Fin365 Updates & Industry News

Financial Planning Business Intelligence – are your clients getting the love they deserve?

Fin365 - Platform Benefits

One of the biggest impacts the many mandated reforms are having on financial planning businesses is a need to review the way they manage the ongoing service and support of clients. Historically, businesses were able to rely on passive income trail which provided a quasi-socialist service model. Ongoing service was provided equally to all clients, as needed and without regard to hours spent. Percentage based remuneration meant clients with higher account balances paid higher fees, effectively cross subsidizing the work done for lower paying clients.

Over the past few years, as businesses have transitioned to fee for service, many with flat dollar based ongoing service charges, it has quickly become necessary to ensure time spent on clients is commensurate with revenue received.

The Goldilocks test

By monitoring time spent on ongoing service activities, financial planning businesses’ can quickly identify higher paying clients who are not receiving adequate attention or lower paying clients requiring too much attention. Business and/or fee adjustments can then be made to ensure both customer expectations and business profitability are kept at desired levels.

Automated business intelligence reports

FinPal’s financial planning software automatically links activities such as meetings, phone calls, tasks and emails to contacts. Time spent on clients can then be monitored against revenue received using our revolutionary business intelligence system.

Maximise your profit

Download our complimentary white paper for a more in depth look at increasing the profitability of your business
Share this content:

Related Articles

How to win the financial services compliance game

A well architected and integrated CRM, overlayed with the requisite business discipline, makes it possible for financial services businesses to capture and store all the data needed to meet their compliance obligations. Fin365’s customised version of Microsoft Dynamics CRM was built by Australian financial advisers to help counter the complexity and costs resulting from the ever-changing regulatory requirements.