Factfind???
ParaplannerFP
Member
in General
Hi all,
How many pages are your factfinds for clients?
Our current factfind is circa 70 pages. If consists of the standard personal information of a client such as name, date of birth, income and expenditure, assets and liabilities etc. We also have a section for the risk questionnaire and an area for notes of discussions for the adviser to add.
We then have different sections for example review of existing protection, investments and pensions, questions relating to investing new monies as well as a section relating to pension income requirements. These sections have several questions which are mostly yes or no answers and are the bulk of the factfind and imo seem overkill (I am used to a factfind of circa 20 pages and a meeting notes which covers what was discussed, the client's needs and objectives).
My understanding is that you don't necessarily want to ask yes or no questions as you ideally want the client to open up and reveal what is important to them rather than answering yes or no to specific questions.
One example of a question that is not yes or no is along the lines of 'what is important to you in terms of an investment provider' - example answers for this are online accessibility, how financially secure is the business, reputation etc'.
Is this something you would find in your own factfind?
How big is your typical factfind for a client?
Thanks
How many pages are your factfinds for clients?
Our current factfind is circa 70 pages. If consists of the standard personal information of a client such as name, date of birth, income and expenditure, assets and liabilities etc. We also have a section for the risk questionnaire and an area for notes of discussions for the adviser to add.
We then have different sections for example review of existing protection, investments and pensions, questions relating to investing new monies as well as a section relating to pension income requirements. These sections have several questions which are mostly yes or no answers and are the bulk of the factfind and imo seem overkill (I am used to a factfind of circa 20 pages and a meeting notes which covers what was discussed, the client's needs and objectives).
My understanding is that you don't necessarily want to ask yes or no questions as you ideally want the client to open up and reveal what is important to them rather than answering yes or no to specific questions.
One example of a question that is not yes or no is along the lines of 'what is important to you in terms of an investment provider' - example answers for this are online accessibility, how financially secure is the business, reputation etc'.
Is this something you would find in your own factfind?
How big is your typical factfind for a client?
Thanks
Comments
I have to say I'm amazed the firm ever signs up a new client.
Looks to me that the entire client process needs an overhaul.
To my mind I think the process needs breaking down into 3 parts:
Fact Find - mostly hard data - send this to client for completion.
Rick Profiling - send risk q to client for completion; then do whatever initial assessment process you have.
Lifestyle / Risk Profile meeting - meet with clients; discuss their lifestyle planning needs and their overall risk profile.
THis gets you everything you need.
Asking q's such as 'what retirement income do you need' is pointless as is (to my mind) asking what's important about a provider - this isn't planning, it's product selling.
We have a process very similar to what richard suggested.
Factfind - we set clients up on CashCalc so they go in and fill out all their hard data/pol numbers/income/exp. etc and there are also free text boxes to note their objectives. We find some clients really go into a lot of detail which is great.
Risk Profiling - we use FE to send the questionnaire by email - again, client completes this
Initial meeting - then get further details on their circumstances/soft facts/risk, but by this point, you've already got the bulk of your hard information.
I've just checked one of our semi-detailed CashCalc clients and their FF is 13 pages - it captured plenty to give an idea of where they were at/what they wanted to achieve, prior to the first meeting.
Can I ask how you get the information on the factfind into your CRM? Is it integrated or do you have to do it manually?
On that note, does anyone have any experience of using the XPLAN factfind? We are looking at it because it is integrated with the client record, so once the client completes the factfind in the XPLAN portal, the information feeds through.
I don't have any experience with XPLAN - sorry. CashCalc has a two way integration feature (sounds similar to XPLAN) so we can push from our back office (Intellliflo) into CashCalc and visa versa. We find it's not perfect, so a small amount of manual tweaking is needed on the IO side of things, but it's significantly faster than typing the whole FF into IO manually.
A six page factfind for the client.
A few pages of meeting notes from the adviser.
And ATR summary.
A chat with the adviser too.
I’ve seen IO’s portal but then you’re stuck with IOs factfind.
I’m happy for clients to provide their own spreadsheets/asset summaries too.
I have to agree that the process Richard and Anna has described would be the ideal situation and is what I was used to previously.
Thanks again for your help and good to know I am on the right understanding as you all.