Who proactively asks their software stack providers about security?
The results are in from ASIC's Cyber Pulse Survey, and the report has been released (12th November 2023). So much to unpack! One of the points they make is around supply chain risk. Without looking at the survey, I'm interested to know your thoughts on the percentage of advice firms that have already asked their software stack providers about the levels of security they have in place and can provide the evidence to show they did their DD. What percentage do you think have this on file?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”.31st July AMA: I'm Courtney Youngblutt, Xplan expert, Ask Me Anything!
We all know efficient processes and smart tech use are non-negotiables for scaling your business and serving more Australians. In Episode 2 of the Advisely Masterclass, I worked with Retire Aware’s Kylie Springall to lay the tech foundations for a high-volume advice model. Whether you're just starting out, like Kylie, or growing your business, it can be easy to overlook the capabilities of the tech you already have. If you’ve got a bold vision like Kylie and you’re building out your advice processes, trying to scale efficiently, or just need Xplan to do more of the heavy lifting, this AMA is your chance to ask. For example: How do I track which referrers bring in my best clients? What’s the best way to ensure my file notes meet compliance obligations in Xplan? How can I track my marketing efforts? Can I invoice my clients from Xplan? How can I utilise Visualise in the onboarding process When should I introduce the Client Portal into my fact-find process Join me here on Thursday 31st July from 3pm to 4pm AEST. I’ve worked with hundreds of practices to optimise processes and boost everyday efficiencies. If you have a repeatable process, there’s a good chance I can make it more efficient for you with Xplan. I’m here to help! Start popping in your questions below and Ask Me Anything! 💬 This AMA is text-based, so I’ll answer your pre-submitted questions in the scheduled time. 📆 Click here to save the date in your calendar. 🔔 Don’t forget to hit the bell in the top right corner to be notified. 🎙️ Let us know what you thought of the AMA and what topics you would like to see next here.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.Efficient vs Effective
I'd love to hear the experts' views on Efficient vs Effective, please. I think we fall into the trap as business owners and advisers of focussing on efficiency at the expense of being effective. For instance, we can be super efficient at producing a review document (as measured by time taken, quality, content etc.) but, if the client doesn't understand the advice or is not responsive to it then it probably isn't very effective. Another example could be onboarding new staff - contracts are ready, PD is agreed, introductions to the team are made and the checklist is complete however, the new team member might not understand what's expected of them and how they fit in. So, what tips do you have on achieving the holy grail of having an efficient process or system that is also super effective at achieving your goals? Peter.Worn jessica.lambWhat steps have you and your team taken to address cybersecurity risk?
Recent CoreData research suggests advice practices could lose at least 13% of business in the aftermath of a cybersecurity incident. In light of this alarming figure, I want to know what steps have you and your team taken to address cybersecurity risk? I also encourage you to register for the upcoming webinar on February 29th at 9:00 am AEDT where Fraser.Jack and I will be looking at real-life stories of cyber breaches and what you can learn from them! Click here to register.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.The struggle for adviser capacity
These days, we see advisers doing more administration work than we saw 5 or 10 years ago. Research, plan requests and even application forms are unnecessarily taking up their time and stifling capacity. And this is not simply due to more compliance. So what's driving the hesitation to hand-over to a support role? Is it finding the right support? A lack of trust? Or something else?
