Every client is owed an annual review, and each one takes three emails to book, two to collect the documents and one to remind. With 400 clients that was a paraplanner's whole job, and reviews still slipped past their due date. The firm wanted every review booked on time, prepared for, and every message written inside the rules.
Three things kept going wrong, and each cost the business time, money or a customer.
Three agents built around the firm's client system and its compliance manual, with every client-facing message drawn from wording the compliance officer had approved, and anything resembling advice routed to the adviser.
The compliance officer spent a morning with us going through what the agents may and may not say, and every template was signed off before it was used. We connected the client system, the advisers' diaries and the document portal. For the first two weeks a paraplanner read every outbound message; the agents were never asked to answer a question about a product or a recommendation, and the two clients who asked one were passed to their adviser within the hour, as designed.
Every client's review is booked before its due date, and the documents are in and filed before the adviser sits down. Advisers arrive with a brief instead of a folder. The paraplanner who ran the diary now spends the week on suitability reports, and the compliance officer has a log of every client message, with the approved template each one came from.
'I spent Mondays chasing people for P60s. Now they're in the file before I've thought about them, and every message has a template reference on it for compliance.'
Senior paraplanner
Every Friday afternoon went on invoicing and chasing, and the partners still didn't know which clients were slipping until the quarter end. They wanted the cash in on time and a clear view of the practice each Monday.
New enquiries sat in a shared inbox until someone had a gap, often two days. Prospective clients had usually instructed another firm by then. They wanted every enquiry qualified and booked the same day.
A free 45-minute call. Tell us where the time goes; we'll tell you honestly whether an agent would help and what it would save.
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