Adviser to Paraplanner Report/advice request forms
Janeen.Stevens
Member
Hi, talking is always best I know - but I'm thinking a standard report request sheet might be useful to initiate the process, so we can start research/analysis upfront and then talk through the output before ploughing into full suitability report. I was wondering if anyone out there has one they are using, or ideas on what works for them.
I am the first in-house paraplanner at my current firm and am looking at ways to get the advisers to start using me efficiently, also it could help with structuring the process a little better. I'm finding that they are still doing a lot of the things I should be doing - i.e. ask me to proceed with a report, so I do the illustrations to find out that they've already gone ahead and done them themselves!!!
In past role Advisers completed meeting notes, which had action points at the end which defined Admin requirements and PP requirements so I always had an idea of what was coming at me...
Peoples thoughts and current processes in other businesses might be useful, thanks
Comments
In both of the companies that I have worked for there has been a simple crib sheet that has a table asking for the following info from the adviser:
The adviser can then attach file notes but in theory the factfind and supporting documentation along with the crib sheet should be sufficient enough that you're not trawling through pages of notes/scribbles to find what you're after.
That then gets submitted and then when I pick it up I give the adviser a quick call or email to double check my understanding of the case. That way it should be an easy start to finish process.
Something my firm prepared attached.
It doesn't always get done in full but it gives prompts for a structured discussion at least, following which this should be filled in.
The new advisers are under supervision so if the file note is good enough for compliance guy to sign off the advice, he doesn't ask to see my report. Compliance checking a whole report is always a faff as he will make changes throughout such as 'please contact me if you have any queries' to 'should you have any queries, please do not hesitate to get in touch and I will be pleased to assist'. Drives us all mad so avoiding this is a good incentive for advisers to complete the file note!
I can only dream of something like this being completed by our advisers. We're lucky if we get a half decent objective to work with!
I sympathise Poppy! I definitely experienced the good, bad and ugly before I found my current, very awesome, boss. The new recruits advisers need more molding and I am hopeful our outsourcer will help with this. I tell them we'll be paying higher invoices if they waste her time which I'm hoping will 'focus minds' as another paraplanner buddy* once described it to me. I'm hoping they will be in good habits before compliance sign them off and they don't lapse!
See if you can find a way they can understand what's in it for them. Often it's a case of showing rather than telling. I've found a lot of advisers, particular older ones have a very fixed idea of hierarchy and hate to be asked to do something in a way that makes them feel like they're working for you. Not that I actually do that as nothing I ask for is for ME of course!
It drives me mad as I find my male colleagues don't have to bend over backward to accommodate egos, but sometimes, sadly, the most pragmatic way forward is to ask very sweetly if they could very kindly do their bloody job help you out.
This is stuff I've learnt the hard way, I wouldn't say How to Win Friends and Influence People comes naturally to me! *Nathan Fryer gave me a lot of very useful and encouraging advice at a particularly challenging phase. I really think it's the hardest part of the job!
I'm glad to hear you've found your unicorn Clare! I'll keep searching for mine
Our advisers are all just set in their ways. To add to this we don't have any in-house compliance so we're only subjected to file checks once a quarter so they get away with a lot. The previous company I worked for were very good with compliance and my current place is definitely lacking which makes things harder because I know how much easier life could be. Ah well, we can only do what we can do!
I agree with Clare's comments above. A good meeting note template would be a great start and it doesn't have to be complicated. Most advisers seem to have a dislike of long forms (yet some still produce 50+ page suitability reports) so a 1-2 page format might be easier to implement initially and then you could try to expand if needed.
As an outsourced paraplanner, I get to work with a number of firms and "experience" their processes. It is definitely easier to produce a good piece of work where a sufficiently detailed and clear meeting note exists. Over the years, I have perfected my "reading between the lines" superpower, but there's always the risk of misinterpreting or making incorrect assumptions.
The best formats I have seen keep it simple yet allow for the information to be recorded in an organised and structured way so you can quickly refer to the specific section of the note for instance, if needed, without having to read the whole thing (say, you quickly need to find what needs to be done). It also ensures that all relevant info is captured.
Below is an example of what I found works well even with reluctant advisers. This can be formatted in such a way that it serves both as an agenda for the meeting and a file note/meeting note after the meeting.
Other than that, it might be the case of explaining (over and over potentially!) the benefits to all parties involved of having a structured way of recording things in such a way - work done quicker, fewer mistakes, less involvement needed from the planner, better outcomes for the client, etc.
Meeting agenda/File note
Client:
Adviser:
Date of meeting:
Type of meeting: Review / New Client / etc.
Present:
Location:
Time spent: