Who should Fact find - the adviser, the paraplanner, or a combination?
We are currently reviewing processes and i was wondering on what everyone's thoughts were on who is the best person to fact find a new client?
I know normally that it should be the adviser who carries out the fact find but given the amount of time I (and I'm sure everyone else on the board) have to spend chasing advisers for missing info I am beginning to think it might be better if we adopt a separate fact finding meeting once the client has engaged where a paraplanner collects the info leaving the adviser free to spend the first meeting focusing on getting to know the client and what they are looking for.
Alternatively I was thinking that we could get the admin team to part complete a fact find based on the initial adviser meeting notes and then get either the adviser of paraplanner go back to the client to fill in any gaps once the client agrees to engage.
Does anyone do this or have any other suggestions to consider?
Comments
Urgh, my adviser is terrible at fact finds. But I'm a paraplanner, rather than an adviser, because I don't want to meet clients, so the thought of me having to do the fact find myself fills me with dread.
Could you simplify the fact find so that the adviser completes the important bits rather than getting bogged down with details?
Client to complete hard facts part of fact find before adviser meets to do soft facts/risk profile etc.
I've never heard this before...
Hi Peter,
I've been there struggling the get information out of advisers heads and I do appreciate how frustrating it can be. In many ways, this has been the most challenging aspect of the job and I've certainly made some missteps in the past! I think it's one of those things that comes with a less established profession but there are still more advantages to being in an exciting developing profession for sure.
Personally I would not go for another team member trying to fact find before a first meeting with an adviser. That adviser-client relationship is crucial and the accuracy and depth of the fact find hinges on the adviser making that connection / gaining the client's trust.
I can't imagine an adviser going for this idea and if they did, they might consider the fact find records 'done' when actually you do need more info recorded from the adviser-client meetings. You've got to get your adviser on board with that. I'm also struggling to separate fact finding from what the adviser is doing in that first meeting. It's over the course of fact finding that they will explore options and discount options.
I agree with Richard, we send a very basic fact find for clients to complete and the adviser fleshes it out / adds clarification. Then we complete a file note. That works for us and I can see how a blank sheet of paper feels less offputting / like too much hard work than lots of boxes over lots of pages which can disrupt the flow of their thoughts.
Clients seem OK with it, why would they want to waste their free hour or time they're paying for to spell out their email address etc. But I think I would only ask them to do it at their convenience and not with an administrator or paraplanner.
Obviously, it depends on the individual adviser. Some would be more overwhelmed by the blank sheet and would be crying out for the framework. The right answer also depends on how experienced your advisers are or how mentored the less experience ones are. For example, a free flow file note usually gives me what I need because, fortunately, this adviser knows what he is doing.
I've read paraplanners talking a lot about consistency before. But I think advisers differ and you get more success by personalising the path of least resistance to each + tread carefully around the egos! Try to get your advisers to suggest what will work for them and demonstrate your willingness to work with them, as long as you get what you need to do a great job for their client.
I hope this helps and wish you all the best.
Clare