Peter Mancell
We all probably remember our first experience with the potentials of technology. For those of us old enough it was programming the VCR or maybe getting a 5 year old relative to program our VCR. For those of us young enough, you were probably one of those 5 year olds!
A few years later you may have purchased your first computer – hugely expensive, but for buinsiness it started to introduce significant efficiencies. For me it was minimising the paper shuffling with the ability to quickly interrogate large amounts of data and reduce the cost of producing professional presentations.
It wasn’t hard to visualise the future potential for that big hunk of metal, plastic and glass. A quarter of a century later, while it may have shrunk in size, it has expanded exponentially in its capabilities. And if you’ve been prepared to invest along the way in technology, software and continuing development, you’ll already be reaping the dividends from the efficiencies it has brought you, your business and clients.
Making software work for you
Your financial planning software is going to be one of the major drivers of efficiencies. I’ve found that having the ability to drive development in conjunction with your software partner will ensure you can meet your specific needs and stay ahead of the industry.
We’ve been using Xplan for over a decade and in this time we’ve (probably much to the frustration of account executives) pushed to develop a highly customised version of Xplan to suit our own procedures. This customisation has focused on extending new fields and drop downs for fact finding; streamlined wizards for ease of use; and creating advanced templates for producing advice statements and reviews in quick time. It should be noted, this customisation comes on top of the industry’s already preferred financial planning software.
Now accepting the standard would have been fine, but taking the opportunity to collaboratively push development further has reaped efficiency dividends across the group. But like anything, to eventually enjoy these benefits, you need to think of your technology commitments over the long term and invest the time.
Looking outside the box
Besides your financial planning software there are a wealth of platforms available that can change the way we interact with clients and fellow advisers. Embracing them now opens wonderful possibilities for the future.
Social media platforms offer a way to engage prospects on a consistent basis. Video conferencing tools like Skype offer face to face time with busy or distant prospects and clients, while also being a great support tool for fellow advisers. Screen sharing tools make these online meetings more complete and video sharing platforms such as Youtube can offer fast (and password protected) follow ups after client meetings.
These offerings will be inevitably more impressive and commonplace in the future. And that’s the important thing to remember with technology. So taking small and consistent steps now with ensure you’re not playing catch-up further down the line.
A specialist in business development, Peter’s role primarily focuses on providing strategic planning advice to FYG Planners on its future direction, improving the technical skill base of the group, identifying business growth opportunities and services that can be developed for use by FYG Planners Advisers. Peter is also the founder of Mancell Financial Group, one of only six CEFEX certified fiduciary financial advisors in Australia. Peter is also the founder of Mancell Financial Group, one of only six CEFEX certified fiduciary financial advisors in Australia.
Via: No More Practice
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