In a recent article I referred to the Futuro business growth program offered to financial planners in our network.
One of the common practice goals we see is the desire to grow. This generally leads to detailed plans around where the work will come from and often commences with looking at current referral methodologies with clients and building a better process that may be replicated with all clients. It is no surprise that many financial planners have relationships with Accountants and other professionals, with many feeling that current referral activity could be improved.
Both of the above are key elements of a financial planners growth plan. Often we then get asked:
“I would like to grow however how do I find the time to devote to growth initiatives as I am busy with looking after my existing clients. With all of the compliance requirements I am struggling to cope”.
Now we come to the point of this story – you most probably need to reorganise your advice support structure to be able to grow.
The amount of work required after an initial meeting with a new client, or an existing client review meeting is substantial. What do I hear – “look at what I have to do to get this advice file into paraplanning”. The key to growth is more than just lots of referrals, its about the advice process and how can we be more productive post client meetings?
The answer is often in having more “advice support” for financial planners within the business.
The Associate Adviser role can be very important in this regard, with the ability to not only participate in client advice meetings, but take instruction and complete the following:
• Investment Research • Super Research • Insurance Needs Analysis • Insurance Research
• Current Insurance Quote • 2 x Product Comparison Quote • Insurance Comparison Table
• SOA Strategy File Note • BID Working Paper etc
Some practices have substantial client service support for administration and implementation functions, and then ignore the advice bottlenecks around the financial planners in the practice.
What is also interesting is you can outsource a whole range of advice process points including the pre advice document tasks as I have described above.
The most appropriate solution for each practice’s advice bottlenecks will vary. Perhaps you have an experienced client support person ready to move across to advice support? Hopefully they already have some qualifications or progressing with them? For some employing an Associate Adviser will suit, or for others outsourcing may be the best solution for now.
The challenge owners of financial advice firms have is to recognise where the bottlenecks are in your advice model and put in place a solution to enable you to be more productive and take on board those additional clients and meet those growth objectives. Sometimes this may mean investing in the business so it can move forward quickly.
At Futuro we are serious about helping our practices build their revenue and profitability.
Why not give us a call to find out more?
How can we help you build your business into the future?