Does everyone understand the “why”?
When working with clients, we are often asked to focus on processes and governance so the business can minimise their risks while driving efficiencies and reducing costs. We often find what happens “on the ground” could be their biggest risk. How often are you engaging with staff who are making sure the “doing” is getting done and they understand how critical they are in bringing to life advice provided to clients? How often do you think about what will happen if some/all of your key people involved in admin/support roles suddenly left the business? Who can step in and fill in the gaps to implement advice that has been provided to clients? Does everyone understand the role they play in the advice process and their “why”? Investing in staff is a crucial component in risk management and the success of a business. What are some of the things you are doing to invest in your people? We would love to hear some fun and different ways in how staff are brought along the journey and involved in the vision of the business, as well as ensuring everyone is across the “why”.Succession Plan - Be honest ! How prepared are you?
This is something that is so close to my heart at the moment as I am in the home stretch of realising the dream that I mapped out 8 years ago! A real mixture of emotions and this has been 8 years in the making to get to that realisation. With a number of advisers still looking to transition out of the industry over the next 3 years I am very interested to understand and get comments on how prepared they are, is it documented in an actionable plan and what areas are they focused on to maximise their attractiveness and value. Also, how are they protecting their clients that they have nutured over many years to minimise the impact on them as this will ultimately have an reputational impact on the whole industry and the success of that transition.
Tracking Client Progress
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.Want to know exactly what your client has updated in their digital fact find? Now you can!
Fact find comparison report is now available to all users Background Client Portal allows users to provide their clients with a digital fact find to complete for new and existing clients. The data is updated immediately in Xplan and allows advisers to capture data more efficiently. However, even though all changes are logged in the audit trail, getting a clear picture of what is updated wasn't always easy. What's new? Upon completion of a fact find in Client Portal, a comparison report is generated and saved as a file note against the client. All data from the fact find is displayed and any changes are clearly highlighted. How do I activate it? No extra steps are required to configure or activate the comparison report, it is already live in Client Portal and available now. Simply follow the existing fact find process by setting the fact find status to 'Unlocked' and when the client submits their fact find, a file note is created with the comparison report attached. Got questions or feedback? We always welcome feedback on our products and if you wish to let us know your thoughts, or if you have any questions, please don't hesitate to post them below.
Using Xplan Client Portal as a Document Vault
Hi All, I'd be interested to know if any other practices are using the Xplan Client Portal as a Document Vault for clients to upload important documents such as Wills, PoA's etc? Our clients love the ability to upload documents via the portal, but it doesn't appear that there is any flexibility to "tag" or categorise a file note once it has been uploaded in the same way we can in the back end of Xplan. Are other using it in this manner? Is Xplan looking at developing a Document Vault as many other CRM providers offer? We've also had feedback from clients that it is now hard for them to search or filter for different types of files\messages we have sent them via the portal and they can't mark them as read or move them into an "actioned" folder like they would like to. Would love your thoughts on both of the items above.Virtual office, what are your thoughts?
Back in 2020, we were forced to close our office due to Covid and the many lockdowns that Melbourne had. We quickly had to mobilised the team of 10 at that time to work from home, fortunately we predominately use M365 and Xplan, with any other software being 100% cloud based, hence no server issues, which made life a little easier. Later that year we made the decision to give up our office and work virtually. Many advisers said to me that it wouldn't work for them due to their client base being older, they still say it. I would like to challenge the thinking around that, we focus on pre and post retirees, who are usually the least tech savvy of any age group, but whilst they like to sometimes see us in person for coffee or lunch, the majority of the work we do is all via video, email and phone, after all they all learnt to facetime their grandkids during covid. Our business has grown in people, clients and revenue over the past 3.5 years since we have been 100% virtual, yes it's been a lot of work, trial and error, but it can work, if you want it to. I'd love to hear from others who have gone virtual and what has worked best for you, your team, your business and your clients?POLL: Advisers, what do you wear to client meetings?
I just listened to the latest episode of the Upfront podcast where financial adviser and host Emmanuel Asuquo chats with personal branding expert Jennifer Holloway. It was a fascinating discussion about how the choices you make with attire ultimately influence the level of trust your clients have in your service. The interesting part to me, at least, was not whether you should or shouldn't wear a hoodie to meetings but how consistent wearing said hoodie is with your brand. So I want to know from the advisers here – what do you wear to client meetings and what impression do you think clients have of what you're wearing? Do you have any stories of mistaken first impressions?Creating your vibe
You need one thing above everything else, to create a vibe which is genuine and personal for your clients – you must truly know your clients. Unfortunately, it’s our experience that very few practices are taking full advantage of their CRM functionality to capture the information they need to create that key personal, relationship building information. And, even if it’s being collected at the onboarding stage, few practices deliberately maintain this information. Simple info such as their children’ names (and their occupation or education level), details of the client’s preference for morning or evening meetings, coffee or tea, in-person or virtual meetings, wine or the ballet or both (will allow you to provide interesting content for your communications, plan events which appeal and so on), what the client is planning to do once the retire, when’s their next major holiday and so on. In other words - the ‘life stuff’. What info do you collect (and maintain) to build meaningful, long term relationships with your clients?How do you ensure a consistent client experience?
In follow up to my article No adviser is an island, I'd love to know what practices are doing to keep the client experience front of mind for everyone in the team? How do you ensure the clients receive a cohesive experience from everyone they encounter in your practice?
