By engaging with prospective clients prior to the initial client meeting, advisers can make the planning process much less overwhelming, according to AstuteWheel director Hans Egger.
Using the Astute Wheel Client Engagement Platform, planners can send clients emails with a link to a video and a five-minute fact find. The planner is then sent a short report in preparation for the face-to-face meeting.
“We save the planner and the client about 30 minutes or more, in that a lot of the background has already been done,” Egger said.
“Typically the client doesn’t really understand the full depth and breadth of financial planning [in the initial meeting]. This way we set the scene and explain everything that’s going on,” he added.
While planners will usually “grab a pen and walk over to a whiteboard” at this point, the CEP provides the planner with online tools that can explain the six basic areas of financial advice.
The CEP also offers planners “a very effective pricing mechanism”, Egger said.
“[It shows the client] how much time they’ll need to spend on each area and price it accordingly. The planner can then logically explain how they will price the work they’re going to do for the client,” he said.
Astute Wheel launched a pilot group for the CEP last year, with “110 planners and 40 practices using it, stress testing it and giving us feedback”, Egger said.
“We are now ready to do the full launch. We’re talking to individual practices and dealer groups, and presenting at professional development days for dealer groups,” he said.
