Challenge
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- Financial Planning sector becoming increasingly regulated with a growing need for planners to not only lift their game but also to increase their productivity
- Financial planners who were audited need to devote large amounts of time to assist the auditors creating significant financial strain on the financial planner.
Solution
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- Transition from individually prepared recommendations to develop a software based solution so that advice preparation can be scaled
- Build a bespoke solution leveraging templating and UX/UI expertise
- Launch with a suite of base documents – Fact Finds, Working Papers and Better Position Statement and then progress to other documents
- Build logic around each decision point – a response to a previous question may trigger additional questions.
- Develop a module for handling appropriate responses to recipients cognisant of to whom we were addressing.
Outcome
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- Time to prepare Financial Planning advice was reduced from hours to minutes and the quality of the statement of advice was far superior.
- Incorporating financial planner logic within the advice preparation streamlined the number of questions shown to the client at any one time making the data collection phase appear much less daunting, for example a typical Fact Find runs into hundreds of pages versus the streamlined version which had at most 10 pages showing at a time.
- The advice was personalised and referred back to the guidance provided by the person seeking advice, for example, concerns raised by the client were captured as part of the process and then summarised back to the client before presenting any outcomes.