How do you track clients progress over time?
We sometimes put together a report showing the balance, withdrawals and contributions each year. This helps to show how the clients portfolio grows over time. However we're doing this manually and it's time consuming. Is there any automated way to do with? Any reports built into Xplan?
Do you have any other good ways to show clients their progress? It would be especially good if there was a way to link it to their goals.
Iress ContributorA really great question to table to the network MartinJoughin
Having a think about it, one of the most automated ways you could do this would be prepare a merge template similar to your Review Pack with all the components required for the report and then you could use Scheduler to automatically email out the report to the client.
Things to consider:
I am wondering if Jessica-Lamb would have any other suggestions?
Advisely BoardGreat question MartinJoughin and something we wish could be automated from xplan. We have what we call an "ins and outs" table for all our discussion documents (reviews) but it is manual from the last time it was updated (usually within the last 9-12months) it provides great impact to clients who have been living off their investments for years to show what they have pulled out, but yet what their balances are. The other visual we have is a traffic light report that shows what has been achieved over time - goal, date, etc. which again is well received. Finally with projections we show the difference between the last lot of projections, what has changed eg. income, asset value etc. and what the assumptions are going forward.
I'd love to be able to automate these and welcome any suggestions.
Advisely TeamThanks so much MartinJoughin for sharing this question. I look forward to hearing any insights the community may be able to share on this topic, and I will have an ask internally too!
Advisely Index Top 10That's a great question MartinJoughin and I'm looking forward to reading the responses. We work mainly with retirees and one thing I do is to compare the projections made say 10 years ago (say at retirement) with their current situation. It's quite big picture but the conversation and insights it generates are quite rich. Delving into more detail re progress, on an automatic basis, would be beneficial and I'm sure enhance the client relationship.
