should be as seamless and low-touch as possible. 

Setting up effective processes can return you some much-needed time. 

Go digital where possible

The right technology and tools are the foundations of a smooth and positive onboarding experience. More than a third (36%) of advisers feel technological limitations are stunting growth in their business.

The number of advisers who use digital signing most of the time has increased by 5% since 2021. Yet, less than half (45%) of advice practices actually offer digital signing. 

Having a new client go through the hassle of printing out a new contract – rather than a pre-populated document – is one example of how technology is being underserved in the process of onboarding.

To streamline your note-taking, you could try an AI-powered tool that converts meeting recordings into advice file notes. FinTalk, offered by Melbourne-based Guideway Financial Services, is just one example of a recently launched product in a competitive market. 

If you need to up your tech game with practical insights to help your advice delivery, discover more tools and tricks with Xplan.

Look to streamline manual processes 

Business Health research shows 50% of advisers have a part manual and part automated process when it comes to onboarding new clients. 

Only 11% have fully automated the process with software. Evidently, there are some times when there is value attached to doing some offline work. 

If you conduct an initial meeting face-to-face and use paperwork, at the very least work out a plan for reducing the admin following your first catch-up. Audit your existing paper systems – are you getting enough efficiency from them?

If not, get familiar with Xplan’s recently updated Task Hub ahead of time. For example, you can update and complete checklists in a moment, making future list-making and planning a lot simpler.

A basic new client statement of advice document takes six hours on average. So, you’ll want to look to reduce onboarding time wastage as much as you can.

Using visualisation tools within Xplan, rather than pen and paper processes, is far more efficient.

While looking to save time any way you can, it’s important to allocate some for feedback on the onboarding process. If a client finds the process to be too hard or admin-heavy, it’s a clue you might need to up your onboarding game.

See how you rank compared with other advisers on the Advisely Index.

Updated 2 months ago
Version 5.0
No CommentsBe the first to comment
Related Content