Master the Merge: Remove the Need to Edit Advice Docs

Author: Michelle Michelle Leversedge, Senior Advice Technology Consultant

We all know that 'creating efficiencies in your business' is the buzz statement for 2023. We agree with the concept, but tackling a business overhaul without a plan is unwise.

You need to start by understanding the specific areas of your business that need to be addressed to improve your bottom line and client value. So if you haven't conducted an audit and made a list of priorities to tackle on the efficiency front, we've got somewhere for you to start - get a new process for creating your advice documents.

Without a doubt, reducing the time it takes to produce a Statement of Advice will impact your business efficiency. And we're not approaching this topic from the perspective that 'fix this issue and you can reduce the cost of your advice'. On the contrary, there are better reasons for putting time and money into changing your approach - manual editing of a Statement of Advice doesn't increase client value; ironically, it can increase the risk to your business.

We want to help our clients get serious about removing and replacing this function with a more efficient and less risky method.

Let's dive into the detail.

So, what does the problem look like?

All advice practices need to create a Statement of Advice or other documents for their clients. Some firms have specific processes to get it done, use a range of software, and often have designated team members dedicated to the task. The problem becomes quite apparent when we break down the numbers.

We have worked with clients who were previously spending over eight hours editing their Statement of Advice after merging their templates with client data. Eight hours of a valued team member's time (hopefully not an adviser with an hourly charge out rate of $350+), tediously editing a document to check merged client data, fix layout problems and edit other formatting issues.

Because the editing job can be complex and require specific technical skills, one or two key people in the business likely possess these magical editing skills. That can mean bottlenecks occur while you wait for them to finish the task before the team member can complete other client work.

If your key staff are spending their time doing editing, you can be sure that they have less time to focus on areas of the business, such as client engagement activities or functions that can generate more leads for the firm. But ultimately, it can lead to delays in delivering advice and potentially result in a poor client experience.

The inefficiencies are your second-in-line problem.

You should be aware of two more significant issues that could expose your business to unnecessary risk.

With so many data points to consider when merging a Statement of Advice, it can be easy to make mistakes that have serious consequences. Even minor errors, such as typos or missing information, can confuse clients, change the advice provided, and harm the adviser's credibility. In addition, the mistakes that are picked up (usually by the client) will create additional work to fix and further delay the advice delivery.

Then there is the security concern. Data transferred or shared across different systems or platforms could create a data breach or allow unauthorised access. Both can have severe consequences for the firm, their clients and the adviser.

What is the solution?

We've been able to work with clients to code Statement of Advice templates within XPLAN so that the need to merge data externally is removed. Additionally, we've helped practices build their specific processes within XPLAN and create automated reporting to guide them on managing workload.

We've had clients reduce their Statement of Advice preparation times by 75%, all by having templates coded into their XPLAN. Whether it’s by helping you with XPLAN customisation on your own site or using our turn-key hosted XPLAN site, Xpress, you can remove the need to edit manually.

But don't just take our word for it.

Our clients are happy to share their feedback when we create some efficiencies for them:

"I'm really impressed. They understand what I'm trying to achieve, and the speed at which we can get enhancements implemented is amazing!"

"Your support is superb. Everyone in Enzumo is responsive and always makes sure to address all the concerns."

"I love dealing with Enzumo - they are knowledgeable, patient, accommodating, friendly, and most of all, they get things done."

How can we help you to make the right changes?

If you (or, more likely, one of your team) frequently edit a document within your XPLAN financial planning software after it has been merged, it's worth assessing your processes and fixing the problem at the source.

If you need XPLAN support and are ready to use your system more effectively, speak to our team of experienced consultants who can get you started.