Spending too much time demonstrating Know Your Client?… We can help
30th October of 2020

As you may know, the financial services landscape has changed significantly in the last 5 years. This has been driven by the Royal Commission, 515, Fixed Term Service Agreements, FASEA, the need for ongoing learning and much higher levels of documentation, to name a few. Then there’s the white elephant in the room – COVID.

Many of these are reactions to the outcomes of the Royal Commission, and will help safeguard clients from exploitation by poor practices (a very small percentage of the industry, in my opinion). On the flipside however, this has also significantly increased the cost to deliver advice. Historically, most practice principles would have raised fees to cover these costs – but can you raise fees in the midst of a pandemic? Will this make your clients feel like they have been let down in tough times?

Alternatively, you can also look at cutting costs and becoming more efficient. Cost cutting usually means the loss of service support. Becoming more efficient translates to finding the time to see more clients – but in a world where people are looking for good quality and trusted advice, clients usually look for you.

Another option – as suggested by many specialist providers – is to look for tasks that you don’t like to do in-house and remove them (in turn creating efficiencies). At Planlogic, we take a slightly different approach. We have used our 10 years of learning to deeply understand the advice production process. Through this exercise, we have created a list of areas that require a significant amount of time, and have taken on these tasks on behalf of our advisers. This helps them to spend more time with their clients, eventually improving their bottom lines.

The compilation of the Fact Find, Personal Financial Profile and Client Data Questionnaire (funnily enough they are all the same) is one such area.While the SoA is what could have caused you trouble during an audit historically, today it is these documents that have grown not only in size (taking longer to complete), but also in importance. If you are using paper because it’s easier, you are double handling your work in a spectacular fashion because you have to input these same details into the Wizard. You can instead use this time to meet new clients or deliver more value to existing ones.

Our teams can free you up and make sure that the data in the CRM is true and correctly entered. All you have to do is simply scan the Fact Find, upload it onto Xplan, email us – and forget about it. You will then receive a notification stating that your entry is ready, after which you can review these details and get your advice process underway.

If this sounds like something that you can use in your working life, please book a time or email me (jay.beckton@planlogic.com.au) and we’ll be happy to get in touch.