Have you fallen into the bottomless pit of never ending despair while your authority to access information is being processed? If so, you’re not alone.
I learned very quickly that it can take days and sometime weeks for product providers to authorize your access to information and this is time that is not used to complete your advice documentation so you can be paid. Waiting for information is lost revenue.
One tip to avoid all the processing time and waiting in order to get the information you need to proceed with advice is to complete a 3-way phone call with your client and their product providers.
The benefits of this strategy include:
– While you’re on the phone with the client to the provider, you can update their contact details so that when you do send your authority through it can be processed right away.
– You can obtain all the product information on the same day as you met the client and then begin your research into their financial advice recommendations.
– You can find out if a separate authority to access information form is needed i.e. with some industry super providers who only accept their forms.
– The client can see that you’re on top of their advice and if they listen to all the in-depth questions you ask, they will gain an understanding of all the things they never knew went into a product they have.
You can complete the 3-way phone call in two ways. These ways have worked best in terms of managing your client’s engagement and progressing your recommendations to the delivery of a Statement of Advice so you can get paid sooner:
– You can complete the 3-way phone call after your initial meeting once the client arrives home. You ask them to send you the super details from their MyGov login so you know which super providers to contact, or you would have collected their product providers during the meeting.
– You can complete the 3-way phone call at a later date usually one of two days later after the client obtains the product provider information for you.
Obviously, option 1 allows you to begin your research process right away and is the most efficient. Now, you may be asking does the client have to stay on the phone call? No, they don’t.
With a lot of providers, once the security check is complete and you update their contact information for ease of implementation later, you can ask if the client needs to remain on the call and 90% of the time the product provider says no since they have given you authority for the phone call.
The client can either choose to leave and you complete your company questionnaire or if they are a very inquisitive client, they may want to stay on the phone call. Let them know it can be anywhere from 10-20 minutes for the phone call and ask if they’re happy. If they would prefer to go you just give them a call back afterwards and then begin the process of the next 3-way phone call.
This is a very effective, efficient and time saving way to obtain product information to begin your research and it has all been done upfront with a phone call. This is a win-win for both you and your client, as their advice gets completed sooner and you save time with waiting and getting you paid days or weeks sooner.