Expert: Katherine Harvey, Head of Progress, Melo
Headlines:
- Understanding clients' goals and objectives to provide better advice and service is crucial
- It can be difficult for paraplanning teams to understand the client's story and objectives, particularly if they don’t receive adequate information
- There is need for clear communication channels and agreed processes
- The benefits of goal-based planning, including better client outcomes, reduced complaints, improved productivity, and stronger adviser-paraplanner relationships were emphasized, as well as using cash flow modelling, leveraging technology, managing expectations, and building rapport with advisers
Context:
The importance of understanding clients' goals and objectives to provide meaningful advice and better service should not be under estimated, given that without clear goals, there is no meaning or emotion linked to the financial strategy, and clients may not understand the purpose of the advice.
There can be a disconnect between the technical specialists and advisers, if there is less interest in technology or process changes.
When it comes to managing the flow of information between advisers and paraplanning teams, establishing clear communication channels, following agreed processes and procedures, fully utilizing available technology, agreeing on service standards and expectations, delegating tasks effectively based on skill level and experience, showing workings and documenting the client's story in the file, and aligning with the firm's quality control measures are key.
Paraplanning teams should get more involved in improving the firm's proposition and service offering in order to identify the top issues or challenges that are causing frustration and presenting proposals to management and advisers on how to address them. The importance of building rapport with advisers, even in transactional relationships, by asking the right questions and demonstrating the benefits of collaboration should also not be under estimated.
Key takeaways:
- Establish and define clear communication channels between advisors and paraplanning teams
- Follow agreed processes and procedures for gathering and sharing client information
- Fully utilize available technology to streamline processes and improve productivity
- Agree on service standards, expectations, and deadlines between advisors and support staff
- Delegate tasks effectively based on skill level, workload, and experience
- Show workings and document the client's story in the file, linking everything back to the client's goals
- Align with the firm's quality control measures and processes
- Identify the top issues or challenges causing frustration and present proposals to management and advisors for improvement
- Build rapport with advisors by asking the right questions, demonstrating the benefits of collaboration, and understanding their working styles
- Encourage advisors to provide adequate information and preparation for client meetings to facilitate better understanding of the client's goals and objectives
- Implement goal-based financial planning processes, including the use of cash flow modeling and technology integrations
- Sit in on client meetings or request meeting recordings to better understand the advisor's style and the client's story
- Conduct post-meeting debriefs with advisors to gather additional information and context
