Advice efficiency calculator
Advice Efficiency report
This report provides you with an overall advice efficiency score across each area within your advice process. It identifies where you may have inefficiencies and how a.i. may help you lower your advice costs and scale for growth.
About your practice
0
Advisers0
Paraplanners0
Support staff0
SOAs per monthYour practice goals
1. Growth. 2. Efficiency. 3. Client engagement
Value of advice
What your clients value most about your advice is
31% of clients have clearly defined goals and; 60% needed help planning for their future goals.
Source: CoreData
Source: CoreData
Advice efficiency results
Client engagement
Your benchmark
Advice Intelligence benchmark
Engagement optimisation
Average fall-out rate for clients completing a fact-find
45%
8%
37%
37% increase in client engagement to complete a fact-find
45% fall out of the advice process, deterred by fact-find forms.
Source: CoreData
Source: CoreData
Initial meeting client conversion rate
50%
70%
20%
20% increase in client conversion
How engaged are your client in your advice experience
45% of consumers want to "do with" their adviser, with more knowledge. 67% of consumers don't read their SOA & are confused by it.
Source: CoreData
Source: CoreData
Average adviser-client face time per week (client facing vs admin)
60%
85%
25%
25% increase in adviser-client facing time
Admin & compliance make up 29.9% of an adviser’s time.
Source: CoreData
Source: CoreData
Efficiency
Your benchmark
Advice Intelligence benchmark
Efficiency optimisation
Admin & compliance
$400
$150
$250
$250 saving on compliance costs per month*
Cost of a 1-2 strategy SOA
$570
$150
$420
$420 saving for a 1-2 strategy SOA*
Cost of a 3-5 strategy SOA
$920
$230
$690
$690 saving for a 3-5 strategy SOA*
The average time it takes to do a Comprehensive SOA is 26 hours, at a cost of between $3,715 - $6,063.
Source: FPA
Source: FPA
Average time to prepare a client review (track goals, cashflow, portfolio, super and investments)
$150
$110
$40
$40 saving for client review preparation
*Calculations use either your own practice baseline inputs or industry benchmarks.
Your advice efficiency summary
“
By utilising a.i. your practice could increase client engagement & conversions by up to 20% and create efficiencies & cost savings of up to AU$0 on SOA production each year.
”
a.i.'s WealthMap takes paraplanning out of your advice process. And our WealthApp provides clients with real-time transparency to their advice, services, fees, goals, cash flow and portfolios.
Your practice has the opportunity to enter into a whole new world of increased client engagement and advice efficiency, leaving you time to focus on growth. Learn how now by booking a demo.
