XPLAN SoA production plays a crucial role in most financial planning offices, but let's face it - without a professionally designed template and wizard, it can be quite time-consuming. By cutting down the time required to create advice documents, you'll not only reduce servicing costs for each client and minimise risk, but also deliver better value to your clients and to your business.
From our experience, streamlining the time needed for crafting advice reports greatly benefits advisory practices and enhances the client experience. Here are some strategies to make it happen:
Embrace and invest heavily in XPLANs advice modelling and automation tools. Wealthsolver, Risk Researcher, IPS and Xtools+. These are the most critical systems in XPLAN and your team must be proficient to get value out of the software.
These tools client portfolio and investment preference information to rapidly create recommendations, comparisons, disclosure, cashflow and capital projections while minimising errors. All Planfocus XPLAN managed clients enjoy a fully integrated solution with each of these core features. Our offering is fully tailored working with you to re-imagine your advice documents.
By cleverly conditioning your advice templates to talk specifically to certain client types and accounts you are able to not only streamline statement generation, but also be able to communicate complex concepts more effectively.
Whats more? An advice request (paraplanning) process that is well integrated with your SoA wizard gives paraplanning (internal and external) a robust and repeatable advice production methodology that reduces the back and forward engagements that often happen between advisers and their paraplanners with traditional paraplanning processes.
Training is key! Consistent and efficient process training on best practices via office champions, small groups, and one-on-one training sessions improves transfer of training skills across team members and means that new team members get up to speed more quickly. At Planfocus, we offer web-based site walkthroughs and recorded online experiences with an always up-to-date online user guide.
By adopting these ideas you can lessen the time and effort needed to produce advice, while preserving precision, repeatability and consistency.
Let's discuss how we can guide you on your advice document journey. Contact us here or call us on 1300 361 973 to book a discussion.
