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Application of a Hybrid Advice Model

You can think of Hybrid Advice as the best of both worlds. Tech is integrated to replace previously manual, time-consuming tasks, whilst providing deeper and higher quality data, analytics and insight. 

Hybrid Advice Technology can be used to create a new model that integrates traditional financial advice into streamlined process as follows:

1. Interactive Discovery

A digitally-driven, client on-boarding and fact-finding process.

Digital goals planner

Interactive fact-find & data collection process

Behaviour profile

Automated data capture & auto-merge to CRM

Current & future projection of client financial data & goals

Interactive client app accessible 24/7

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• Efficient capture & review of client data

• Roadmap of client data & goal achievability – insights into clients baseline with future projections

• Understanding of client behaviour

Understanding of own financial position, goal achievability & behaviours

Interactive client app accessible 24/7

2. Explore Possibilities

An interactive, co-created digital advice process, showcasing the steps involved and promoting client ownership of advice.

• Ability to co-create future scenarios with clients as a real-time simulation

• Model future scenarios to include: goals, advice strategies, projections, product comparisons and stress tests

• Online digitally recorded sessions

• Digital compliance capture of explored scenarios

Prioritisation of client goals & understanding their emotional drivers

• A live, interactive process to prioritise & trade off goals, address behaviours and test strategies

• Support the adviser/client conversation

Demonstrates how tangible goals can be achieved

A process clients are a part of understanding advice & strategies more clearly

3. Financial Plan Creation & Delivery

High-quality, data-driven strategic & compliant financial advice delivered via an interactive approach to support understanding and clients’ best interest. 

• Plan production is automated from the ‘explore possibilities’ step

• Instant, digital delivery of SOAs that incorporate; strategies, product comparison, video and digital signature to accept via client app

• SOA time/date/view stamping for digital compliance

• Separate SOA to the wealth roadmap for tracking

• Link client goals to advice strategies

• Collaborative client discussions & recommended scenarios captured automatically in the SOA

• Streamlined SOA production – lowering cost & increasing scale

• SOA compliance is automated & accessible anytime

• Articulate the Value of Advice

• Deliver better client experience & faster turn-around

Increased understanding of advice recommendations given

View, access & accept their SOA & wealth roadmap via digital mobile app

4. Track & Optimise

Keep clients on track and accountable to their goals, proactive support to respond to changes in circumstances and behaviours.

Wealth roadmap to track & monitor progress toward tangible goals

Real-time cash flow and portfolio management & analysis

Transparent management and accountability of tasks, services and steps to implementing advice & compliance obligations

Data insights to proactively manage habits and behaviour

Support accountability toward goal achievability

Offer proactive, real-time advice to meet changing needs

• Live wealth roadmap to check in on how tracking toward goals, spending, saving and investments

• Transparency of services, fees, documents and tasks

5. Managing Compliance

Provide a streamlined, robust compliance process that protects the adviser business and the client in the advice journey.

Digital advice based on predictive algorithms to eliminate human error and biases that impact the quality of advice

Every data and keystroke captured provides an entire audit trail and complete transparency of the advice process

Reporting dashboards provide full transparency of each client at each step of the advice process

Removal of the compliance burden

Compliance inbuilt into the advice process through automation

Reduced cost to serve advice

Increased financial advice quality & experience

Lower cost of advice & higher accessibility

Advice Intelligence

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