When are advisers are looking to for help with their administration, the client review process is one of the first things that spring to mind. As an admin heavy process getting support with this is an easy ‘instant’ win. However, when we review the impact we have made to their business with advisers, reviews are just the tip of the iceberg, they tell us the areas where we save them the most time and frustration are:
- Chasing providers
- Filling in forms
- Inputting Data
Chasing Providers
The industry has changed in many ways since I first started work 25 years ago, but some things remain the same. Sitting on hold to providers to chase policy information after submitting a LOA is a good example. Trying to get confirmation of completion of payments out is another. Modern technology may give us new ways to chase providers but it hasn’t eliminated the need to do so.
Filling in forms.
ID verification, privacy notices, at retirement questionnaires, expressions of wish, agency requests. Many forms are prompted necessary by compliance and regulatory requirements. Unfortunately, they are also time consuming.
Inputting Data
Every client, every case, every review requires documenting in some way. For the vast majority of advisers this is via a Client Relationship Management System such as IRESS, Plannr etc. Keying client data and the actions the adviser has completed in the correct way is key to the business and regulatory MI, but it’s also another time consuming task that can involve a lot of duplication.
The key thing about all of the above items, is that none of them need to be done by the adviser. Just like client reviews, they are admin heavy functions, that can be outsourced for an ‘instant’ win.
If you’d rather spend your time this week digesting the outcome of the budget announcements and touching base with your clients instead of fighting with a CRM system, then give us a call.
Client reviews are just the tip of the iceberg of what we do.
