Solving inefficiencies in compliance and data requirements

January 12, 2018 by Rachel Gutbrod

A group of advisors work to solve inefficiencies in their business practice.

about the author:

Rachel Gutbrod

Solutions consultant

Rachel has a background in Advicent’s Training and Business Analysis teams. She has completed all of the coursework towards her CFP and plans to do the same for the ChFC. She genuinely enjoys planning and solving complex problems with financial technology, especially NaviPlan.

Financial planning enterprises, despite their differentiators, at many times are plagued by the non-unique profitability killer of wasted time. At Advicent, we see this daily as an industry-wide pain point that will often manifest in the form of inefficient workflows that bog down every-day necessary planning activities and therefore reduce the ability of a firm’s producers to sell.

This issue is compounded by the varying data required of different tiers of financial professionals within an organization. By reducing this bottleneck, however, both home offices and field agents can greatly increase efficiency.

Mitigating internal inefficiencies

Financial professionals are able to mitigate internal inefficiencies by leveraging the NaviPlan Presentation Module, a collaborative and standardized way to have planning conversations with any client, regardless of whether you are a field representative or a comprehensive planner. This interactive presentation includes a visually stimulating layout that leverages images, marketing slides, hyperlinks, NaviPlan data entry components, and “What If” capabilities.

Presentations built within this tool are designed to engage the client and can be configured to a firm’s specific branding standards as well as customized to tell their unique story. In this way, we have seen multiple organizations build out personalized presentations to be used with specific groups of professionals and planners.

This streamlines the conversations reps are having with their clients as it walks them through a defined set of talking points and data entry pages — which not only bolsters efficiency but also a consistent client experience.

Streamlining your process

Without going down the road of editing the presentations, our multiple out-of-the-box offerings offer a streamlined approach to gathering data for important goals, life insurance needs, as well as cash flow considerations. Our Road to Retirement presentation has been considered by many to be a baseline DOL-compliant plan generator. It is an excellent place to start with a new client in an onboarding meeting and requires minimal training.

Implemented in light of not only the DOL ruling but also an initiative to get more plans into the hands of their clients, we have seen consistently impressive results among enterprise firms who use Presentation Module. Among the most remarkable of those results is the 98 percent reduction in time spent on reporting with one of our enterprise partners.

In the end, what comes along with reducing these inefficiencies? A 40 percent increase in sale revenue. This system has allowed more than one firm to take advantage of results like this by facilitating conversations across a wide range of clients, by a wide range of financial professionals.

To learn how to improve efficiency at your practice by leveraging Advicent technology, click here.