It’s no secret that the current Advice Creation process is time consuming, manual and repetitive. The current time to complete advice for a new client fluctuates with the most time spent on the creation of Fact Finds and Statements of Advice. According to the FPA Whitepaper 2017, the average time to complete advice from start to finish is 26 hours for comprehensive advice.
We’ve identified two main reasons for the significant time allocation. The first reason is the manual and repetitive nature of data entry. Let’s take a client goal for example. You are required to document that your client wants to save for a house during your Fact Finding process. You then repeat that information in your File Notes, which is then repeated once more for your Statement of Advice. This is 3 times that you have entered the same information. Multiply this across 3 or more goals and you have yourself an administrative nightmare.
The second reason is the human aspect to the process. How often have you outsourced your Statement of Advice creation, only to wait a week or more for it to return? This is because the current manual nature of creating your Statements of Advice creates a backlog of work, which is dependent on people. To add further frustration to the process, it may lead to human error that requires back and forth communication, extending the time to create advice even further.
This brings us to Asendium’s Reimagined Time Allocation. Through our unique methodology, Asendium’s Advice Creation process is interconnected and intelligently structured to maximise every input of quantitative, qualitative and sentimental data – creating a seamless, intuitive and efficient Advice Creation experience. The two points of concern highlighted previously around multiple data entry and human centred processes are now significantly minimised. Asendium has addressed this with two of its key features:
Now let’s look at an existing client that requires new advice. If you are using the current Advice Creation process and technologies, you will need to go through the whole process from scratch and create the advice manually again.
With Asendium, the Advice Creation time for an existing client is further reduced as all the relevant and existing information is automatically pulled across from the most recent advice to the new advice piece. All that is required is the entry of new information to be input into the system once through our dynamic data entry. Our unique methodology will utilise that data in the system to streamline the new Advice Creation for your existing client.
It’s time to take a chance and reimagine your Advice Creation process. Every evolution requires a change of mindset and a learning curve, but the evolution will lead to significantly reduced advice output times for your clients, increased profitability for your business and overall, a better work/life balance.