For practices looking to communicate and engage with clients more efficiently, have you considered using online data collection forms?These innovative instruments can reduce time collecting client data allowing you to spend more time building rapport and creating value for your clients.
Digital advice tools can expedite both client onboarding and review processes. New clients can complete an online form providing a qualification element to your onboarding process, while existing clients can have previous information pre-populated, and updated from home. Using digital signatures, clients and prospects can be assured of the security and privacy levels within the process.
The adoption of eForms can reduce costs, simplify compliance practices and allow for scale and growth opportunities. By digitising the process, you can immediately comply with regulators while simultaneously cutting the cost of administration. Getting documents signed is one of the most cumbersome and time-consuming processes. But with digital signatures, you and your clients will have a much easier and more convenient time. This method saves you precious time in reminders and keeps the client happy as well.
Examples
There are many electronic forms providers on the market today.
DASH (dash.com.au)
DASH is solving problems across an advisers end-to-end advice process. Their goal is to help advisers combine advice tools and investment platform technology. Their integrated technology hub allows practices to connect with a range of technology systems. DASH seamlessly integrates with modelling and research tools with a range of CRMs including XPLAN. DASH’s client engagement app enables an online form (or multiple different forms) to be populated by data from your choice CRM (Xplan, Fins365, etc.), and sent to a client via email. Built with optional 2FA, the client then logs in and completes the form in the privacy of their own home. Once completed and submitted, the adviser is notified and the data can be resynchronised back to XPLAN, DASH, or your choice CRM via API.
iFactfind (iFactfind.com.au)
iFactfind is a cloud based application that offers an online fact find connected to XPLAN via an API connection.
One of the great advantages of online forms is they can be filled out anywhere, anytime. You can stay in contact with your client while on the go, thanks to the technology’s mobile accessibility. With regular software updates, users are guaranteed state-of-the-art form filling experience.
2-Step Data Collection
One of the challenges with online forms is knowing how much content a client or prospect is prepared to complete. Bombard them with too many questions and you may lose them altogether. Not enough detail and the result is of little value to you. So how much is enough?
We recommend licensees take a balanced approach to data collection and consider implementing a 2-step process
Step 1 – Online data collection
Importantly these processes should start around two weeks prior to your meeting. Send your online data collection link out as part of your review process or as part of your referral process for new clients.
Prospective clients – For prospects the objective should be to collect just enough information to qualify them, understand something about their goals, and finally collect key financial metrics. Try to collect too much and you run the risk of losing them altogether.
Existing clients – For existing clients it’s more about finding out if something has changed. A new goal? A change in financial circumstance? An online form for them needs to be richer and pre-populated with current information. The client peruses the information and updates it accordingly.
Step 2 – XPLAN Reverse Fact find
Once the client or prospect has completed step 1 for you, synchronise the information back to your CRM (XPLAN) and then use that info to pre-populate your reverse fact find. Take that document into your meeting and use it in the meeting while completing any missing detail there and then.
A note on synchronising data. Always check the online forms before you synchronise them back to your CRM. People make mistakes and its good practice to make sure that you a not polluting your CRM with poor data.
2-Step Data Collection helps you in a number of ways:-
- For prospective clients you can decide quickly (before a meeting occurs) whether you can help them
- Use the information collected to allocate the meeting to the adviser that best suits a prospects needs or circumstances.
- Quickly work out which support staff should attend the meeting
- Your meeting moves faster as you can bypass a lot of the initial meeting admin that always occurs when you don’t have the data needed.
All of this adds up to faster and more efficient use of your time and your client’s time.
Conclusion
Importantly, both systems mentioned above are equipped with security measures to protect and maintain data integrity.
When considering adopting an eform in your practice, consider your current onboarding or review process and where these tools can fit in.
Get in touch today to discuss how we can help you maximise your usage of these important tools!
