Starting with the initial contact with the practice, an appointment is booked through our integrated calendar (integrates with outlook, google calendar, iCal) which sends a message to the adviser, adds the entry to their calendar, and sends an email to the client that:
At the first meeting, the adviser typically establishes suitability of client to the practice, and the client starts to understand if they feel comfortable with the adviser. Depending on how this meeting progresses, the adviser can activate the Client iFactFind™ via the adviser dashboard and start to collect pertinent information.
We expect that this process starts the engagement with the client and would be used as a ‘training’ aid to demonstrate how to enter information into iFactFind™. The importance of accurate information can be emphasised, but the 2-level help functionality will ensure that clients feel there is always assistance at hand. Read More
The scoping functionality of iFactFind™ means that only the information related to the advice needs to be collected. During the discovery meetings the client and the adviser generally establish what is to be covered in the advice provided and this will drive what client data needs to be obtained. Holistic advice is likely to require the full data set to be collected, however, limited or specific advice might only require certain sections to be completed – and this can be managed by the adviser through the dashboard.
Goal setting is integral to the success of a financial plan and financial planning relationship. Helping the client to articulate their goals and values is one of the most difficult tasks in the whole financial advice process and we have developed a goal-setting tool that helps this discussion by incorporating a lifecycle insurance needs analysis as well as multi-period retirement planning. Savings-based goals, investment-based goals, debt management and estate planning are all included in the fact find and once completed, along with the rest of the client data, allow you to present the gap analysis in a single document for you to discuss with the client.
Built in to iFactFind™ is a simple Word/PDF document that compares the current situation to the outcome required based on the client’s goals. Each goal is broken down to describe the outcome required and the current path towards that goal – the ‘do-nothing’ option. This can be used as a tool to reinforce the importance of the advice you will provide, but more than that, assists clients to prioritise their goals and in doing so to start to better understand their key drivers…what they value the most.
This document is client-focussed and provides tangible evidence of the reasons they came to see you in the first place. Read More
Once the iFactFind™ has been completed to the satisfaction of the adviser and all relevant client information has been entered into iFactFind™, SoA production can be commenced.
Moving to SoA production via the adviser dashboard takes a snapshot of all client information collected and stores it as a reference for compliance purposes so that you have a record of the information relied on for the advice – at the time of the advice. In fact, any time in the future that further advice is provided, the snapshot functionality will capture the data set at that point and record it.
Up to this point, the data collected is static. That is, it does not update automatically. We have purposively set the system this way as our experience has been that prospective clients are unwilling to allow access to all of their on-line client data before committing to an adviser relationship. However, at this point you can opt-in to data uploads via API and data-feed interfaces so that all client data (bank details, loans, insurances, investments and superannuation) is kept right up to date. No more reverse fact finds!