Application of a Hybrid Advice Model

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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

• Book appointment

• 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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