AMA: I’m Jessica Lamb, director of Practice Dynamix, Ask Me Anything!
With over 15 years of experience in the financial planning industry and experience working with over 350 advice practices around Australia, I help bring businesses into the future. On Wednesday 24th April from 11am to 11:30am, I will be available to answer any burning questions you might have. Whether it’s about utilising the power of technology in the advice process, integrating sound business processes or uncovering Xplan’s hidden gems – start popping in your questions below and Ask Me Anything! Update: This AMA has now ended but please continue to pop your questions down below or in the discussion forums and make sure you tag me at jessica.lamb .Efficient vs Effective
I'd love to hear the experts' views on Efficient vs Effective, please. I think we fall into the trap as business owners and advisers of focussing on efficiency at the expense of being effective. For instance, we can be super efficient at producing a review document (as measured by time taken, quality, content etc.) but, if the client doesn't understand the advice or is not responsive to it then it probably isn't very effective. Another example could be onboarding new staff - contracts are ready, PD is agreed, introductions to the team are made and the checklist is complete however, the new team member might not understand what's expected of them and how they fit in. So, what tips do you have on achieving the holy grail of having an efficient process or system that is also super effective at achieving your goals? Peter.Worn jessica.lamb
Client reviews
G'day All There is always a lot of focus on new client engagement and SOA production. Given most practices have way more ongoing clients than new, how are you finding the process of arranging review meetings and preparing review documentation? Could this area and the report we provide clients at review time do with some focus?
What is your #1 efficiency tip for this year?
Are you streamlining client comms? Automating documentation? Updating your compliance process? Whether you are in the midst of planning, or are already in BAU - what is your number one efficiency tip for this year to ensure you are effective and able to achieve your 2024 goals? Let us know!How do you ensure a consistent client experience?
In follow up to my article No adviser is an island, I'd love to know what practices are doing to keep the client experience front of mind for everyone in the team? How do you ensure the clients receive a cohesive experience from everyone they encounter in your practice?What is your number 1 requirement when it comes to managing Client Correspondence?
There is no shortage of correspondence and communications between an Advice Practice and their Client. This can come direct from the client, from their accountant, from fund managers not to mention the correspondence created internally within your business. When it comes to managing these documents, there are many schools of thought around 'how to store' and 'where to store' this correspondance. From CRM solutions to Cloud Storage to internal servers to paper! So many factors need to be considered such as ease-of-access, security, cost to the business, and protection from theft or loss. When it comes to managing your client correspondence, what is your number 1 requirement (or top 3 if you can't narrow it down) and what drove you to pick your current method?Virtual office, what are your thoughts?
Back in 2020, we were forced to close our office due to Covid and the many lockdowns that Melbourne had. We quickly had to mobilised the team of 10 at that time to work from home, fortunately we predominately use M365 and Xplan, with any other software being 100% cloud based, hence no server issues, which made life a little easier. Later that year we made the decision to give up our office and work virtually. Many advisers said to me that it wouldn't work for them due to their client base being older, they still say it. I would like to challenge the thinking around that, we focus on pre and post retirees, who are usually the least tech savvy of any age group, but whilst they like to sometimes see us in person for coffee or lunch, the majority of the work we do is all via video, email and phone, after all they all learnt to facetime their grandkids during covid. Our business has grown in people, clients and revenue over the past 3.5 years since we have been 100% virtual, yes it's been a lot of work, trial and error, but it can work, if you want it to. I'd love to hear from others who have gone virtual and what has worked best for you, your team, your business and your clients?What are the top 3 things you do in your practice to provide a great client experience?
I loved Kim-Payne 's latest video on Baselines, blind spots and black holes in the client experience. It can get so overwhelming to know where to start sometimes, focusing on those moments that really matter is a great approach. Have you watched the video? I'm keen to hear what top 3 things you do in your practice to excite and delight your clients?Poll: Are you in a position to take on more clients?
Advice 2030: The Big Shift report revealed a potential $2.1bn in new revenue and nearly half a million new advice clients by 2030 for advice businesses that can adapt to meet this demand. I am interested to know, are you currently wanting to and in a position to take on more clients in the next 6-12 months? If so, how many, and is finding the right clients a challenge for you? 0-5 5-10 10-30 30+ Comment below to share your thoughts!
