How to deliver efficient financial planning

By AdviceBridge

Giving comprehensive financial planning is a time-consuming and costly process.

From finding out the client’s aspirations to analysing their current finances and creating a solid financial plan, the process often requires multiple meetings with lots of work in between.

The job of a financial planner doesn’t stop there. Once the plan has been created, financial planners devote additional time to implementing their recommendations and monitoring their client’s portfolio.

It’s no surprise that delivering comprehensive financial planning to smaller clients has, until now, been unprofitable for the majority of firms.

Current software isn’t the solution

Although the financial services industry has developed tools that support financial planning, they aren’t generally helpful when it comes to smaller clients. Cashflow modelling software will carry out calculations but, because it isn’t client-led, it requires lots of input – usually from the firm’s paraplanner.

As a result, and despite the best intentions of financial planners, the cost of cashflow modelling means many smaller clients are often excluded from financial advice.

This presents a real conundrum: how do you meet the needs of your smaller clients, while still ensuring your business is operating cost-efficiently?

The answer lies in technology – just not the technology you’re currently using.

Adopt a client-led approach

One way of delivering efficient financial planning to smaller clients is to adopt a client-led solution.

The client inputs their data, while the app does the number-crunching. Powered by proprietary SmartAdvice technology, it offers a complete, end-to-end solution – from onboarding a client, to designing a financial plan, to providing ongoing monitoring and alerts.

The app ensures your workflow is as seamless as possible, thereby delivering operational efficiencies for your firm.

In a nutshell, it’s a way of delivering personalised financial advice to all of your clients.

Don’t ignore untapped advice needs

You might be wondering why you should devote resources to serving smaller clients, especially when many financial advice firms are choosing to disengage them instead.

Serving your smaller clients is not only a more ethical solution than disengaging them; it’s also a simple way of boosting your firm’s profitability.

Just because someone has simpler finances or is less wealthy, it doesn’t mean they don’t have a current advice need. They might require advice on complex decisions, such as accessing their pension, consolidating their pension pots, or buying an Annuity or Lifetime Mortgage.

These are all decisions that a financial planner can help with.

Be prepared for the generational wealth transfer

It’s also worth bearing in mind the huge generational wealth transfer that is just around the corner. According to Brooks Macdonald, approximately £372 billion of wealth is set to pass from baby boomers to 300,000 potential clients over the next decade. Holding on to these clients is imperative for the profitability and sustainability of your business.

As Robin Eggar, Co-Head of UK Investment Management at Brooks Macdonald, warned: “It’s clear that, in some cases, there is a disconnect between what inheritors want from an adviser and what advisers believe they are looking for.

“With over £300 billion set to be inherited over the next decade, and over 50% of inheritors not sure they would use the adviser of their donor, the importance of closing this gap has never been greater.”

The report uncovered an increasing demand from inheritors for superior technological capabilities. This adds further weight to the argument that new technology is the key to efficient, profitable, and sustainable financial planning.

Get in touch

If you want to find out how AdviceBridge can help you deliver efficient financial planning, please get in touch. Email or call us on 020 3925 3850. You can also visit our website at to book a quick demo with our friendly team.