As we begin this new tax year, it is crucial to start with the right questions. Reflecting on the past three months, was it business as usual with your annual reviews? Or did last-minute ISA top-ups from the usual suspects consume your time? If the latter resonates, you might face a significant backlog. So, how do you plan on catching up?
Financial advisers are required by the regulator to provide clients with full suitability reviews annually, ensuring compliance with regulations (FCA COBs 9A 3.6-9).
If you’re finding yourself falling behind, catching up without the right resources can be daunting. This week’s post aims to help you kick off on the right foot by establishing the correct processes. Allocate time amidst the post-tax year-end lull to contemplate your client’s annual review process.
Proactive Scheduling:Ever wondered about the ideal timing for contacting clients to schedule review bookings? We’ve honed our approach and found that reaching out one month in advance works best. This strategic timeframe allows for ample preparation on both ends. Ensuring both you and your client are primed for a productive discussion that drives progress and success.
Preparation: When preparing for client meetings, we view it as a two-part task. Part one begins with our initial contact to arrange the review meeting. During this phase, we provide the most recent compliance documents and request any additional information necessary for the meeting or file.
Once the meeting is scheduled, we move on to part two of our preparation process. This involves assembling our client meeting packs, a task that demands meticulous attention to detail. Within these packs, we include comprehensive summaries of portfolio performance, updated financial goals, and personalised recommendations. All of this information needs to be pulled together just before the meeting to ensure that clients receive the most up-to-date insights and advice tailored to their needs.
By starting this preparation process early, each review is conducted with thoroughness and precision, ultimately delivering maximum value to your clients.
Efficient Tracking: To ensure seamless operations, a robust tracking system is indispensable. At We Complement, we’ve designed a sophisticated solution that goes beyond keeping tabs on upcoming reviews. Our system meticulously highlights any overdue appointments, providing clarity on each client’s review journey and the subsequent steps required. This proactive approach empowers you and your team to maintain full control over your workload, ensuring that every client receives the attention they deserve without the risk of falling through the cracks.
Timely Documentation: It is worthwhile for advisers to set aside a weekly ‘admin day’, giving themselves time to follow-up meetings promptly with the correct documentation or handing over to a paraplanner. We’ve heard of clients waiting months for the review letter. By prioritising documentation and streamlining the delivery process, you can enhance client satisfaction and build trust in your services.
Back-Office Systems: We advise our partner firms to leverage their back-office systems to track due reviews, and sign off upon delivery. If your system needs enhancements to alert you of impending reviews, We Complementcan implement these workflows seamlessly.
Do you have a process in place that monitors your review process? It’s crucial to extract the data, ensuring a high-level view of your company’s performance. Remember, failure to deliver reviews correctly could lead to complaints and fee reimbursements.
In small or medium-sized businesses, we understand you can be pulled in every direction. That’s where we come in. We work with firms to establish review processes, manage the flow of reviews, book appointments, and prepare review packs. Our paraplanners offer technical support to you and your advisers, even if it’s just to discuss a case.
If internal resources are lacking, let us be the extension of your team that you need. With We Complement, you can ensure your clients receive the attention they deserve while optimising your operational efficiency.