As we have been developing our business, we have deeply focused on our team’s strongest skills, and how we can leverage these skills to build a comprehensive product base to assist our clients. In doing so, we have realised that we would rather not tackle the wide range of tasks that a practice would see daily.
Here’s an interesting exercise. List all the actual tasks that you need to complete within your practice, and then evaluate which of these you could successfully remove by partnering up. This will help you pick out the time killers and high-effort / low-volume tasks first.
This approach has allowed us to identify which tasks to prioritise; and one of the big ones from our point of view has been the humble RoA. With the movement to Fixed Term Service Agreements, we know that 70-90% of your clients in an ongoing relationship will need an RoA. We also know that producing RoAs can take hours depending on the complexity, especially if cashflow is needed.
Following this, we then decided to look at how we can deliver this to our clients, and whether they would find value in it. The answer to this question has always been a resounding yes! At Planlogic, we use a very simple system to deliver the RoA, and we also update Xplan to reflect what is in there (for example, if the client received a pay rise, but opted to not increase the IP sum insured).
The value to you as an adviser is that we guarantee our turnaround times. This means that you don’t carry the risks associated with incomplete documents, helping avoid the potential switch off of fees, or worse, the need to offer refunds. This eventually means that you get to increase the time spent on building further value for your clients.
We currently have capacity in our team and can start this process with very little effort from you. If you have any outstanding RoAs that you need to get to, reach out to me (firstname.lastname@example.org) or book an appointment, and we’ll be happy to get in touch.