If I looked at the Annual Review documents you send to clients, would I find your team is still using Excel or multiple software programs to put together these reports? Are they copying and pasting from a previous review document?
If yes, I’m no Nostradamus, but let me guess why you’re still conducting your reviews like this:
- “My clients love what I produce for them, no need to change…”
- “My offering is unique, these graphs/charts set me apart from my competitors”
- “No software can produce anything like the reports I do manually”
Hmmm, I ask you then:
- Why do you have shortcuts to websites in your browsers?
- Why use internet banking over going to the branch to do your banking?
- Why use a mobile phone? Civilization survived 1,000s of years without one?
The answer; because utilizing this technology creates extremely cost effective benefits that simply cannot be ignored. All of these changes undertook accepting a level of risk and a change in behavior. IT professionals continue to give warnings around shortcuts with saved passwords on your computers and warnings are always out about mobile phones; however we all accepted utilising them due to the benefits gained.
In all honesty, will clients actually accept the changes to reporting in their annual reviews?
I say yes. Clients stay with you because you have built a high level of trust and you provide them the ability to ‘sleep at night’ factor. This trust is built through you building relationships and producing results.
Objecting to change aside, let’s look at how we get that $2000.00 into the P section of the P & L.
The Xplan IPS module has over 320 portfolio reports, which can be coded to merge into your Review Document with your business’ branding.
If you looked through them, I’m pretty sure you’ll find 1 or 2 that match or are close to what you are already producing for your clients. You might even find some showing benchmarking against the index; which can show the value you add as an adviser.
With the help of a professional XPLAN technician, they can look at what you’re currently producing manually and show you an XPLAN coded alternative which can then be produced in around 20 minutes, all within the one software.
Now let’s break this down.
Let’s look at the savings in wages of an administration team member earning $55,000 + $5,225 (9.5% Super) = $60,087, at an hourly rate of $30.40, assuming that we save 20 minutes per review report over 200 Annual reports.
Completing 200 reviews a year, saving 20 minutes per review, is the equivalent of $10.00 per hour. Meaning we can save the business a quick $2,000.00 a year just by streamlining the Review process. Your administration team member can then spend their valuable time elsewhere, generating further profits for the business. What could your highly skilled staff member do with an extra 20 minutes per day?
Only you know your unique business and how long it takes to currently produce your own reviews. If you have a Paraplanner preparing your reviews, most likely earning substantially more than $55,000, your savings will look even better.
By embracing that so called expensive software, XPLAN, Enzumo has been able to help practices redeploy the person who is producing reviews into further growing the business.
If you would like to learn more about how you can improve your client review process contact us today on 1300 720 276 or send an email to firstname.lastname@example.org