Curious about what our system technicians think about Xplan and the financial industry? Well here’s your chance. I sat down with Courtney Youngblutt, longstanding Enzumo samurai of 5 years, and Team Leader of the XPLAN Support team to find out what she thinks of the current financial climate and her top tips in creating an efficient operational platform.
Question: You are an expert in XPLAN, what would you say is the most difficult thing that users of XPLAN find?
Answer: Finding balance. XPLAN functionality has grown immensely over the past few years; I feel that the most challenging aspect for users is to find a balance between always doing what they’ve always done without considering new functionality, verses trying to integrate every aspect of XPLAN functionality just because it is available. The ideal in my opinion, is staying abreast of changes within the system, reviewing them in light of your organisations end goals and then concertedly implementing the functionality that provides the most value.
Question: What do you think is affecting financial practices the most in the industry today?
Answer: I think the current opportunities facing financial practices today come as a result of increased client awareness and education in conjunction with, and as a result of, fast moving technology. The internet and social media ensures that clients have more access to information (both fact and opinion) than ever before. The increased access to easy-to-use technology in every day life has resulted in a generation of proficient technology users with high expectations. I think the key is for financial practices is to decide where they sit in terms of their social profile and technology offerings and develop a value proposition that supports and articulate that position.
Question: What are the most common XPLAN queries you receive in the support team and your advice for them?
Answer: As our client base ranges from small family run practices through to mid size practices, independent AFSL holders and large scale Dealer Groups the types of queries received on a daily basis vary greatly. The key is to provide tailored support by ensuring you have an understanding of the client’s business, the requirements of the user’s key role within the business as well as an understanding of their level of experience with XPLAN. All of these factors can affect what is the most appropriate advice for that particular person at that particular time.
Question: What are your top tips as an XPLAN technician, to ensure XPLAN is an efficient and effective system?
Answer: Lay the foundations and maintain them, then anything is possible.
- Prioritise data accuracy – Accurate data is critical if you are going to gain efficiencies from any system.
- Implement a tool set – A key set of tools including a Fact Find, SOA Wizard and Review Document are crucial to the advice process. A systematic approach that allows flexibility and personalisation will result in a consistent, professional client experience and aid in meeting compliance requirements.
- Define your process – Well-defined processes built using XPLAN’s workflows create efficiencies, provide visibility, facilitate a consistent client experience, aid in compliance, make sure your data is accurate and updated in a timely manner and ensures the advice tools are used appropriately, all of which results in peace of mind that what needs to happen is happening, when it should be happening and in the way you want it to happen.
- Maintenance - Regular review and maintenance of your foundations – your data, your tools and your process, without reinventing the wheel each time, will ensure your system continues to meet your everyday requirements and provide a solid undercurrent for further development.
- Development - Once the foundations are solid you can then look to develop further aspects of XPLAN which will add value, both internally for your business and externally for your client base. Whether you are looking to provide client’s with access to XPLANTouch, provide adviser’s with the tools to model and discuss advice options in front of clients via an ipad, develop an automated compliance system or delve into pipeline reporting, all of these things become significantly easier to achieve once the foundations are in place.
Question: How do you see technology in the financial industry in the next 5-10 years?
Answer: You only have to look at how fast technology has been able to permeate every aspect of our lives over the past 20 years or so to know that technology will encapsulate almost everything we do in the future. Apple introduced the iphone in 2007, less than 10 years ago. Technology moves fast. Regardless of the industry, I believe technology will continue to develop at it’s fast paced rate and the challenge will be for businesses to determine where this technology adds value. Technology quickly becomes out dated so it is important to be discerning then act swiftly to incorporate it.
Question: In your opinion, what are the top things that Enzumo does to help practices the most?
Answer: Partnering with businesses for the long term with a focus on understanding their business, their priorities and their long term goals which in turn enables us to offer tailored, specific advice and recommendations on how to incorporate Xplan functionality to best achieve that goal.
Question: What is your favorite part of working at Enzumo?
I enjoy being involved in projects that force me to think outside the square. Working with any technology solution requires compromise at times and to be able to take a client’s vision and develop an end result with in XPLAN that meets, and hopefully exceeds, their expectations is rewarding.
I also enjoy working with a team of people from a variety of backgrounds with different key skill sets and industry experience. Being able to gain insight on a particular situation from the perspective of an adviser, paraplanner, administrator, commissions officer, compliance guru, practice manager, marketing director, or business owner allows the team to offer well considered solutions to our clients.
The Enzumo XPLAN support team work extremely hard to ensure they get the best possible results for their clients making sure they understand their clients and the industry that they work in, all to gain the most efficiency and effectiveness within XPLAN. If you would like to learn more about Enzumo, contact us on 1300 720 276 to book in a demonstration today.