Integrated, Automated Processes to Lift your Practice

At Enzumo a question we often hear from our clients is:

“What are other Financial Planning practices doing well?”

Practices that outperform have a sharp focus on productivity and efficiency. They have a sharp focus on their processes and the constant evolution of these in the pursuit of productivity and efficiency.

The benefits of documented processes across the lifecycle of a client can include:

1. Higher quality and consistency of client experience

2. Greater practice efficiencies

3. Higher staff engagement and retention

4. Less risk of a compliance breach

5. Larger profit margins

However, simply documenting processes is not enough, you need to integrate these into your Practice’s technology and at Enzumo we advocate XPLAN for this.        

Step 1. Integrate

In order to scale your business, there are some clear leverage points for revenue and profit improvement, these typically being:

1. Increasing fees for your service offerings

2. Decreasing the cost to serve per client

3. Increasing the number of clients through marketing/referrals.

Generally, the only way to do all three concurrently is to integrate the processes required for the successful operation of your practice in your financial planning software such as XPLAN.

At Enzumo, we've been actively collaborating with clients to create a Workflow Management Suite in XPLAN.

This includes workflows for:

• Client Management/administration

• Onboarding

• Advice Provision

• Implement Recommendations

• Ongoing Service Provision

Over the years, Enzumo has developed a dynamic system for financial adviser workflow management that offers clarity and simplicity.

Step 2. Automate

The current landscape of increased compliance costs and limited adviser time necessitates the use of automation to streamline operations.

Utilising the Xplan Threads functionality to upload processes/workflows, we can create an automated string of tasks for each process. 

We then build templates into each task where applicable, to make each step of the process efficient and consistent.

Step 3. Collaborate with us

When it comes to workflow setup, there are pros and cons to consider. It's important to recognise that there is no universal solution that works for every practice. However, we have witnessed great success for our clients by partnering with Enzumo and leveraging XPLAN effectively to coordinate client service delivery.

The right approach to workflows enables our clients to efficiently train new advisers or support staff members. It fosters a shared understanding of the methodology, clear accountability, and a framework for prioritising tasks. In case of any breakdown or obstacles, we can promptly identify and address them.

While the goal may be to create a practice where everyone is replaceable, this approach also helps attract and retain talented professionals, establish quality standards, define career growth paths, and improve the overall quality of the client experience. Over the years, Enzumo has developed a dynamic system for financial adviser workflow management that offers clarity and simplicity.

These workflows not only save time and money for your practice but also mitigate risks and utilise service benchmarks to ensure timely and compliant client delivery.

For more info and to find out how we can help, contact Enzumo.