Mastering the Art of Flow: How to Optimise Your Advice Practice
By Mark Bolatian, Senior Advice Technology Consultant, Enzumo
Choosing the right advice software for your business can be a mammoth task. You may be moving from a long-held incumbent in your practice, or you might have tried a few advice software tools over the years - either way, it never gets easier to make a change.
But are you making change, for change's sake?
We know that the problems practice owners face usually come after they have selected their software solution, and that typically stems from a lack of integration with the business and user adoption (i.e. not enough team training).
(we can help with both of those problems, by the way).
Today we want to look at how using the functionality within XPLAN can increase integration with your existing workflows and processes so that you and your team can drive performance efficiencies.
Let's start at the beginning.
Does your practice have documented business processes?
If you have workflow and advice implementation processes in place, this is where we see enormous efficiency benefits for an advice practice. If not, you might find that production timeframes are blowing out or things are slipping through the cracks.
The XPLAN Tasks and Threads functionality can provide efficiencies in your practice whilst ensuring each step of the journey is completed and tracked for business and compliance purposes.
What are Tasks and Threads?
Tasks and Threads allow practice owners to create workflows and automation for every aspect of their business. Once in place, practice owners and managers can track all the tasks that are due or overdue in the business and help identify bottlenecks. In addition, it will enable practice managers to quickly pick up workflow issues if someone is sick or on leave and redirect tasks to another team member.
Let's go through each in more detail.
Tasks
Tasks are individual activities or to-do's within XPLAN that are assigned to a single person within the practice. They can be created automatically based on a role within XPLAN, e.g. Adviser, Client Support, Paraplanner, and will contain instructions on what steps need to happen to complete each task.
The instructions are written as free text or set up as mandatory sub-tasks, which must be completed before the main task can be closed off. This method is beneficial when you have numerous moving pieces to a task or multiple people need to complete their part.
As well as standard email notifications being sent to the assigned task owner when it is due or overdue, there are additional functions such as:
Attachments – files such as Notice of Intent to Claim Tax Deductions or Product Application forms can be attached to a task
Outcomes – different outcomes can be selected for completed tasks, like 'Client is Proceeding' or 'Client not Proceeding', which can lead to the system creating flow on actions, for example:
Update the next review date to 12 months away
Taken to a page in XPLAN to update the authority to proceed signed date
Trigger a 'not proceeding' confirmation letter
Email – using a pre-coded email template linked to a task will create not only efficiency but also consistency in client communications
Xmerge – reports can be generated when a task falls due or when a task is activated and can also be saved as a document directly as a file note
These features can also be saved as a 'task template' for ad-hoc use, enabling automation and consistency in activities within the practice and client communications.
Threads
Threads are a series of tasks activated based on your desired outcome and can be as straightforward or as complex as you like.
The thread can be triggered manually or automatically via the Scheduler function or the Managed Reviews area. For example, you can have a thread activated one month before a client is due for their review, which will send a task to the client services team. It might include a prompt to:
Contact the client for a meeting
Prepare review reports
Send a communication to the client seven days before the meeting
Creating threads within your XPLAN system can fit many of the different functions of your business. Not only do they bring enormous efficiencies around workflow management, but they can also give you significant oversight of practice compliance management.
Actual efficiency comes from integrating your software.
Creating and maintaining business procedures can be highly beneficial to your practice via the efficiencies they bring. It reduces human error, and your team will have a consistent approach to completing their work.
But when you can build the processes into your advice software, you can take your business to the next level. Implementing growth plans can be easily managed, and client value can be improved exponentially.
Enzumo can assist by helping you build existing processes and workflows in XPLAN. If you're part of the Enzumo community, you'll also have access to our MasterXplan, which offers a significant amount of training material for your team.
If you're ready to begin using your XPLAN system more effectively, speak to our team of experienced consultants who can get you started.