Amanda Kiely, like many financial advisers, wasn’t too excited about adding another program to their tech stack.
The company made a decision to get all staff excited and educated on the new platform. This really helped get all their clients onboard. The motto was “we don’t give clients a choice using the portal and app, we are the trusted advisor and this is the tool we are going to use”.
Step 1 – Sign on
Initially, Collins Financial Group (CFG) started onboarding only new clients through the portal. In the confirmation meeting for the first appointment, prospects are advised that they will receive an email inviting them into the CFG portal and to create a login and fill out the introductory fact find. Amanda mentions “you can also add videos into the fact find to help prospects understand what is required and put a name to the face”.
Step 2 -Setup Room
Once the client signs on to be a client of CFG, the team create a room in the portal called “Welcome to Collins Financial Group” with the following tasks to do; Comprehensive fact find, ID’s, pay the SOA fee etc. The team communicates with the client in the room, share docs and mark off the tasks. Once all the tasks are complete the team close off the room and export rooms to Xplan. Furthermore, the newly enhanced two-way Xplan integration means there will be no more double entry. Amanda says “Importing and Exporting data from Xplan to myprosperity has never been easier or quicker saving our business at least one hour per client by not having to double enter fact find data”.
Step 3 – Esignature
In terms of Fee Disclosures, Amanda mentions the team will send the document to the client via the signature tool in the portal then email them a templated email in Xplan to let them know it’s there for them and to also show compliance that the team have sent it. CFG’s clients find signing documents through the app easy and efficient. Furthermore, the team save all the tax documents for higher paying clients in the tax folders in the portal. The Investment Tax Statement, the Income Protection Tax Statement and they give the accountant access to the documents section of the portal. Besides Accountants, the team have given Solicitors access to the ‘will fact find’ as the Solicitors have their own fact find they need completed. All the info they need is in the Portal.
“We run all our reviews from the portal” Amanda explains. “All the reports we usually would save, we save in the doc section under the asset. The Financial planner goes through all of this with the client in the meeting. If a client can’t make a review, we will save all the reports in the portal and email the client a template saying that their review is ready.” Having multiple folders for different documents in the portal is convenient for both the client and adviser.
Solution: A complete end to end digital experience
It’s clear that CFG have streamlined the flow of data to provide the ability to have a complete end to end digital experience for clients. Amanda has expressed that their client experience has significantly enhanced from the fact find to seamless collaboration and implementation which has amplified their value and increased efficiencies.
Karolina Kuszyk (KK)
Head of Wealth at myprosperity
Karolina brings over 15years experience in the Tech industry. Her previous role as a Field Partner Manager at MYOB, paved her way into the FinTech space. She joined myprosperity as employee number 8 and has played an instrumental role in driving growth since.