Based on the latest Advisely Index research, our average user takes 6.7 hours to produce a complex client SOA – a substantially shorter time than the 12.2 hour industry average reported in the 2023 Iress Advice Efficiency report.
While the difference in production time for a basic client SOA is narrower (5.2 hours for Advisely Index users versus 6.7 hours for the 2023 survey participants), this still suggests Index users are, on average, more efficient than their peers at getting SOAs out the door. So what's their secret?
Maximise your tech ROI
It's still early days – the Index was launched in November 2023, after all – but given the considerable take-up the Index has had so far, we've seen some clear trends emerging.
First, nearly half (49%) of Index participants have consolidated their software usage down to a single platform. As the 2023 Advice Efficiency Report suggested, advice firms using a single application are consistently faster at producing both basic and complex new client SOAs than those using two or more.
The reasons for this aren't solely related to the particular choice of technology provider; the report noted that strategically using a limited number of applications "streamlines internal processes, reduces complexity, and minimises the potential for errors or inconsistencies in client data management and advice preparation."
Also, the vast majority of Advisely Index users (72%) "almost always" use their software in SOA production. In fairness, this is a slightly lower proportion than the 2023 industry average (77%), but it nonetheless demonstrates the correlation between maximising the return on technology investment and efficiency of the advice process.
As for what Index users are doing with all that extra time, we've found that 41% are contacting their clients more than 10 times per year, compared to 30% of 2023 survey participants. Given that the 2023 report found a strong correlation between frequency of client contact and practice profitability, this suggests that the most efficient Index users are effectively reinvesting their time into client relationships – delivering material benefits as a result.
What about me?
So the big question is: how do you stack up? If you haven't done the Index yet, now's the perfect time. Go here – you'll be prompted to create an Advisely account if you haven't already – and find out where you rank as well as what you should focus on if you're looking to improve your advice performance. The whole test takes less than five minutes to complete.
If you've already completed the Index and are wondering where to go next, we have a growing library of resources available to help you take your advice efficiency to the next level. Some ideas you want to consider include:
- Can I use technology to improve my client review process?
- How can I simplify client onboarding?
- Do I have a business plan? What should it look like?
- What processes are slowing down SOA production?
Advisely Team